What is a blockchain wallet? Blockchain Wallet is an online wallet. It has an accessible interface that makes it easy to use for customers. At first, the cryptocurrency wallet was focused on working with bitcoins. However, over time, its capabilities have expanded. Therefore, more coins Ethereum, Bitcoin Cash, Paxos (PAX) or USD Digital (USD-D), Stellar (XLM) were added to the functionality. How to open a bitcoin wallet on Blockchain?
General rules for using a Blockchain wallet
The international service for storing your digital coins is available in several versions - on the web platform and mobile apps. To create your blockchain wallet on this electronic platform, you need to register an account. On the site www.blockchain.com is set to English by default. To change it to Russian:
- On the main page of the Blockchain site, click «Settings» in the upper right corner.
- A menu opens, so click «Preferences».
- In the new window, select «Wallet Language», and then select «Russian».
The home page interface includes a few main tabs. They are on the vertical bar to the left. To deposit and complete transactions, you'll need:
- «Buy Crypto». This is the section where you can buy bitcoin with bank cards.
- «Swap». A block for exchanging digital coins.
There are other tabs, but many of them are not available for operations in the wallet if you log in from a Russian address. There are also areas where you can view your balance, access information about the exchange rate and see all of your transactions.
How to load your Blockchain Wallet
There are three main ways to top up a blockchain wallet:
- Purchase cryptocurrency through exchange services. For example, this can be done through the WebMoney exchanger. To transfer the bitcoins, you just need to enter the address of your wallet.
- Trading on cryptocurrency exchanges.
- Purchase directly from the person who owns the bitcoins. When transferring directly, provide your bitcoin address. It will receive the requested funds.
Wallet ID
The withdrawal of accumulated funds from the Blockchain wallet is made through the «Send Money» tab.
Service offers three ways to transfer money:
- Fast Send. Choosing this option will open a window that requires you to enter the recipient's 34-digit address and withdrawal amount. You will see the dollar equivalent of the amount in BTC at the exchange rate current at the time of the transaction. The service's fee for a simple withdrawal is 0.0001 Bitcoin, which is the minimum amount. But such a small fee entails waiting for the confirmation of the transaction in the standard queue.
- Shared Coin. This option allows for a confidential, collaborative transaction to multiple wallets at once. It is used when you need a group withdrawal with details of different amounts. Minimum possible withdrawal is 0.01 BTC, maximum 50 bitcoins
- User mode, where the user sets the fee. This speeds up the withdrawal process by quickly confirming the transaction.
Ways to increase security
After signing up to blockchain info, a bitcoin wallet is automatically created, but it has a minimal level of security. The site offers 3 levels of security enhancement.
Level 1
Email verification. When you verify your email, the wallet will send you codes to that email address to log in, make payments, and notify you of any suspicious activity on your account. Secret Phrase Creation. You can save a 12-word passphrase. This is necessary to regain access to the account. Password hint. Additional reminder tool in case you lose the code you've invented.
Level 2
Phone number linking. Greatly improves security with one-time login messages on your mobile device. 2-step verification. Allows access to your wallet only after you confirm the code you send to your phone. Password verification
Level 3
Blocking Tor network. The system will deny access to account data to users who use an anonymizer, which is often used by hackers.
Pros and cons of blockchain wallets
Blockchain wallets seem ambiguous to the average user. How do they differ from traditional e-wallets, and what are their pros and cons?
First of all, the pros:
- Transactions without intermediaries.
- Average transaction time-10 minutes.
- Best security level available.
- Detailed history of transactions.
- Free cryptocurrency storage.
The difference between blockchain wallets and their electronic counterparts is anonymity. Yes, everyone can see how much money has arrived in a particular wallet if he finds information in the blockchain, but it is impossible to find out who is behind the wallet.
The cryptographic protection system completely prevents hackers from gaining access to your wallet. There have been cases where blockchain servers have been accessed by hackers and stolen money, but there has been no software-based theft of money from the wallet.
And an important fact is that there are no intermediaries. For example, when transferring 500 rubles between two wallets in Yandex.Money, you use the services of the system itself. Payment goes through the servers of the company, as with bank transactions. And the companion of the intermediaries is the commission.
Now to the cons:
- Transactions are slower than they could be.
- Loss of keys will result in loss of wallet.
The first disadvantage will be fixed soon. Right now, there is no hardware that is strong enough to generate transaction blocks quickly and without data loss. As time goes on and the hardware improves, there will be upgrades to the blockchain system, hence an increase in transaction speed.
The second disadvantage is more significant. If you lose access to an online wallet in Yandex.Money or Webmani, you have the option to restore access to it through your smartphone, email, passport information, etc. Blockchain has no technical support, no one will confirm that the wallet X was owned by you because of the principle of anonymity. So you need to keep track of your keys and not store them electronically.
Despite one significant disadvantage, all the pros completely override it. Over time, the Blockchain system will improve, and there will be options to avoid the loss of keys.
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