Is Blockchain Wallet Anonymous?
Blockchain.info is an old Ethereum and Bitcoin Wallet which is one of the most used and well known wallets in the industry. This platform was launched back in August 2011 and it is based in Luxembourg.
However, it also offers a blockchain explorer which aims to help its users understand the current status of Bitcoin which include transactions and the number of transactions every day.
In this Blockchain wallet review, we’ll find out more about what this wallet has to offer, the level of difficulty in using it. It will be helpful to know whether it fits your needs.
The blockchain wallet is very popular for several reasons. It has an easy layout which is loved by many people. However, this wallet has positive reputation. But, there are some drawbacks that are associated with this service due to it being online.
- Blockchain.info is a famous and trusted platform which has years of experience and millions of users.
- It is liked by many users due to small transactions and regular payments.
- It is helpful to spend funds from a paper wallet.
- It is simple and easy to use which makes it ideal for new Bitcoin users.
- Its Smartphone app’s functionality is loved by many people.
- Experienced Bitcoin users are afraid from the potential risks of an online popular wallet.
- There are several reports of accounts that are stolen and emptied.
- There are reports that customer support is frequently unhelpful or complete mysterious.
People usually like the software when it comes to the functionality and everyday use. The major issue regarding this wallet is the security issue. There are few users complaining that their wallets got hacked. However, but it is worth mentioning that online wallets can be risky to use. However, the customer supports sometimes ignore this complaint which leaves users a little high and dry.
It is suggested that the wallet should be used for smaller transactions holding large amounts in the platform is not a good idea. If you are looking forward to hold larger amounts of Bitcoin, it is suggested that you should use a hard wallet.
Like many services, this service has a fairly easy sign up process. You just need to take a few steps and you will have access to your wallet. You just need to put an email address, choose a fairly strong password, and you are ready to start receiving Bitcoin in your Blockchain wallet.
The user interface is quite simple upon opening which has a small selection of tabs that are combined with a sticky “Send and Receive” menu at the top. However, everything is clear and easy to understand in order to make use of this online wallet. This is ideal if it is your first Bitcoin wallet.
Your transaction data is conveniently available at the blockchain explorer feature. It means that it is possible to monitor all the incoming and outgoing live. You can check them right within the wallet.
The perfect should be convenient to access and trade funds, but the most important thing is that it should keep your tokens secure.
The security tab of Blockchain wallet ensures that your defenses are bolstered up to ignore any potential hacks or threats.
However, running an account without using the security features is quite similar to leave your car unlocked in a huge car park. It might be okay for a while, but it is a car parking so you will always feel scared of car thieves.
If you are using a hot wallet, it is always important that you are accessing the right website. It is a better idea to book https://blockchain.info or you should always type the right link each time. However, entering the site via Google or clicking an email that looks legit will possibly lead you to a scam site which is waiting to phish your personal information. You need to ensure that you double-check the web address before entering your passwords.
In order to start, you need to ensure that you backup your recovery key. If your recovery is backed up, you will be able to get your Bitcoins back in case of lost passwords or data. However, the recovery phrase is actually a representation of your private key so you need to keep safe and don’t ever put it into digital format. However, using a simple pen and paper method is actually secure.
The SMS and two-factor authentication is an expected way for any financial account nowadays, and Blockchain wallet offers this choice. It will stop hackers from accessing your account with just an email address and password.
There is an ideal feature which blocks such requests. When you have turned it on it will harden your wallet and make is secure against anonymous entities on the dark web.
The Blockchain wallet is very easy and simple to get started with.
It provides many features that are helpful to avoid an rough edges and makes Bitcoin trading and usage simple to understand for the newbies.
The sending function is very simple and clear.
You just need to select how much Bitcoin you are willing to send by inputting your local fiat amount and it will convert it through the current exchange rate.
Exchange area is helpful to convert the Bitcoin to Ethereum which is made easy and it will help you stop and fiddly conversions or using external services. These two features make it accessible for people who don’t want to be worry about exchange rates and conversions.
Smartphone wallet users will be happy with the quick pairing functions which authorizes the app on your phone. You just need to scan the browser QR code and you will log into your account. However, you just need to put a pin code and you are easy to go.
It is easy and simple to receive funds through browser; however it will take a few seconds to find the public address QR code. It is convenient for quick payments.
One ideal feature for newbie users is the popup that greets users on the first logout. It will advise you to set your backup recovery key before you lose anything from your account. However, this is really helpful, even if it is only a reminder to slow and take care of your account.
