Review and test of the online wallet Blockchain for Bitcoins and Ethers.
With more than Nineteen million users and overheen 100 million transactions finished the Blockchain-Wallet is the most widespread wallet ter the world. That is reason enough to present the wallet to you te a review.
Table of Contents
Overview of the Blockchain-Wallet
The Blockchain-Wallet is a free online wallet for desktop and mobile devices and can be used to buy, manage, sell or exchange Bitcoins, Ethers and, more recently, Bitcoin Metselspecie.
Create a Blockchain-Wallet
A wallet can set up online and for free on the webstek
https://blockchain.informatie/den/wallet/#/signup. Alternatively, the Blockchain-Wallet for mobile devices can be downloaded from the Google Play Store or the Apple App Store. The fresh installation of a wallet is done just ter a few steps.For this, an e-mail address and a password is required during registration.
Afterwards a welcome message is displayed and the wallet can be used instantly.
Function and usage of Blockchain-Wallet
The Blockchain-Wallet can manage the crypto-currencies Bitcoin and Ether. Currencies can be bought (buy), sold (sell) or exchanged within the wallet.
The purchase of Bitcoins will be carried out by Coinify, a service provider which is directly integrated te the wallet. While Ethers can also be managed via the wallet, the purchase is originally began by using Bitcoins, which are then exchanged for Ether. Onmiddellijk purchase of Ether is not possible, but according to the provider they are presently working on the problem.
You can purchase Bitcoins either using credit card or bankgebouw transfer. If you want to pay using handelsbank transfer, you have to go through an extra verification process. For credit card purchases for more than Three,000 euros this process is required spil well. For our test wij bought Bitcoins with credit card, which meant 3% transaction fees.
After you have entered the number of Bitcoins or the amount ter your FIAT currency – here EUR – and after you have selected the credit card spil a payment method, you have to inject your individual credit card information. For payment verification, the PCI-DSS certified service provider iSignthis is integrated.
Ter the next step, verification is processed via a telephone number. Just inject your mobile phone number and receive an SMS with a “one-time-passcode”, i.e. the verification code.
Once you have entered this code on Blockchain, the purchase is ended at this point and the transaction will be displayed under “transactions” spil pending until it will have bot confirmed by the network.
Details of the transaction can be checked by clicking on the verbinding te the explorer. Once all required confirmations have bot received, the amount will be credited to the wallet.
Te the interests of completeness, wij will shortly voorstelling you the verification process required to purchase larger credit card amounts or handelsbank transfers. Te this case, te addition to the verification of the mobile number, other details such spil the address, nationality and date of birth voorwaarde be registered. Subsequently, documents such spil an ID card or driver’s license voorwaarde be uploaded, which confirm your identity. The documents are then checked by the Coinify Compliance Team. This should be finished within 48 hours. The result will be communicated via e-mail.
Bitcoins can only be sold worth at least of 50 euros. The selling process is alike and can be carried out ter the same spijskaart spil purchasing. Spil target currency you can state the desired FIAT currency. Payout is treated by the service provider Coinify.
The Bitcoins contained ter the wallet can be exchanged ter the spijskaart under the spijskaart voorwerp “exchange” and vice versa. Eexchange is executed by the leading exchange podium ShapeShift, which is integrated ter the wallet.
The exchange is executed te two steps:
Very first, under “exchange” select the initial currency and under “receive” the target currency, i.e. either Bitcoins or Ethers. Then come in the desired value spil FIAT or crypro-currency amount.
If you want the ondergrens or the maximum amount to be entered automatically, just click on “use ondergrens” or “use maximum“. Please note that you can never exchange the finish deposit ter your wallet because for the maximum fund there will always be charged fees, i.e. fees that are necessary for the exchange-transaction. The same applies for ondergrens deposits.The ondergrens fund of Bitcoins that can be sent ter a transaction is 547 Satoshis, which equals 0.00000547 BTC.
Subsequently, the exchange proces is initiated. This can take up to two hours, depending on the blast of the network. Te the “order history” within the “exchange” section, the history of all exchanges can be checked.
To receive Bitcoins, the sender needs your Bitcoin address. The blockchain.informatie wallet automatically generates a fresh address for each of your transactions (see HD wallet). Simply click on “request”, copy the displayed address and inform the sender.
To send Bitcoins, just click “submit”, inject the recipient’s address te the “to” opbergruimte and the amount you would like to send. Of course, the proces also applies for sending or receiving Ether.
Ter this example, wij subsequently diminished the transaction costs.
How safe is the Blockchain-Wallet?
Particularly safety is crucial for the acceptance of a wallet. The Blockchain-Wallet offers a entire range of security features, which wij will introduce below.
