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What is Blockchain wallet? How to use Blockchain wallet

  1. 1. What is Blockchain wallet?
  2. 2. Advantages and disadvantages of using Blockchain wallet
  3. 2.1 Advantages
  4. 2.2 Cons
  5. 3. Overview of Blockchain wallet interface
  6. 4. Transaction fees on the Blockchain wallet
  7. 5. How to create and install a Blockchain wallet
  8. 5.1 Instructions to create a wallet on Blockchain
  9. 5.2 Login Blockchain wallet
  10. 5.3 Setting up Blockchain wallet Security
  11. 6. Depositing and withdrawing money from Blockchain wallet
  12. 6.1 How to transfer Bitcoin to a Blockchain wallet
  13. 6.2 How to Withdraw Bitcoins from Blockchain
  14. 6.3 How to create an Ethereum wallet on Blockchain
  15. 6.4 How to transfer Ethereum to a Blockchain wallet
  16. 6.5 How to withdraw Ethereum from Blockchain
  17. 6.6 How to get Bitcoin Cash to Blockchain wallet
  18. 7. Receiving money with a Blockchain wallet
  19. 8. Payment Methods Accepted on Blockchain wallet
  20. 9. Currencies and countries supported by Blockchain wallet
  21. 10. Are Blockchain wallets Safe?

What is Blockchain wallet? How does it work? What advantages or disadvantages does this wallet have? How can I install and use it? Also, is this completely safe? Let's find the answer to all these questions in the article below!

Read more: What is a crypto wallet? All you need to know about crypto wallets

1. What is Blockchain wallet?

Blockchain.info wallet is one of the most famous Bitcoin wallet address providers today. Blockchain Wallet stores Bitcoin, not for buying/selling and trading. When participating in the cryptocurrency market, users should keep this in mind.

2. Advantages and disadvantages of using Blockchain wallet

Safety and security are issues that investors are interested in. Here is some information about Blockchain wallets.

2.1 Advantages

Blockchain is a prominent name with the best safe and secure virtual currency cold storage method. Specifically, the advantages are:

  • Suitable security: The blockchain wallet works by putting all transactions on the system. Therefore, all information is managed in a peer-to-peer network with high reliability. Users can enable Blockchain's layer two security features to securely protect assets.
  • User community: The system has many players, from individuals to businesses and increases over time. Therefore, users do not have to worry about fraudulent e-wallets, or scams.
  • Reasonable investment costs: You will not spend much money by joining Blockchain. In addition, the wallet brings many calculation and statistical tools to businesses.
  • User-friendly interface: Although it is a modern electronic wallet, the method and interface of the Blockchain wallet are straightforward and suitable for all audiences.
  • The ability to store Private Key: Users do not have complete control over the assets without holding the Private Key. This is an excellent function of e-wallets.

2.2 Cons

Besides the advantages, players should note the following disadvantages before joining the Blockchain e-wallet platform:

  • Compared with other Multi-Coin wallets, Blockchain wallets support less BTC. This product is not a helpful wallet when you want to store a lot of unique and strange Altcoins. However, the Blockchain platform strives to perfect and add these features over time.
  • Blockchain does not integrate Staking functionality and cannot access DApps.
  • When activating the wallet on the website, the loading speed will slow for a few seconds before fully displaying.

3. Overview of Blockchain wallet interface

To help users have a better overview of the Blockchain e-wallet platform, BHO Network will introduce you to the primary interface of the Blockchain wallet. Below are detailed images of the interface and essential functions. Please refer to the following information:

  • Control Panel: Click on the control panel, and you will see the display again as above.
  • Buy & Sell: You can buy and sell here, but the Vietnam market does not support this feature.
  • Swap: A feature that helps users convert from one currency to another with low fees.
  • Transactions: A place to view and execute trades. The wallet supports four tokens: Bitcoin, Ethereum, Bitcoin Cash and Stellar. When you click on each currency, it will display the transaction function of that token. Blockchain promotes that if players successfully upload a photo of their ID card, they will receive $ 25 in Stellar.
  • Storage: This is a connection to a cold wallet for added security.
  • Security Center: Provides secure privacy settings for your account.
  • Settings: Where to display the wallet ID, the code to connect when used on the phone.

