Blockchain Wallet Review

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If you ever wonder why use a Blochchain wallet? Then consider the fact that the Blockchain wallet is provided by Blockchain.

Blockchain claims that it is not a bank, they cannot view your balance, see your transactions or make payments on your behalf. The user retains complete ownership of his money. Based on the trust that Blockchain.info enjoys it has over 8 million Blockchain wallet users.

Here are the features offered to the user by the Blockchain wallet.

  • Simple to use
    Blockchain wallet makes using Bitcoin safe, easy to use and a lot of fun. A user can transact instantly with anyone in the world.
  • Safe & Secure
    Bitcoin wallet offers a step by step security center. It helps you to protect funds from unauthorized access.
  • Cross Platform
    It supports Desktop, IOS and android apps that give access to your Bitcoin wallet from any device, anytime and anywhere.
  • Support.
    If the user needs help and support then they have a dedicated support team for the purpose.
  • Global
    The Blockchain Bitcoin wallet supports 20 Plus global currency conversion rates including JPY, RUB, SGD, USD, CNY, EUR, GDP, and many more. The Blockchain Bitcoin wallet also supports more than 25 currencies.
  • Sophisticated
    The Blockchain Bitcoin wallet uses Hierarchical deterministic addresses. The Blockchain wallet incorporates the use of dynamic transaction fees. With this wallet it is possible to manage & monitor Watch Only addresses and spend Bitcoins. Creating a Bitcoin wallet at the Bloackchain.ifo site requires you to visit the URL https://blockchain.info/wallet/#/ Blockchain Bitcoin wallet is a registration based Bitcoin wallet. Creating a Blockchain Bitcoin wallet would require a user to enter an email and a user password. Each registration is accompanied with the sending out of a confirmation mail to the user and the user needs to click the confirmation link to confirm the account. When a user signs up for a Blockchain wallet service a wallet is generated. This wallet is in fact just text files.The user’s browser adds the new address to a JSON text file.
  • Everything is encrypted
    The user’s browser encrypts the entire text file. This encryption protects the users wallet and stops even the team at Blockchain from opening the wallet. The encrypted wallet is stored in the cloud or can be downloaded to the users computer. A high degree of safety and security is ensured.
  • The wallet API’s replace the Blockchain. When a user logs in to his account his browser decrypts the wallet and uses API’s to look up the balance of the address thus there is no need to download the Blockchain.
  • The users private key’s give the user freedom from the Blockchain Bitcoin wallet. The user is advised to keep a backup of his private keys. Having the private keys means having no dependencies on the Blockchain Bitcoin wallet services. The user can use the private keys with any desktop client.

Step by step guide to creating a Blockchain Wallet.

Step 1. open the site URL https://blockchain.info/wallet/#/ in your browser. If you are a first time wallet user then a user needs to create a user wallet account. Click the “Create Your Wallet” button as shown in the image below This lead you to the following page

Enter your email in the email field and enter a password in the “New Password” field a. Retype exactly the same password in the confirm password field.

Make sure you choose a strong password that is not easy to break. Store your password in a safe place and do not share it with anyone. A person who has your password would be able to access your Bitcoins wallet and would be able to spend your Bitcoin money. Click the “Continue” button to proceed with the Blockchain wallet creation. When a wallet gets created you would see a notification on screen stating that a wallet has been created with the identifies as shown in the image below. There after another screen will load which will look as the following image Click the get started button. The Blockchain Bitcoin wallet loads and looks as follows

You would find a confirmation email in the email with which you registered for the Blockchain Bitcoin wallet. Click on the confirmation link and confirm your email associated with your Blockchain Bitcoin wallet. (as shown in the image below)

The Blockchain wallet is the place from where you can send as well as receive Bitcoins and view the transactions. Safety lockout feature. Every time a user logs in to his Blockchain Bitcoin wallet account, his browser decrypts the wallet. However if the user were to leave the browser based unattended for a period of time then the wallet would log the user out as a standard security procedure as shown in the window below The user can log back in using the wallet id and the password.

This is the case for a user who was already logged in and working on the wallet but what about a login on another machine or another browser and another ip? Let us check that out too.