Research And Information
It offers an extensive section regarding research and information about the bitcoin community. They operate 2 domains, Blockchain.com and Blockchain.info. However, Blockchain.info is a domain which publishes the latest blocks, age of blocks, and the size of those blocks. You can also make use of search bar to search blocks, you can search them by IP, address or SHA hash.
Furthermore, the research section will be helpful for you to read discussions about various initiatives taken by Blockchain.com, which includes internal R&D. According to the site, the internal R&D of company is pioneering the technology in block chain industry. That technology, which involves a payment platform called Thunder, which enables the vendors and users to receive and send bitcoin without touching the main blockchain.
Another aspect of their research can be seen in their Digital Asset Research Lab. However, the Lab is a joint project which is formed in collaboration at Imperial College London with the Centre of Cryptocurrency Research and Engineering (IC3RE).
About Blockchain Wallet
It serves 14o countries and process 1, 60,000 transaction in a day. However, it provides more than 15,000,000 bitcoin wallets around the globe. However, this company has also raised around $70 million from leading investors like Wall Street, Silicon Valley and London. The key investors of this company are Digital Currency Group, Virgin, GV, and Lightspeed Venture Partners.
It raised $30 million in series A funding back in October 2014, which was led by 9 investors, and in Series B funding it raised $40 million back in June 2017, which was led by major investor Lakestar and 9 other investors.
How To Use Blockchain Wallet?
Blockchain wallet offers services for activities regarding bitcoin storage. It provides you BTC addresses where you can receive coins that are purchased from traders or exchanges. However, you will need to register your account at Blockchain which will provide you the said address.
With the help of this wallet you will have two options to receive bitcoins from others:
- You can request to transfer a coin from other Blockchain users by clicking at “Request” which can be found at the top of your dashboard page.
- You can link the address of your wallet with exchanges to withdraw bitcoins to your Blockchain account from the borker’s balances.
We would highly recommend you that you shouldn’t stash large amounts of digital currencies because your private keys are generated by the Blockchain’s server and thus they are available for hackers to get through.
Frequently Asked Questions
In this section we will help you to know the main features offered by the Blockchain Wallet. We have tried to cover the questions that are asked by the public frequently to get the real feel of this hot wallet. You can read this section to know more and more about Blockchain Wallet. We will try our best to share some valuable knowledge with you regarding this wallet.
How Is Blockchain Wallet Secured?
Blockchain has added several security features back in 2016. These features were designed in order to protect the coins balances of traders because of the several hacking incidents that were occurred in the past. You will have an option of multisig accounts, which will provide you with multiple addresses during the day while keeping one balance at all times.
The two factor authentication is also available which will protect your account from hacking attacks. You will have to make use of your phone and password simultaneously in order to receive and send bitcoins.
However, the security of BTC accounts is upgrading with time but we will recommend you to make use of online wallets for smaller transactions and spread BTC balance by making use of other hot wallets also.
Do I Need To Pay For Blockchain Wallet?
It is completely free to register you account and maintaining a coin balance at Blockchain. However, the only expenses that you will have to pay with time are the miner fees that you will pay while making transactions with other exchanges and traders. The size of a fee will be dependent on the volume that is traded and on the overall traffic of Blockchain on a particular day.
Does It Support Litecoins?
Although Blockchain wallet supports Bitcoin and Ethereum, so currently it is not possible to store Litecoins (LTCs) in this wallet. We would recommend you to turn on email notifications because there is a possibility that the platform will support litecoins in the near future.
Is TREZOR Wallet Better Than Blockchain Wallet?
When it come to the security, TREZOR Wallet definitely has an edge because it is a hardware wallet which operates in both offline and online environments. However, it also offers private keys which are generated by you in an offline mode, which makes it nearly impossible for the hackers to access your balance.
The only downside of TREZOR Wallet when we compare it with Blockchain is its price tag, it will cost you around $90 at Amazon and when you will purchase it through TREZOR’s website, you will have to pay 89 EUR which includes shipping charges as well.
Apart from Ledger Nano S and TREZOR wallet, there are some other wallets that you should consider for storing your bitcoins. Blockchain wallet is not the only web based wallet and you should spread your bitcoin balance around other wallets too in order to avoid losing them all at once.
As far as popular wallets go, Blockchain wallet is everything you will need with the usual features and conveniently simple performance. However, the wallet security is good enough for small transactions and balances, but you will sleep better if you will store your larger amounts in a hardware wallet. You need to put some trust in 3rd party, which is not always welcomed by the community of Bitcoin.
Every wallet offers its own unique features. However, Blockchain wallet is a quick functional wallet which easy to use and setup. These features make it one of the best online wallets in the market.