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It is one thing for a business enterprise to bring in constant revenues from its trading exercises; it is another to give the users a rest of mind as regards the asset security. The blockchain and cryptocurrency industry has taken the global finance space by surprise and has continued to increase in market cap. However, I wonder why it is always greener at the other end.
The challenges
Despite being its greatest weapon, the lack of backing from authorized parties due to the concept on which it is built; decentralization, has somehow been among the challenges to the mass adoption of cryptocurrency. Many of both exchanges and traders have gone bankrupt due to the constant cyber attacks from hackers. Whenever this unfortunate occurrence happens, we; the traders have the lion share of the loss. The lack of insurance on our assets as traders is one of the things scaring investors away from this highly-lucrative industry.
Another noteworthy challenge within the cryptocurrency space is the high transaction charges that are incurred by exchanges. The reason for trading is to make profits. However, these exorbitant charges being by exchanges eat up our profits. Although we can only trust these reputable exchanges in storing and trading our assets, their complex fees structures that make trading on them a nightmare for us.
Now we have a wallet that is very secure, non-custodial of our assets and has industry-leading simple fees structure in Blockchain Wallet and this is why it is being used by millions of crypto traders across the globe.
Blockchain Wallets overview
Blockchain Wallet is an award-winning crypto wallet equipped with technical tools that allow the storing, transferring and trading of multiple cryptocurrency tokens, securely with an unmatched trading fees structure. It is developed by a software development firm based in Luxemburg. Blockchain Wallet is an industry-leading wallet, a non-custodian of users’ assets that seamlessly allow crypto users
Blockchain Wallet makes trading and storing of digital assets very convenient. The developers’ team dedicated a lot of resources to ensure that the wallet is absolutely safe and protects users’ privacy. Transaction charge on this wallet is bendable in accordance with priorities due to its flexibility. The interface is very simple and intuitive. The only reason I am still using some other wallet DApps alongside this is due to its limited supported cryptocurrencies. As far as I can tell, no wallet comes near it.
Getting started with Blockchain Wallet
Blockchain wallet can be accessed via desktop browsers and has applications for both Android and iOS devices. I use its Android app and you can also get it from Google Play through this link.
I would have loved to share some screenshots on setting up an account on Blockchain Wallet but the app does not support this functionality. It has an intense security structure and as many of us can tell, it is for our own goods. Nevertheless, you do not need to be a computer guru to set up a wallet.
As a new user, creating an account is very simple. Provide an email address, set a password and click on Continue to get to the next stage of the process. Then set up a PIN and biometrics for the app access. This adds further protection to our wallet by denying unauthorized accesses. You will be sent a verification mail, confirm it through the link within the mail to finish setting up your account.
Now, I have enabled the screenshot functionality for this app and we can see some images below to help us in this walkthrough.
After successfully creating and verifying your account, you should see your dashboard displayed as shown below:
My first recommendation to you before starting to use this wallet is to create a backup for your assets. This is because I lost some few coins in my first Blockchain wallet due to my inability to remember the correct password. As secure as blockchain Wallet is, it doesn’t have the famous “forgot password” functionality that is accessible on most web apps. Since then, I have learned to always back up my wallets in order to protect my funds from being lost.
To back up your wallet, click on the menu icon situated at the top-left corner and select Backup Refunds from the list.
You will then be given 12 words, one at a time. Ensure that you write them down somewhere because they, alongside your wallet ID, are the means of recovering your wallet in case something happens to your device, you want to login via another device or eventually forget your password.
Now we need to complete the profile setup. Click on complete profile from the dashboard and follow the walkthrough to finish setting up your account.
The next stages involve providing your country of residence, your full name, date of birth and identification documents. I have access to a $1,000 daily trading limit on Blockchain as at now. This limit can be upgraded by subscribing for a higher plan.
One of the components of the Blockchain Wallet is an in-app exchange for cryptocurrency swapping among traders. This is also easily accessible through the menu list. You can as well log in to your wallet on a desktop browser as I have mentioned above.
Components of Blockchain Wallet
USD PAX
I really cannot see why cryptocurrency will not replace fiat currency in the nearest future. Of course, there are many challenges that need to be overcome before this can happen. Despite not being controlled by a centralized authority, this industry is working individually and together to bring about a sustainable market for the next generation.