Login to the Blockchain Bitcoin Wallet.

To log in to your Blockchain Bitcoin wallet account click the log in button or the log in link from the Blockchain wallet home page https://blockchain.info/wallet/#/ as shown in the image below.

This brings up the login screen

Login requires you to enter your wallet ID and password. Enter your Wallet ID and password in the respective fields and click the Sign in button. This would bring up the following screen

Every time you try to login to your Blockchain Bitcoin wallet you will get an email with Authorize log-in attempt a subject line to approve the login attempt. Check your email and you would find a log in attempt conformation mail as follows.

As shown in the above image the email would list the time of log in attempt the IP & Country of log in, Browser and the User Agent. This feature is present to ensure the security of the user account. Make sure that the time of log in attempt and the IP & Country of log in match your credentials only then should you click on the hyperlink URL provided to validate your log in. Clicking on the link provided in the email would take you to the following screen

From here click on wallet>Log in.

Now you would get the Log in screen with the Wallet ID pre filled. Enter your password and press the Sign in button to access your account. The user would notice that the email gives links to apps that can be downloaded on an apple and android phones.

Sending Bitcoins with the Blockchain Bitcoin Wallet.

To send out Bitcoins from your Blockchain wallet click the send button as shown in the image below

 

This takes you to the following screen On this screen enter the Bitcoin address of the person or agency you want to send out the Bitcoins to from your wallet balance.

You can paste or scan a Bitcoin address or select a destination. Next enter the amount of BTC’s to be sent out and add a description in the description field. After filling the required fields click the “Next step” button to initiate the sending of Bitcoin process. Alternatively you can access the advance send option by clicking on the “Advanced Send” option

In the advanced send option menu

The user can enter the Bitcoin address of the recipient, The BTC amount to be sent out, a description and the added feature is that the user can select a Transaction fee.

After filling all the details click the “Next step” button to initiate the sending of Bitcoin process.

Transaction fees impact how quickly the Bitcoin mining network will confirm your transactions, and depend on the current network conditions. The Blockchain wallet recommends the fee below for a particular transaction at that particular time.

Receiving Bitcoins with the Blockchain Bitcoin Wallet.

To receive Bitcoins click on the “Receive” button as shown in the image below. This opens up the following window.

This window displays your Bitcoin address that you need to share with a person or entity that is sending Bitcoins to you. An alternative is that you ask the sender to scan the QR code to arrive at your Bitcoin address.

What if you have a set amount to request from the Bitcoin sender then you can customize the Bitcoin request by clicking on the “Customize” button. This opens the following window. Here you can enter a specific amount and a description. Click the “Save” button to save the request. The Bitcoin address keeps Changing

  • First Payment Request
  • Second Payment Request

Every time you make a Bitcoin payment request you would notice that it generates and shows a new Bitcoin address for you to receive Bitcoin money.

The reason for this is that the Blockchain Bitcoin wallet is based on an HD (or hierarchical deterministic) framework, which has a different method for address generation and management. Each public address your wallet generates stems from the user wallet’s xPub (or Extended Public Key). Once the user’s public address receives an incoming payment, a new address will automatically be generated and display when the user clicks on receive. This is a security feature built into the wallet.

If the user were to use the same address each time he receives funds, it becomes easy for anyone to track users entire payment history. This method of address generation improves privacy by automatically presenting the user with a new address when he is expecting a payment.

Alternatively the user can generate a Bitcoin address to receive Bitcoins from the settings option.

Clicking this option opens the following window. After clicking on the addresses button you would be led to the following screen

Click the “Manage Addresses” button this leads you to the following screen. This screen would list all the Bitcoin addresses present in your wallet. You can delete individual Bitcoin by clicking the “Bin” icon next to the Bitcoin address. To create a new address click the “New Address” button. This creates a new Bitcoin address and adds it to the list of your Bitcoin addresses. By clicking on the “Pencil” icon next to the Bitcoin address you can modify the Bitcoin address label. After modifying the label click the save button. You can access the Charts, Stats , Markets and API from the “Explore” drop down menu as shown in the image below.

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