Read more: What is Metamask wallet? Everything about the Metamask wallet

4. Transaction fees on the Blockchain wallet

Investors are most concerned about transaction fees when users start to participate in the e-wallet.

  • Blockchain does not charge any deposit fees, but the users will pay very little for the mining network.
  • The Blockchain system has almost no specific withdrawal structure, but users still have to pay the network operator.
  • The Blockchain platform will have a minimum limit for withdrawals.
  • Blockchain wallets have transaction fees in the form of creator and buyer fees. These fees are usually small and depend on the monthly trading volume.
  • Customers looking to trade large volumes of cryptocurrencies may require customization and lower transaction costs.
  • Once an order has been placed and trading has commenced, it cannot be cancelled.

5. How to create and install a Blockchain wallet

If you are a beginner in using e-wallets, please follow the instructions on using a Blockchain wallet to create a wallet and how to log in to the wallet below!

5.1 Instructions to create a wallet on Blockchain

To be able to use the Blockchain e-wallet, you need to install and complete the registration.

Step 1: Go to the link https://www.blockchain.com/, then select "Create Wallet" on the left side of the screen to start the initialization process.

Step 2: The user will see a dialogue box appear on the screen. You must fill in all the required information on the dialogue box, such as email, password, and confirm password.

After entering all the information, click on the box next to the word "I have read and agreed….", then click "Create My Wallet." Next, the platform will automatically send an email to the email address where the user has registered the Blockchain wallet to activate the account.

Click the blue box that says "Yes, This is My Email" and confirm it is your email. Note that "Your Wallet ID: ..." will be displayed. This is the user ID code that can be used to log in to the wallet on the WEB. Instead of entering your email address to log in, enter this line and your password to log into your account.

5.2 Login Blockchain wallet

Follow the link below to access the homepage https://www.blockchain.com/ to log in to Blockchain wallet.

The difference is that the platform will not use a username or email. Instead, Blockchain uses the login ID, the Wallet ID. The account holder will find it in the account activation email. If you receive it, click "Send my Wallet ID," The system will resend the ID to the email.

When the system verifies that the user account information entered is correct, the system will send a confirmation email. So please click on the confirmation link in the email for successful registration. This is an enhanced verification process that enhances the security of the wallet.

5.3 Setting up Blockchain wallet Security

When participating in any e-wallet, one of the issues investors care about is the system's security. Here are directions for 2-layer security steps for Blockchain wallets and backups.

  • 2-layer security guide for Blockchain wallet

The Blockchain system has provided users with a highly safe 2-layer security function (2FA) for users' assets. Here's how to enable 2FA:

First, you must download the Google Authenticator app on your mobile phone.

Step 1: Select "SECURITY CENTER" in the left menu bar and choose "Enable" on the "Two-Step Verification "line.

Step 2: Then, select "Authenticator App."

Step 3: Activate the Google Authenticator app on your mobile phone and scan the QR code to get the Blockchain wallet code (if not clear, see the detailed steps here). Once the user has the code, enter it in the box below and click "Verify Code."

Step 4: Don't worry if you see the red message "Failed to verify Google Authenticator code" at the bottom of the screen. This could be due to the Blockchain issue log out (SING OUT). Players logging in again will require a 2FA code. Users can enter Code 2FA to login.

  • Blockchain wallet Backup Guide

The backup process for your wallet is essential. Suppose the user lost a password or wallet ID or is using a Blockchain wallet on a mobile phone but lost the phone and cannot log in. The backup will restore the wallet. To backup your wallet, follow these steps:

Step 1: At the "SECURITY CENTER" tab, select "Backup Funds" on the "Backup Phrase" line.

Step 2: Continue to click on "Backup Funds."

Step 3: Blockchain provides "12 words to recover wallet". The user needs to write down all these 12 words on a piece of paper or a notepad, in order from 1 to 12, and remember the order of each word, specifically 4 word at a time. When you have finished recording, click "Next 4 Words" to move to the next page.

Continue to record four words, then click "Next 4 Words."

Record the last four words and click "Finish & Verify."

