Review on Blockchain Wallet by Benaiah A. Akinlade
Blockchain wallet: providing adequate security for cryptocurrencies
Blockchain wallet can store bitcoin and ether crypto currency. The wallet is available for web and IOS and Android mobile devices
Security is of the utmost importance on this wallet as users are protected based on two levels
1. Level One (Email verification): This stage is compulsory for the wallet set up to be complete. After you have verified, your email address, Blockchain Wallet will be able to send you log information so that you will be able to confirm your financial transactions.
Email confirmation is also advisable for you to set up so that if there is any unusual activity detected on your account, you will be notified to verify if you initiated the activity (for example, you can get notified if you log in to your account from another device that you have not logged in from previously).
Verification of your email gives you access to your secret Passphrase so that you can restore your wallet when you lose your device of in the event that you forgot your password. This is because blockchain wallet can’t help you recover your lost password. They don’t have access to it due to you privacy protection rights. I advise you to have a password hint.
2. Level Two (Two-step verification): The essence of 2-step verification is that you will be asked you to enter the OTP that Blockchain Wallet sends to your registered phone number every time you log in to your account. This is to ensure that you’re really the person logging in. Just make sure you’re with your phone whenever you want to log in.
3. Level Three (Blocking Tor requests): Tor can be used by hackers to filter tour account anonymously. If you block Tor request, you’ll be able to block requests from any IP address that is coming coming from the Tor network to filter your account.
Pros
- The wallet is available for web, iOS and Android .
- You can buy and sell cryptocurrencies directly through your Blockchain wallet
- It has multiple levels of security features to protect your account
- The User-interface design is user friendly
Cons
- You can’t buy cryptocurrencies with (Fiat)local currencies directly through Blockchain Wallet..
- Trading of cryptocurrency not yet available in all countries
- Ensuring complete account security may be stressful for some people
- The wallet is only compatible with bitcoin and Ethereum
