🔥 Blockchain wallet put to the test: our experiences in 2021!
There are a number of different ones Wallets and in the background various providers who make them available. One wallet that has recently come into focus is called Blockchain.info. This is due to the hype surrounding cryptocurrencies, which have been in the fast lane in many areas since 2016. Not only that the price of Bitcoin climbed from $ 2017 to almost $ 2017 from January 1.000 to December 20.000 is, there were also more and more online shops such as service providers who stated that they now want to accept payments in crypto currencies. Today, in mid-May 2021, Bitcoin is almost 60.000 US dollars and many other cryptocurrencies are at record levels - such as Ethereum.
When do you need the digital wallet?
One can go with the price of the crypto currencies speculate, but you can too Buy coinsif you think there will be an increase in value. Of course, you can also use the coins as a means of payment, provided that the online shop or service provider accepts the digital money. If you buy coins or exchange euros for digital money, you need one Wallet - the digital wallet, in which the coins can then be stored. Blockchain.info is a wallet that is used all over the world and is used by millions of users - according to the provider, more than 160.000 financial transactions are carried out every day.
All those who are still a little unsure don't have to worry. Because the wallet, with its easy handling, also appeals to beginners who have never had anything to do with a digital wallet.
To open the Blockchain.info wallet, the user has two options: on the one hand, you call up the website, on the other hand, you use the app to then register. In the course of registration, if you decide to use the website, all you have to do is fill out the registration form. You will need an email address and a password, among other things. If you decide to register via the app, the registration process is identical. Incidentally, the app is available free of charge and can be downloaded at any time either from the Google Play Store (Android) or the Apple App Store (iOS).
What to look out for when choosing a password
Even if the registration process only takes a few minutes, you shouldn't act hastily and, above all, take your time when choosing your password. It is important that you choose a password that consists of uppercase and lowercase letters and contains special characters such as digits.
Buy Bitcoin and transfer it to the wallet
If you choose Blockchain.info, you can only Buy coins of the cryptocurrency Bitcoin. This can then be converted into ether, the Ethereum platform cryptocurrency, To deceive. However, it should be noted that it is not possible to buy or transfer Ether directly. Behind the checkout is the company Coinify. However, the individual transactions are carried out via credit card and bank transfer. If you use the transfer method, you have to start a verification in advance. This is also the case when coins of the crypto currency Bitcoin worth over 3.000 euros are bought and you want to use the credit card.
The transfer to the wallet
If you buy coins of the Bitcoin cryptocurrency, these are transferred to the wallet as follows:
At the beginning, the number of coins that you want to purchase is specified. But you can also specify the amount to be invested so that you can calculate how many coins you would get for the sum. Then you have to specify whether you would prefer to pay by bank transfer or by credit card. The payment is then verified by iSignthis; the transaction takes place last.
In addition, it should be noted at this point that a verification by the network must take place in advance before the purchase can be regarded as completed. Only when the network has given its consent does the final transfer to the Blockchain.info wallet take place. Until the approval is given, the transaction is in a kind of “waiting loop” - this process is indicated by “pending” in the wallet. When “Pending” is no longer visible, the transaction is considered to have been finalized.
The exchange in ether
As already mentioned, it is possible that you can exchange coins from Bitcoin for Ether. However, it is not possible to purchase Ether directly. That is, Blockchain.info Wallet may be the medium of exchange for these two digital currencies, so to speak. The exchange transfer is carried out using the "Exchange" function. Behind it is the ShapeShift platform.
At the beginning, the source currency and the target currency are determined. The target currency can be Bitcoin, Ether or a fiat currency. The minimum exchange amount is 0,00000547 Bitcoin. When entering the exchange, the user must take into account that the entire account balance may never be exchanged, as a certain amount must remain in the account for the settlement of any transfer fees.
The transaction is then validated. For this, the customer must agree to ShapeShift's terms and conditions. Usually the exchange is the crypto currencies completed after around 120 minutes; more patience is required when the network is heavily used.
The advantages and disadvantages
One advantage that must be clearly stated at the beginning may be the fact that setup is quick and easy he follows. Even users who are not computer or internet savvy will not face any challenges here. In addition, care was taken to make sending and requesting digital currencies as easy as possible.
- Blockchain.info scores with high security standards
- a very simple operation and
- convinces with an open source license.
But there are also disadvantages.
- Little choice of digital currencies
- The fact that there is no "cold wallet".
Blockchain.info is a classic "hot wallet". But what does that mean? The “hot wallet” is always online. This means that access is possible at any time. That may be a curse and a blessing at the same time. Because if the wallet is available to the user at any time, it is also available to the user Cyber criminals. However, it should be noted that the makers of Blockchain.info work with high security standards.
Testimonials speak for Blockchain.info
If you are unsure whether Blockchain.info is a recommendable wallet, you should not only take a look at the advantages and disadvantages, but also consider the experience reports. These can be called up on the Internet without any problems and are definitely helpful if you are unsure whether you should use the service or not.
Above all, positive experience reports are proof that it is a reputable provider that can be trusted. At the latest when the testimonials are largely negative, it is advisable to choose another provider.
If you are looking for an alternative, you should take a look eToro to be thrown. The argument that this would be one Online broker or a crypto exchange trade may be correct, but eToro scores with an integrated wallet. So if you like to speculate and / or invest in digital currencies, i.e. buy coins, you've come to the right place. Above all, eToro convinces with a true variety - there are not only the most famous crypto currencies, but also real exotic ones are available here.
The fee model at a glance
It should be noted that there are only costs for transactions carried out. This means that the wallet can be used free of charge. It should be noted that the costs for the transactions do not flow into Blockchain.info, but directly into the network. The processing power of the network is required for transaction processing, so that the costs depend on the transaction volume and the speed of the transaction.
On the one hand, the bank also charges fees when it comes to currency conversions, on the other hand, fees are due for credit card payments if the amount is over 1.000 euros. In this case the fee is 30 euros. That means, before you carry out a transaction, you should examine the fee model so as not to experience any nasty surprises. To be fair, it has to be said that Blockchain.info plays with open cards and clearly presents the fees on the homepage.
If you are of the opinion that the fee model is attractive, there is nothing to be said against using the service. There are no hidden fees or costs.
The conclusion: Is Blockchain.info worth it?
We at Bitcoin News.one find that looking for a wallet you can definitely take a look at Blockchain.info. Because even if only a few crypto currencies are accepted, Blockchain.info is convincing when it comes to seriousness as well as fees and security. If one finds in the course of the comparison that Blockchain.info meets the self-imposed requirements, the service of the provider can be used at any time.