If you’ve been looking for a good, reputable and secure wallet to store your cryptocurrency in, Blockchain's wallet might be on your list. That’s why today we’ll take a look at it - this Blockchain wallet review will help you get a comprehensive understanding of one of the most popular crypto wallets in the world.
I’ll tell you about the wallet’s history, purposes, and functions. We’ll talk about why and how it reached the levels of popularity that it has today, cover the cryptocurrencies that you can store in it and have a pro and con type of a discussion. Finally, you'll find out if it is just as good as leading cryptocurrency wallets.
- Low transaction fees
- Built-in crypto trading features
- Low anonymity
- Your private keys are stored on their servers
Table of Contents
Blockchain Wallet Review - The Company
Blockchain (the company) was launched back in 2011. It’s a Luxembourg-based enterprise that specializes in all things blockchain - the company provides Bitcoin data, statistics and other metrics, a wallet (the focus of today’s guide) and blockchain exploration services.
“Blockchain exploration” is a term used to define a process where you can view certain parts of the blockchain (Bitcoin’s blockchain), observe and analyze them, explore the data of transactions, wallet addresses, etc. This is very useful when you want to track your and analyze other people’s transactions.
Even though the primary purpose of Blockchain is to provide users with block exploration services, the company has since grown and expanded vastly. So much so, that back in 2013 it was the world’s most visited Bitcoin-related website.
At the end of 2013, Blockchain acquired another company called Zero Block LLC. This company specialized in mobile apps, more notably - a Bitcoin mobile app that was the most popular app related to Bitcoin in the app store. Blockchain’s goal was to become *the* leading Bitcoin startup in the world.
The company had its ups and downs (with the more notable being when Apple removed their app from the iOS store. They have, however, reinstated it ever since), but everything led to it becoming one of the most (if not the most) well-known and respected Bitcoin company in the world.
From the very beginning, the man leading the company was Peter Smith. He was the original co-founder of the company and is the current CEO.
Mr. Smith emphasized that the main circumstances that led his company to worldwide success were patience, a good team and building a product that people would love to use. He also notes that when starting as a fintech company, you should start by taking small steps and not going way over your head.
With the information about the company in mind, let’s move on to the Blockchain wallet review.
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Now, the actual Blockchain wallet review. As I’ve mentioned earlier, one of the main services that Blockchain offers is a cryptocurrency wallet. Not just any wallet, though - the company’s wallet is considered by many to be the best cryptocurrency wallet in the world.
Blockchain Wallet Pros
As the company’s official site blockchain.com states, there are almost 30 million wallets created to date. The team behind Blockchain proudly announces that they are not only the most popular but also the most trusted crypto storing wallet in the world.
Blockchain lets you back up your funds and the way that their security works are that you create a password, set up two-factor authentication and write down or memorize a recovery phrase. After that, they guarantee that your cryptocurrency is safe with them.
Another feature that Blockchain is very well-known for is its transaction fees. The company guarantees that if you’re using their wallet, you shall receive the lowest buying, selling and trading fees in the industry. They also allow trading cryptos into other cryptos within the wallet itself - this makes the process much smoother, faster and less stressful.
The Blockchain wallet is available in an online version and both in Android and iOS. It supports 22 fiat currencies and can be used in 25 different languages.
Blockchain Wallet Cons
Most of the issues that people have with the Blockchain wallet are quite arbitrary.
If you read some of the online Blockchain wallet reviews, you would notice that a lot of the more common complaints that people express are very double-sided.
For example, one of the more common issues that people have with the wallet is that it stores your cryptocurrency key. A lot of people don’t like this because they prefer to be the only ones that have their key, with no third party involved (no matter how trusted it would be).
There are two more such complaints that a lot of people have when it comes to Blockchain wallet reviews - centralization and anonymity.
Centralization somewhat falls into the whole “key storing” ordeal. A centralized wallet is one that is governed exclusively by a designated company - most often, it’s the company that created the wallet. This has pros and cons in of itself.
A centralized wallet will probably be better optimized and contain more features than a decentralized one. It’s a very slippery slope, however - it all depends on the company in question.
If the team behind the centralized wallet is truly transparent & honest and are working hard to reach and meet their goals, then the wallet will probably match that standard. However, a lot of people don’t trust centralized wallets mainly because they don’t trust ANY third parties with their cryptocurrencies.
Anonymity is also a big issue. Blockchain doesn’t provide a lot of that - this goes back to the whole centralization problem. Even though the company guarantees security, some people still fear that their IDs will leak and all of their transaction data will be exposed.
Now that we’ve covered the pros and cons of the Blockchain wallet, let’s have a quick recap. After all, this wouldn’t be a Blockchain wallet review (or any review) without short and clearly defined points.