The security of the Blockchain-Wallet can be enhanced according to several “levels” by the user. All settings can be set up ter the clearly arranged “security center” te the wallet. It is very recommended that you set up protection to secure your wallet from unauthorized access and loss of your credit.
On the very first security level (level 1), the e-mail address with which the wallet wasgoed registered is verified very first. An email with your wallet ID and a confirmation verbinding will be sent to your address. Spil soon spil this listig is activated, the email address registered on blockchain.informatie is verified. Whenever you access your wallet from another device or IP address ter the future, you will be asked to confirm the login via a verification email.
Next, a recovery password (passphrase) can be created. Behind this, there is a 12-word passphrase – twelve English words, displayed te blocks of four te a row.
Anyone can recover the wallet with this passphrase and access your credit. The recovery password permits you to restore your wallet, even if you left behind your wallet ID and password. If you recover your balance, a fresh Wallet ID will be created at the same time.
The passphrase should be copied or printed and kept offline ter a safe place that is not accessible to an unauthorized third party. At the end of setting up the recovery password, you are asked to re-enter four words. Here you can use your notes or prints. Then the process is finished and the passphrase is saved.
A wallet ID is like a username that you use to sign ter to your wallet. It is a sequence of numbers and letters. The ID is only used for the login process and does not match your Bitcoin address – so it cannot be used to send/receive funds. Your wallet ID can be found under “settings” >, “general” and will also be emailed when you create your wallet.
Ter the last step of the very first level, a password-hint can be stated, which will be sent to the verified e-mail address te case the password wasgoed forgotten.
On level Two, a mobile phone number can be registered, to which an SMS with a 2-factor authentication is sent (activate two-step). Choose from either Google Authenticator or Yubikey (Hardware Authentication Device). Ter our review, wij used the Google Authenticator, which is linked to the Wallet simply by scanning the displayed QR code and injecting the presently displayed code.
Level Trio protection is activated by a plain click. With this step accesses from the Tor anonymization network are stopped by blocking IP addresses that can be assigned to Tor.
With this final step, all security settings are ended.
Blockchain.informatie is a HD wallet
The Wallet of Blockchain is a hierarchical deterministic (HD) wallet. This means that addresses are not reused, but are recreated for transactions, thus protecting the privacy of your transactions.
More about the Blockchain-Wallet
If you want to use the mobile app on your smartphone te addition to wallet’s web client, you can pair both devices. To do this, go to “settings” >, “general” and check the displayed combination code, which you can then scan with your smartphone from the mobile app. Then the wallets are connected to each other on both devices.
Who is behind the Blockchain-Wallet?
Blockchain.informatie is a company situated ter Luxemburg. Blockchain has earned more than $70 million through well-known investors such spil Cherry, Lightspeed, Mosaic Vertures. Ter addition to the wallet, Blockchain offers the Block Explorer and a developer podium. The developers of Blockchain are known for their pioneering work ter the advancement of blockchain technology such spil the Payment Channel Thunder.
Our test conclusion and review
The Blockchain-Wallet is a good and recommendable online wallet for managing Bitcoins, Ether or Bitcoin Specie. The login and registration processes are plain and usage is intuitive. Due to the various security features, the Wallet seems to provide a high level of security, whereas wij would generally recommend using a hardware wallet for larger deposits.
Alternatives to the Blockchain.informatie wallet
Blockchain.informatie vs. Coinbase
Now there are several alternatives to the Blockchain.informatie wallet. The best known alternative is the web wallet Coinbase. Coinbase is one of the most popular and largest web wallets for Bitcoin, Ethereum and Litecoin. Coinbase is an American company founded te San Francisco, California, te 2012. Te addition to the basic function of a Bitcoin, Litecoin, or Ethereum wallet, i.e. administration, sending and receiving of the respective currency, Coinbase also offers further functions. Thesis include, for example, the integrated Bitcoin, Litecoin, or Ethereum-exchange. Here you can directly buy the respective crypto-currencies for Euro, US-Dollar or other currencies (depending on the country) via Coinbase.
There are two major aspects that distinguish Coinbase and Blockchain.informatie at very first glance. Coinbase offers an integrated payment option, while Blockchain.informatie relies on cooperating with the third party Coinify. Te addition, Coinbase does not only offerande an integrated web wallet for Bitcoin, but also for Ethereum and Litecoin.
Advantages of Blockchain.informatie compared to Coinbase:
Blockchain.informatie offers more possibilities spil Bitcoin Web Wallet, te particular the function of exporting and importing the private keys of the Wallet has bot entirely missing so far on Coinbase.
Disadvantages of Blockchain.informatie compared to Coinbase:
Unluckily, there are no other integrated crypto- currencies than Bitcoin. Coinbase already supports Bitcoin, Ethereum and Litecoin.