Step 4: Blockchain will check if you remember the keyword and the order of each word. Players enter the word asked (10th word is the 10th word, 5th word is the 5th word, similar to other words). The user needs to enter words in the correct order and click "Confirm" to finish.

Later, if you lose your phone or forget your wallet ID and password, you can use these 12 words to recover your wallet.

6. Depositing and withdrawing money from Blockchain wallet

If you still do not know how to deposit and withdraw money from the Blockchain e-wallet , let's see BHO Network's information below!

6.1 How to transfer Bitcoin to a Blockchain wallet

Suppose a player who does not have Bitcoin can go to the Remitano exchange to buy the coin. Or the user already has Bitcoin. You must paste the Bitcoin wallet address you received into the receiving address. See the example below on transferring Bitcoin from Binance to a Blockchain wallet!

6.2 How to Withdraw Bitcoins from Blockchain

Unlike receiving and withdrawing Bitcoins from Blockchain wallets, a trader has to select the deposit box. Next, enter the recipient's address and transfer amount and click continue to complete.

6.3 How to create an Ethereum wallet on Blockchain

To proceed to create an Ethereum wallet on Blockchain, please visit blockchain.info/wallet/#/eth/. Then, you select the receiving box to see the Ethereum wallet. Players must save this address from receiving ETH from others.

6.4 How to transfer Ethereum to a Blockchain wallet

If you do not have Ethereum, you can go to Remitano and buy it yourself. Conversely, users already have Ethereum will paste the wallet address they just received into the receiving address and transact. Example of how to transfer Ethereum from MyEtherWallet to Blockchain wallet

6.5 How to withdraw Ethereum from Blockchain

If users need to trade or sell cash in Ethereum, you need to do the following:

Go to: Blockchain.info/wallet/ #/eth/ => Click Send => Enter the ETH wallet address you want to transfer => Enter the amount to send => Click "Continue".

6.6 How to get Bitcoin Cash to Blockchain wallet

Currently, Bitcoin in Vietnam can only be purchased on the Remitano exchange. If Bitcoin is already available on the deal, you can do the same when transferring Bitcoin.

Example: Transfer BCH from CoinEx exchange to BCH wallet on Blockchain, as you can see down below.

Read more: What is Coinbase Wallet? How to create and use one?

7. Receiving money with a Blockchain wallet

Select the "Request" button displayed on the display screen. Then a dialogue box will appear on the user's system. Next, you need to copy the link and send it to the Bitcoin sender to be able to receive it.

  • Currency: Select the type of coin you want to receive.
  • Amount: Amount of Coins received.
  • Description: Description of the transaction details.
  • Transaction Fee: Choose the default Regular.

8. Payment Methods Accepted on Blockchain wallet

Traders can fund accounts via both cryptocurrencies and fiat money. Blockchain wallets also accept transfers from other digital wallets. Fial deposits in supported currencies are also accepted. Users can deposit Fial money into the trading wallet by Credit Card and Debit Card via the link with the bank account.

9. Currencies and countries supported by Blockchain wallet

According to reports, the Blockchain e-wallet has been present in over 200 countries and recorded 78 million trusted customers. Users have used Tokens to trade cryptocurrencies with a monetary value of $800 billion since 2011.

Currently, Blockchain.com is available in 25 different languages. Supports four Fial currencies - USD, GBP, EUR, TRY and six popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, Stellar, USD Tether and USD Digital. Blockchain already supports these cryptocurrencies and forms 40 different trading pairs. Users can trade through the exchange.

10. Are Blockchain wallets Safe?

The blockchain wallet integrates 3 level security. Also, in the worst case, it has a 12-character key. But you also have to understand that no digital wallet is entirely secure. The blockchain wallet is a hot wallet, so risks cannot be avoided. Therefore, to ensure the best secure wallet, users can do the following:

  • Enable 2FA for the wallet login account.
  • Enable 2FA for the wallet registration email of the account login wallet.
  • Make sure your laptop/computer or phone/iPad is free of theft or virus.
  • Restrict access to unsafe websites.
  • The email used for registration has good security.

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The above article is the sharing related to "What is Blockchain wallet?" that BHO Network wants to convey to you. Hopefully, this will be helpful information to help users choose the right trading platform and supporting tools.

Published on March 18, 2022

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