Review on Blockchain Wallet by Sergio Daniel Delgado
More than just a Wallet
Blockchain is a cryptocurrency wallet and recently also operates as an exchange.
The Blockchain cryptowallet only allows to store 5 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar Lumens (XLM) and USD PAX (PAX).
One of its main features is that you can connect it to other external exchanges and buy or sell cryptocurrencies from the same wallet. Despite this, Blockchain has also expanded its service by opening its own exchange which they called The PIT, which they would later rename as the Blockchain Exchange.
Being one of the oldest and most reliable wallets in the world, Blockchain has more than 44 million active users / wallets today and is present in 140 countries, although the cryptocurrency buying and selling service integrated into the wallet is only available in 36.
The vast majority of customer opinions are homogeneous, since many of them highlight the points in favor of Blockchain and why they have been using it for so many years. They recommend the wallet above all for being easy to use, for having relatively high security standards and for being open source. Negative reviews often refer to the fact that It is an online wallet (Hot Wallet), which makes it less secure than an offline one.
The Blockchain wallet has several security measures without them greatly reducing the user experience.
One of the first features to highlight is the so-called "Security Center", a section in which you can check the level of security that our wallet has. But the most interesting thing is that they stagger the security of the site on three different levels.
The first level consists of email verification, which is mandatory to start using Blockchain services, creating a passphrase, necessary to recover the password in case you lost it and password hint, to remember it if it were the case.
The last level is made up of a single measure, but it can be really useful to prevent possible hacking attempts, and it is the blocking of Tor requests. This method blocks any IP It comes from the Tor network, the browser that allows you to do it anonymously, since it is a site that is usually used by hackers, as well as by people who care about their privacy.
Pros
- Numerous advanced security measures, such as two-step authentication or blocking IPs from Tor.
- Company located in Luxembourg, a country with a strong legal framework to protect people's privacy.
- Blockchain also has its own very easy to use exchange with a Blockchain wallet.
- The Blockchain wallet can be associated with external exchanges to buy and sell cryptocurrencies from the same wallet.
- The wallet generates a new address after each transaction to protect privacy
Cons
- Wallet compatible only with Bitcoin, Bitcoin Cash, Ethereum, Stellar Lumens and USD PAX.
- As a general rule, the security of online wallets is lower than that of offline wallets.
- The integrated exchange service does not allow transactions with fiat money (only with the Android app).