Blockchain wallet pros:
- One of the most popular Bitcoin wallets in the world;
- Low transaction (buying, selling, and trading) fees;
- Has a built-in crypto trading features.
Blockchain wallet cons:
- Low anonymity;
- Stores your private keys on their servers.
As you can probably see for yourself, it’s somewhat tough to talk about the Blockchain wallet cons - they are a typical case-by-case scenario. While some people will find them game-breaking, others won’t see a big deal. It’s probably best that you would evaluate each of the individual points yourself and then make up your mind.
Blockchain Wallet App
It is important to remember that there is a Blockchain wallet app - it is supported by both Android and iOS.
The phone version of the wallet is very well optimized and works just fine. The app allows you to send and receive cryptocurrency wherever you go - you could just scan someone's QR code and send them a payment within seconds. It also has an integrated finger touch ID for maximum security.
If you lose your phone or if it’s stolen, your Blockchain wallet app will be protected by a PIN code. Even if you were to delete the app, all of your crypto coins will be stored in an online database.
Buying Bitcoin on Blockchain
So, you’ve made it up to this point in the Blockchain wallet review, know all the pros and cons of the wallet, have knowledge about the company behind it and are now ready to use it (assuming that you liked it). Naturally, one of the most important things that you’ll need to know about when using the wallet is how to buy Bitcoin on Blockchain.
The process is pretty simple. Let’s cover it in three easy steps:
- First of all, you’ll need to create the actual wallet itself. Do that, register on the site and verify your email.
- After you’re done creating the wallet, you’ll see a button that’ll say “Buy Bitcoin”. Press it, and a list of possible exchange partners will pop up. If, however, you see no such button on your screen, this means that the option to buy Bitcoin on Blockchain isn’t quite yet allowed in your country or region.
- If you don’t encounter the above-mentioned problem, however, you can start buying and trading Bitcoin from this point onwards. All of the exchange partners on the site are verified by Blockchain, so you shouldn’t worry about them being legit or not.
That is the whole process of how to buy Bitcoin on Blockchain. It’s simple and straightforward - just make sure that you have all of the security measures set up on your account before buying or trading!
Let’s have a quick summary of the Blockchain wallet review.
Blockchain wallet is probably the most popular Bitcoin wallet in the world. It can currently store three cryptocurrencies, is available in 25 languages and has some of the best security features in the market.
The team behind the wallet are professionals at what they do, which in turn allows the Blockchain wallet to constantly garner new customers and to keep on building a good reputation in the cryptocurrency world.
The wallet is available in an online version, and there is also a Blockchain wallet app for Android and iOS. The options of buying, selling and trading Bitcoin are made pretty easy because all of them are integrated within the wallet itself. This is very comfortable and nice from a consumer perspective, but it's also great for the developers. They can implement updates and further the development processes in a much more fluid way.
Overall, the Blockchain wallet seems like a good alternative for people looking to one-up their wallet game and place their cryptos into the hands of centralized, qualified and very reputable professionals. However, the thing is that it will never be as secure as cold storage, such as Ledger Nano S and Trezor.
There are a lot of Blockchain wallet reviews online, and there are many more wallets to choose from, including Ledger Nano S and Trezor. It can get really difficult to pick the right one for you, so to close off this Blockchain wallet review, I’ll tell you about a good rule of thumb.
When picking a wallet, always emphasize security over anything else. A fancy wallet won’t do you any good if all of your funds are stolen in the meantime. That being said, instead of choosing a hot wallet, you should pick cold storage.
Many different cryptocurrency wallets advertise different things about themselves - they might be aesthetic, have a good UI, be decentralized (or centralized, if that’s what you’re looking for), guarantee absolute anonymity and so on. All of this fails if the wallet lacks in the security department.
The Blockchain wallet seems to have found a pretty good sweet spot - it possesses most of the features you would look for in a good and well-optimized crypto wallet while also proudly stating it’s the awesome security system.
Truth be told, it would be quite tough to find a security complaint on online forums and other Blockchain wallet reviews. The feedback from this department is quite neutral.
Even when it comes to the actual cons that this wallet has that people bring up, it becomes somewhat complicated. The “cons” are not necessarily cons per say - they are very much based on what the person is looking for in a cryptocurrency storing wallet.
Well, this is the end of the Blockchain wallet review. I hope that now you know a lot more about Blockchain - both as a company and a wallet. Don’t forget to always do your research - read online forums, join Facebook or other groups related to cryptocurrencies, ask questions and investigate - people are usually very helpful when it comes to providing information and telling you their opinions about a certain product or service.
If after reading Blockchain wallet reviews and chatting with other people online you feel like the Blockchain wallet is for you, try it out - either way, I wish you the best of luck on your cryptocurrency-related adventures!
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