Blockchain.com wallet is a digital wallet platform that was developed by the Luxembourg-based software development company, Blockchain. It is accessible from both mobile and web devices. Blockchain wallet makes it simple for anyone to securely transact with Ether and Bitcoins through a clean and intuitive user interface.
This quick guide about Blockchain.com shall cover the coins supported, fees charged, how to set it up, and other features.
Balance is reflected in local currency
UI is easily navigable and intuitive
Enhanced security - New wallet address is generated after each transaction
Online wallet – prone to hacking
The identity verification process is cumbersome
Only compatible with BTC, BCH, and ETH
What Coins Are Supported by Blockchain.com Wallet?
Blockchain only supports Bitcoin, Bitcoin Cash, and Ethereum.
Fees Charged By Blockchain.com Wallet
The Blockchain Wallet is completely free to download and use. However, you will be charged a small network fee whenever a crypto coin goes in or out of your wallet.
Step-by-step Guide for Setting up Blockchain.com Wallet
The Blockchain.com wallet is an online wallet. This means that you don’t have to download or install anything to use it.
Simply visit Blockchain.com and sign up for the free wallet. However, you would have to download an app if you wish to use the mobile option. The app is available for both Android and iOS.
Enter your email address and create your wallet. You would be asked to enter a secure password as well and to agree to their terms of service.
And, that’s it. Your Blockchain wallet is ready for use.
You can either take the Wallet Tour right away or click on Maybe Later. You can always revisit it later by clicking on “What’s New” at the top.
You should have an account on Blockchain.info if you want to add coins to your wallet.
Log in to the wallet and click on the “Request” button.
Select the currency you want – BTC, BCH, or ETH.
You will be given a wallet address. This will be a long string of letters and numbers. This address is necessary if you want someone to send you supported coins. You can also share your wallet address in the form of a QR code.
You need to make sure that you use the BTC address for bitcoins and the ETH address for Ether. You may lose funds permanently if you send the wrong currency to the wrong address.
On the dashboard, you will find a “Send” button. Click on it.
Select the appropriate currency you want to use for your payment.
Enter the recipient’s wallet address by scanning the associated QR code or pasting it in the address bar.
Enter the amount you are looking to pay. Blockchain.com Wallet has an automatic conversion feature, which allows you to type in the value in your local currency as well as the cryptocurrency. The wallet will also display both amounts for easy comparison.
If you want, you can enter a short description providing vital details about the payment.
You can also make the transaction “Priority” if it is time-sensitive. However, you will likely incur a high transaction fee if you are looking for faster confirmation. You can also specify the rate by the “Customize Fee” option. A higher fee will make sure that the transaction goes through quicker.
Click Continue once all the information is entered and then confirm the transaction details.
You can easily transfer BTC and ETH from another wallet to be used as funds. You may have to purchase crypto in fiat from another exchange, like Coinbase if you don’t have Bitcoin or Ether. You would then have to transfer them to your Blockchain wallet in order to fund it.
How Is Customer Support?
There are claims that Blockchain.com does not really support its users. The customer service team is often completely elusive or unhelpful. Online wallets are anyway risky whether or not users complaining of hacked wallets took appropriate measures or not. Without a helpful customer support team, it can get difficult for the average user.
How Is Blockchain.com Wallet Design?
The user interface on the wallet is fairly intuitive and this is one of the strongest points of this wallet. There is a small selection of tabs with a handy Send and Receive button at the top. The entire interface is clear and very simple to understand for the average layman.
Should You Use It?
Blockchain.com Wallet is perfect for users who are just beginning out in the crypto world. It is perfect if this is your first Bitcoin wallet. However, being an online wallet, it is not recommended for hardy traders.