Nowadays there are a lot of different solutions for storing digital coins. Each of them has pros and cons. In this article we will speak about Blockchain Wallet one of the most important of them, and will make conclusions, whether it’s worth your attention or you should choose another solution.
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- What is Blockchain Wallet?
- The procedure of setting up a wallet
- The level of safety
- The cons of Blockchain Wallet
It’s the most popular cryptocurrency wallet in the world, as of the time of writing of this article (the middle of October, 2018), more than 25 million accounts have been already registered. It’s different due to clear interface, and the high level of safety. Certainly, these factors are attractive for new users.
The peculiarities of Blockchain Wallet
- The service cooperates with a lot of cryptocurrency exchanges, that’s why there is a possibility to buy and exchange coins from interface wallet.
- It is an opportunity to edit commission for making transactions.
- The high degree of safety of the online wallet. There is a special “safe centre”, where safety measures are taken (installing phone’s confirmation, making backup, changing password, etc).
For creation of a new Blockchain wallet you need a valid email and two minutes of free time.
- First click https://www.blockchain.com/wallet and press “Create your own wallet”.
- Write your mail and think of and remember a password (and a password hint) and just follow instructions.
- After login, press the button “The inquire”
- Point what currency you are interested in: BTC or ETH.
- After choosing your own wallet, indicator will be generated, which will represent a great amount of numbers and letters without gaps.
A wallet supports two coins, it’s important to be attentive and send BTC on bitcoin and ETH on ethereum wallets. Since it is impossible to cancel a transaction in blockchain, sending coins on wrong wallet leads to losing money.
The safety is a very important factor which it is necessary to pay attention to when choosing. Blockchain Wallet can offer three levels of safety.
- Initial. It requires the confirmation through mail, where the wallet will send confirmation codes for making transaction or log in. If it discovers any suspicious activity, the service will inform you with a letter. The initial safety level implies pass-phrase which makes it possible to recover the password. If you lose or forget the password from your wallet, you will recover it only with a help of pass-phrase. Without a passphrase even customer support specialists can’t help you, because they don’t have such possibility.
- Middle. It requires two-factor authentication through mobile phone. At every new attempt to log in the service will send a confirmation code on your mobile phone.
- Maximal. It is an installation of an additional protection from log in users which use a special anonymizer Tor. It is often used by hackers to get anonymity.
Don’t forget that Blockchain Wallet is a web-wallet, so that we can’t speak about full protection. Since private keys of the wallet are kept on companies’ services, theoretically they can be stolen and all money can be stolen too. A probability of it isn’t so great, but anyway it isn’t a good idea to store all money on this wallet.
- There aren’t so many weaknesses in this product, but they are worth mentioning.
- As it was said below, online wallets aren’t as safe as hardware, which are more suitable for a long term assets saving.
- Only BTC and ETH are supported
- The procedure of verification may seem a little bit difficult for new users but it’s only the first impression.
Nowadays Blockchain Wallet is the most popular in the world for storing cryptocurrency. The interface of this service is very convenient and clear even for inexperienced users. As for a web solution, the service has a high safety level. Blockchain Wallet is an ideal solution for storing and transferring cryptocurrency assets.
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