The basics of crypto trading
|Founders||Peter Smith and Nicolas Cary|
Blockhain.info is one of the most popular wallets for storing of cryptocurrency: Bitcoin, Ethereum, Bitcoin Cash. The service supports the exchange of digital assets, offers its user a two-factor authentication and other means of protection and charges one of the lowest fees in the branch.
Blockchain.info is a hot wallet which serves for storing of digital assets. It’s considered one of the most popular vaults for cryptocurrency in the world. The number of registered users exceeds 25 million people, and the total amount of transactions is more than $ 200 billion.
The Blockchain.info wallet is capable of storing of Bitcoin, Ethereum and Bitcoin Cash. The service is an online platform. It’s accessible through a browser from a PC or through a convenient mobile application which is available both for iOS and Android smartphones. To enter the latter it’s only necessary to scan a QR code and enter a password.
Service is available both in English and in Russian. All in all, the system supports 25 languages.
The wallet may be applied for storing and investment of personal digital assets. It’s possible to transfer and receive funds and also exchange supported cryptocurrencies one for another with it (thanks to integration with the Shape Shift service). Buy/sell of digital assets within the platform is supported in 36 countries (excluding Russia by now).
For serious investors who strive to secure their funds, even more, the software company offers the Blockchain Lockbox – a removable drive intended to store digital assets. The hardware wallet should be ordered individually for a substantial price. A virus-resistant design of the device excludes a possibility of money theft from the account.
Right on the wallet’s website a user can see the Bitcoin’s status (for this currency only), a number of daily transactions and examine latest operations. It has been made possible thanks to the implementation of a blockchain’s monitoring function called Blockchain Explorer.
The Blockchain.info service was launched in August 2011. The software company is located in Luxembourg. The founders are Peter Smith and Nicolas Cary.
In 2013 the developers bought ZeroBlock LLC which had been developing mobile applications exclusively for working with Bitcoin. In the same year the wallet was recognized as the busiest Bitcoin-related resource – already in fall the number of unique visitors reached 3 million people daily with more than 118 million views.
At the beginning of 2014, the platform encountered some difficulties connected with the removal of the mobile application from the App Store. But already in the middle of the year, Apple brought the wallet back upon requests from a large number of users.
Throughout its history, the platform has been able to collect enormous amounts of money. In 2014 alone the income was $ 30,5 million. By the summer of 2017, this sum has increased up to $ 40 million.
July 2018 became a significant time period for the project. The platform got a new address – Blockchain.com. At the same time, the developers changed the design of the main page and added Bitcoin cash to the mobile application for iOS.
Apart from the hot wallet and the hardware one which can be bought separately, the developers provide users with a service for verification of transactions, an API platform for the creation of decentralized applications and software engineering and also a prototype of a payment channel called Thunder.
Good reputation of Blockchain.info is one of the reasons for the service’s popularity. Indeed, the developers pay great attention to security offering their users e-mail address binding, two-factor authentication via SMS, Google Authenticator or Yubikey, backups and utilization of special recovery phrases. Other advantages that worth mentioning are:
The most significant disadvantage lies in the fact that it’s a hot wallet anyway, so it’s recommended to keep only operational amounts in it. In order to get access to the full functionality of the service verification is required – otherwise, the exchange of currency will be unavailable. By the way, the buy/sell option isn’t provided in all countries even for verified users – for instance, it isn’t currently supported in Russia. Users also complain about the work of the helpdesk.
The developer proposes users an online version and a mobile application to work with the wallet. You can find out how to use them in detail in the review.
The first step is registration. On the official website https://www.blockchain.com/wallet press the “Get a Free Wallet” or the “Sign Up” button. If the tab with the wallet hasn’t been chosen, press the “Products” button and choose “Wallet” from the list.
The system will redirect you to a registration form. Not much data is required there – an e-mail address and a password are enough.
After pressing the “Continue” button the system will create a new wallet and forward the user to the personal account automatically.
It’s better to confirm the e-mail at once in order to protect the account properly. A two-factor authentication, SMS or e-mail notifications and automated signing out after a few minutes of inactivity can be additionally enabled in the “Preferences” tab. Also, a language of the wallet and the national currency can be set there.
The system will also require a complex verification of the account in order to perform exchanges. Personal data and a mobile phone number should be provided during it.
The wallet has a very nice and minimalistic design. All information about stored cryptocurrencies, their exchange rates, amounts and volatility in a graphical form is presented in the “Dashboard” tab. Every wallet is managed both in the cryptocurrency itself and the chosen fiat currency.
In the upper part of the page, there are buttons which allow to send and request digital assets. In the first case, an address of the recipient, an amount and a type of the fee of the wallet (regular – the transaction will take an hour or more or priority – the transfer’s duration won’t exceed 60 minutes) are provided. The fee can be customized.
A similar form is applied for receiving of coins. The only things to do in this case is to specify a sum and to copy an address or a QR code of the wallet.
The buy/sell function is available in the “Buy & Sell” tab, but it can’t be utilized in Russia, and exchange is possible only after a full verification of the account. So a user is only able to apply the wallet as a vault for his digital assets. Fiat money can be used for buy/sell operations only on exchangers or currency exchanges.
There is mostly positive feedback about the platform in the Net. People especially note the nice design and the interface which is clear even for a novice. For instance, such comments can be found in the Internet:
“Have been using recently, everything is OK by now. Though the level of security is high, still afraid to keep all my coins here, so use only those which are necessary for transfers to other users. The only thing which has confused is the long verification process – why on Earth it’s necessary for a wallet?”
Blockchain.info is probably one of the most secure and convenient online wallets which allows storing of various cryptocurrencies. The exchange function is also implemented here (available only after verification) and fees for transactions are quite low. The developers have created a clear and simple application. If you use cryptocurrency a lot for carrying out of transactions, then it’s one of the best solutions for you. But keep in mind that it’s still preferable to keep a major part of the funds in cold storages.