The concept of blockchain came to this world almost 10 years back in 2008 by Satoshi Nakamoto. The concept of blockchain got actualised a year later through Bitcoin which is a cryptographic money and advanced instalment framework. This idea later summed up to conveyed records which actually influenced blockchain to check and store exchanges without digital currency.
Blockchain is basically a circulated database of records or open record of advance occasion that were executed and the host was shared amongst taking an intrest in gathering a huge system of untrusted members. It stores information in a block which can check data and they are secure enough to be hacked easily.
Blockchain wallet is a digital platform that has been developed by Luxemborg and it is based on a software development company, Blockchain. This wallet can be easily accessed from a web or a mobile device and have a clean and intuitive user interface, therefore anyone can securely transact their bitcoins and ether.
Blockchain claims to be the world’s most popular and widely accepted digital wallet which is used to store Bitcoins and Ether. This wallet is user friendly, secure and flexible which makes it a home for about 15 million wallets. This wallet gives an online solution for storing crypto currency and it has an advanced security system which integrates a highly accessible user interface. And it is compatible with iOS, web, and android.
It has a built in “security centre” which helps and guides you through the steps that are to be taken keeping your account secure, for fund backup and restrict unauthorised access. Buying and selling of crypto currencies directly from your personal blockchain wallet is quick and easy because only trusted exchanges can associate with blockchain. Also it is flexible and adjusts transaction fees according to priority.
Blockchain wallet is free to use, all you have to pay is a small transaction fee for every time a cryptocurrency moves in and out from your wallet. And this fees is automatically deducted from your funds depending upon the size of the transaction and the level of network activity at that time.
For setting up your wallet you will have to create your account by visit the official website blockchain.info and then click on sign up for free wallet. After that you have to enter your email address and a password and follow further steps to activate your wallet. After logging in click on the “request” button and then select the currency of your choice between Bitcoin and ether. You will then find your wallet address which is nothing but a long string of numbers and letters. This address camn be used by anyone for sending currency to your wallet.
You need to be a little careful about sending bitcoins to Bitcoin address and ether to ether address only, because if you send a specific currency to a wrong address this will result in permanent loss of those funds.
Blockchain wallet has been designed keeping both security and usability in mind. Some layers of protection are already there in the baseline security feature but you can add on additional security features that are available; you will find all this under the “security centre” tab.
Blockchain wallet rates security in levels which helps users to easily visualize and opt for additional security.
The level one of security provides email verification where this verification allows blockchain wallet to send you login codes for confirming payments and it also advises you to detect any kind of unusual activity in your account. Email verification is mandatory while other security features are optional. Other than this a secret passphrase is created which helps you to recover your account in case you lose your password. And as per the security norms of the company, even blockchain does not have access to your password and therefore they can’t help you to recover it. So for that password hint is created, this hint is a self reminder when you forget your password.
The second level of security provides two-step verification, to activate this security feature you need to enter a one time passcode that blockchain wallet sends you for every single time there is a login attempt in your account.
It also lets you link your mobile number with it, where you can receive one time passcode for everytime someone tries to access your account using a wrong password.
The third level of security blocks Tor requests, where IP address coming from Tor network is blocked from accessing your account. Tor is basically an annonymising tool which is used by hacker, although many privacy enthusiasts also use Tor for non malicious purpose.
Hence we can conclude by saying that as far as hot wallets are concerned blockchain wallet with usual features and slick simple performance, is everythi ng you will need. Its security is good enough for small balances and transactions. But we will also say that you will have a better sleep at night if you store large quantities in hardware wallets.