There have been greater developments than what the world financial market can overlook. Not only can we spend digital assets like fiat but with the addition of USD PAX, Blockchain Wallet is now a repository and exchange for USD. This literally means that the wallet has the functionalities for both cryptocurrency trading and FX.
Wallet
Blockchain wallet is widely believed to be the best wallet for the two leading digital currencies out there; Bitcoin and Ethereum. In addition, this wallet now supports Stellar coin and USD PAX. We are talking about a wallet that is equipped with every tool needed for a successful storing and transfer of the aforementioned currencies.
Security
Blockchain technology built its concept on decentralization, ensuring that data are not stored on a centralized server. Instead, blocks are produced and transactions are validated through inter-connected millions of computer nodes. When a transaction is carried out, it is broadcasted over the whole network, thereby giving rise to a security structure that can stand against malicious entries. However, as technology continues to evolve, hackers are being able to force their way in through some loopholes left on blockchain networks. Hence, there is a need for a more intense security structure than the natural one possessed by blockchain technology. Blockchain wallet is a celebrated entity when it comes to this. Its security structure is very solid that it can stand any challenge that comes its way thereby protecting our assets.
Access to market
Another major functionality of Blockchain wallet is its seamless access to the cryptocurrency market. This app gives me the ability to directly trade my digital assets from my Blockchain wallets through its partnership with trusted exchanges. As well, it provides real-time quotes and historical charts to give us real-time information about the activities around our assets.
Standout features of Blockchain Wallet
Blockchain Wallet did not acquire its reputation as a gift. Some exclusive features differentiate this wallet from the rest. These features include:
Unbeaten security
When it comes to talking about cryptocurrency wallets security, I have never come across anything close to Blockchain wallet. This I can testify to anytime any day. Blockchain Wallet has a very intense security structure that cannot be beaten by any kind of hacking attack. This security structure is in various modes for various components. This includes the app protection with PIN and biometric, two-factor authentication to keep out the bad guys, assets backup with a mnemonic code to make the wallet and its balances recoverable and many more. Blockchain wallet designated a lot of resources to ensure maximum protection of users assets. As far as I can tell, this wallet's security is unmatched.
Intuitive interface
What is the point of creating a multi-functional system that is too complex for the users to interact with!
From what I learned in Human-Computer Interaction (HCI) in my field of study some weeks ago, interfaces simplicity is of utmost importance to every system’s users; be it a hardware or software. Regardless of the functionalities of a system, one of the goals of the designer is to ensure that the user interface is interactive and understandable to average users. Blockchain wallet focused on attention to details without adding unnecessary components that will only distract users from the main functionality of the wallet. I found this app’s interface exceptionally awesome.
Simple fees structure
Blockchain wallet has the lowest trading fees compared to its competitors. I have various exchanges and wallets and I know how much most of these wallets eat up my profits. Trading is all about maximizing one’s profits and minimizing the loss. Blockchain wallet helps me and other traders in this with its simple fees structure.
Easily choose your balance to show in your local currency
I am not always comfortable with leaving my balance in USD. Sometimes, I just need to see it reflected in my local currency as trading may require. Blockchain wallet gives me the ability to do this easily.
Where I need Blockchain to improve on
There are only three cryptocurrency tokens that can be stored on this wallet. The cryptocurrency space is very large and new coins and tokens are being created. I expect this wallet to support more currencies than just three.
I cannot buy cryptocurrencies with fiat directly on Blockchain. The industry has moved way beyond this and there are several exchanges that support this already. Blockchain is a reputable exchange and I expect it to have this functionality as it makes trading even more convenient.
The process of identity verification on Blockchain Wallet is very cumbersome. I believe the standard of security and privacy on this wallet can be attained with fewer stages.
Conclusion and rating
Obviously, this is a very interesting project. There is less to say about it as the records speak for themselves. With its unbeaten security, user’s privacy and simple fees structure, this is truly an industry-leading wallet. The team behind this project is undoubtedly comprised of experts in the industry and deserves accolades. I just need them to take a look at my listed cons as I believe these can be avoided. Meanwhile, I would give this app 4.5 out of 5 stars.
Resources
All the images used in this post are screenshots from my usage using this app. As well, the content is written from my research, knowledge and the personal experience from the use of this app.