Blockchain.com cryptocurrency wallet review and review
Blockchain.com is one of the most popular cryptocurrency wallets. Bitcoin to date. This service is used by both beginners and experienced investors, including us.
We have prepared a review of the Blockchain.com cryptocurrency wallet, in which we will examine it in more detail and explain why it is well suited for investment in high-tech and more.
Table of contents
Blockchain.com is the first cryptocurrency wallet Bitcoin, which was developed in 2009 after the launch of a decentralized network for quick payments. At the moment, in addition to Bitcoin, Ethereum, Bitcoin Cash, Stellar and USD-Digital are available for online storage.
The site provides detailed network statistics, information for each address or transactions conducted, data on the market, mining, and network activity.
We have prepared detailed instructions for working with the Blockchain.com wallet, in which we will explain how to register and use it.
- Sign up
1. Go to the site Blockchain.com.
2. Click on the “Register” button.
3. Click on the Create One Now button.
4. Create an account (1 - Enter your email; 2-3 - Enter your password; 4 - Click on the "Continue" button to complete the registration).
5. Confirm registration. You will receive a letter in the mail. Click on "Yes, This Is My Email".
- Wallet Instructions
1. The "Wallet-id" that was indicated in the letter is your wallet login.
2. To send cryptocurrency, click on the “Send” tab.
3. Transfer cryptocurrency (1 - Choose a cryptocurrency; 2 - Choose a profile, if any; 3 - Insert or scan a QR code wallet number; 4 - Enter the transfer amount. It automatically calculates in cryptocurrency or in dollars; 5 - Enter a description if necessary; 6 - You can adjust the transfer fee; 7 - Click on the “Continue” button to complete the operation).
4. To receive cryptocurrency, click on the “Request” tab.
5. Get cryptocurrency (1 - Choose a cryptocurrency; 2 - Choose a profile, if any; 3 - Copy or scan the QR code of your wallet number. Periodically, the wallet number changes, but you can save one and use it permanently; And use the wallet number to receive cryptocurrency).
Blockchain.com wallet is thin in terms of security settings. There are two types of settings: basic and advanced.
The basic type of settings includes: confirmation via mail when changing the IP address; two-factor authentication via SMS, Yubikey or various authenticator applications; as well as a backup phrase, which will allow you to restore the password in case of loss.
The advanced type of settings looks more sophisticated. It includes:
- secondary password;
- storing two-factor authentication for a short time;
- IP Whitelist (you can create a list of your IP addresses that you can log in without two-factor authentication or without e-mail);
- IP login restriction (allow only IP addresses with IP Whitelist to enter);
- access to the wallet through Tor (open / close access for IP addresses from the Tor network);
- Password Stretching (PBKDF2) (this item increases the difficulty of finding your password with a brute-force attack, but slows down the loading and saving of your wallet)
In short, you can secure your wallet as much as possible in the following way: confirm your email address, verify your mobile phone number, enable two-factor authentication, restrict entry by IP address, create a backup phrase to restore access and verify it with 12 secret words .
Wallet verification is optional, the service can be used without it, but thanks to the confirmation of personal data, you can open limits on trading inside the exchange. We believe that this procedure, in our case, is useless, since you can use monitoring exchangers to transfer currency to cryptocurrency. Therefore, we will not describe the verification procedure, and it is quite simple.
The answer to the main question “Do I need to undergo verification after or during registration?” - No no need.
Advantages and disadvantages
Blockchain.com wallet has the following advantages:
- convenient and intuitive interface;
- The availability of mobile applications for Android and iOS;
- advanced security features;
- automatic generation of a new wallet after completed transactions;
- access by QR code.
Obviously, any service is not perfect and has its drawbacks. For instance:
- the inability to purchase cryptocurrency for fiat directly;
- sometimes increasing transfer fees;
- A small number of available cryptocurrencies.
Review of Blockchain.com
Summarizing our review, we can say that Blockchain.com wallet is convenient and intuitive for the user, has an extensive range of security settings, and there are also mobile applications for Android and iOS.
There are different opinions about the security of the monitored wallet, they say it is not safe enough. Compared to cold wallets, then, of course, they are right. Absolutely all web resources are susceptible to attacks and Blockchain.com is no exception. In our practice, no cases of account hacks were observed.
The wallet supports not only the exchange or storage of cryptocurrency Bitcoin, but also others such as Ethereum, Bitcoin Cash, Stellar and USD-Digital. It is possible that in the near future we will see new cryptocurrencies.
Another advantage is that wallet verification is optional.
We have been using this wallet for many years and there are no complaints about its work, except for the sometimes increasing transaction fee.