Crypto Economy On The Rise | Blockchain Wallet For Digital Savings

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Blockchain wallet is a digital wallet which allows an  user to manage bitcoin and ether. Blockchain Wallet as a service and product is  provided by Blockchain, a software company that has been founded by Peter Smith and Nicolas Cary.

blockchain wallet

Wallets are very essential factors of investing and owning cryptocurrencies of any kind. Wallets in which digital currencies are stored are very similar to wallets in one’s hard, in-hand currencies, like dollars or euros. It’s just a digitised version of their respective bank accounts. Generally, they are used to buy and store their crypto, and send the crypto to others recipients.

blockchain wallet

Blockchain Wallet and its Advantages

E-wallets allow individuals to store cryptocurrencies. In the case of Blockchain Wallet, users can manage their balances of two cryptocurrencies: bitcoin and ether.

blockchain wallet

Creating an e-wallet with Blockchain Wallet does not involve any cost. Setting up the account is done online. Individuals must provide an email address and password that will be used to manage their accounts. The system will send an automated email requesting that the account be verified.

blockchain wallet

Once the wallet is created, the user is provided with a Wallet ID, which is a unique identifier similar to a bank account number. Wallet holders can access their e-wallets by logging into the Blockchain website, or by downloading and accessing a mobile application.

How does Blockchain Wallet work

A special address is generated every time any user makes a request. Users can also send bitcoin or ether when someone provides them with a unique address. The send/receive process is similar to sending or receiving funds through PayPal but uses cryptocurrency instead.

blockchain wallet

Users can exchange bitcoin for ethers (or visa-versa) as well. Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction.
Exchanges do not appear instantaneously in the wallet because it takes some time for transactions to be added to each currency’s blockchain.
Users can also buy or sell bitcoin through the interface, with this service powered by an exchange partner such as Coinify or SFOX. Exchange rates are guaranteed for a limited period of time. To make a purchase, a user must either transfer funds from a bank or can use a credit or debit card.
blockchain wallet

Other Crypto Wallets Apart from Blockchain

There are several other types of wallets, and the one that will best suit one’s needs depends on what they need from a wallet and the purpose of their cryptocurrency holdings.Different wallets types have their own advantages and disadvantages.

blockchain wallet

One should weigh the risks of every type depending on the needs like security, easy access and long term holding among various others.

blockchain wallet