There are many questions about the Blockchain wallet, although it is not a new platform in the technological industry. This article BAP will explain this platform from the concept to its operations, and benefits.
1. What is Blockchain wallet?
Blockchain wallet is a digital wallet platform developed by Luxembourg-based software development company, which can be connected from website or mobile. Furthermore, Blockchain wallet helps users to transact securely with Bitcoin and Ether via a clear and intuitive interface.
Besides, you should keep in mind that Blockchain is a place where it stores Bitcoin’s database not a trading platform like Bitcoin.
Furthermore, there are many people who have concerns about whether or not Blockchain wallet gets two sides. It has, of course, pros and cons with this platform:
Advantages:
- It has advanced security features such as 2-step verification.
- You can see the balance reflected in your country units.
- User interface design is intuitive and can be easily navigated.
- As a security measure, Blockchain automatically generates a new wallet address after each crypto transaction.
- You can be ensured about security features, because the Blockchain company is headquartered in Luxembourg where is famous of a legal framework protecting highly personal privacy.
- You can easily pair your web wallet with a mobile device by scanning a QR code.
- You can buy and sell cryptocurrencies directly through your Blockchain wallet.
Disadvantages:
- When it comes to Blockchain wallet that is easily more vulnerable than offline wallet.
- Some opinions show that the identity verification process to access their personal wallets that is too cumbersome.
- Blockchain wallet only compatibilizes with Bitcoin and Ethereum.
- You cannot buy Crypto by real money directly from the Blockchain wallet.
2. Blockchain wallet mechanism
Blockchain is a great invention of the world, which allows users trade value without trust or witness. For example, with a normal bet, we will manage it according to 3 options the transactions includes:
- Placing trust with each other:
If you bet with your friend or a stranger, you and them must trust together in order to trade after a match. To be honest, this can get highly risk for you.
- Turn stake into a contract:
With a contract in place, both parties will easily pay for each other, this gets more advantage. However, it has a big pros that is if loser doesn’t want to pay, winner must pay extra to cover legal costs and possible judgement in the long time. Specially, for a small amount of money, this is not optimal way to manage transactions.
- Base on third party:
Bettors can rely on a person who will hold that amount of money, and they will send it to the winner. On the other hand, it is cable of losing total money, because they are able to keep it and run.
To be honest, both trust and contract are not the best solutions as we cannot trust strangers and enforce contracts that take time and money. So Blockchain technology is interesting platform since it provides us with a safe, fast and inexpensive way.
Moreover, Blockchain wallet enables users to write a piece of code, the program will run on blockchain that both parties must deposit the betting money in advance. This program will keep total betting money, and it conducts and checks the bet based on many databases.
For instance, when you and your partner bet on the weather, your bet is that tomorrow doesn’t rain and vice versa. The program will check weather tomorrow whether or not it rains and transfer automatically money to the winner.
Due to the fact that when you conduct the bet from the Blockchain wallet, you cannot stop or change with the existing contract. This is just one of side from blockchain, and it will be more beneficial when you can apply it on selling home or doing business.
In this section, we just want to explain how Blockchain wallet works without in-depth technical details, but it is enough for you to have general ideas of Blockchain wallet logic and mechanism.
In Blockchain wallet, the most known and discussed application is Bitcoin. This is a digital wallet that can be used to trade products or services including USD, Euro, Vietnam Dong, JPY, and even more.
3. How to use Blockchain wallet
In this section, we want to guide you how to use Blockchain wallet following step-by-step instructions below.
3.1. Create Blockchain wallet account
To generate a Blockchain wallet, you must access Login.blockchain.com and fill your information of signing up for an account through email and password.
Sign up for your Blockchain wallet – Source: Blockchain
Then, you must go into your email box to click confirmation link in order to complete sign-up account.
Verifying your account in Email – Source: Blockchain
3.2. Login to your Blockchain wallet account
After you sign up successfully, the system will force you to log into your verified account. There is no resemblance to other kinds of wallets or exchanges that uses username or email as a log-in account, Blockchain wallet forces you to log in by Wallet ID that you find out in Email Verification. Or you forgot ID wallet in email, you can click the line “ Send my Wallet ID” as the below image
Log-in by Wallt ID – Source: Blockchain
If your account information is correct, the system will send log-in confirmation email, and you must click on that confirmation link in order to get a login successfully. We can say that this is an advance authentication step that helps to increase security of your wallet avoiding attacks.
Furthermore, you should use the browser not incognito one, because it also identifies your cookies. So when you try to access it, your account will be blocked in hours.
3.3. Generate Blockchain wallet
When you can access the Blockchain platform, you can create a Blockchain wallet with ease. Firstly, you should choose “Request” and the kind of money you want to trade. After that address of your Bitcoin wallet will appear, you can use this address to receive money.
Create your Blockchain wallet – Source: Blockchain.
It is notable that on Blockchain platform you can create many Bitcoin wallets, and name it to manage easily.
In addition, in each Bitcoin wallet, you can create thousands of different addresses, so you use each transaction for each address to ensure privacy.
Generate many wallet address – Source: Blockchain
3.4. Transfer Bitcoin in Blockchain Wallet
There are a lot of questions about “How to transfer money in Blockchain wallet” to us, so we will give you a helping hand in this. To transfer Bitcoin to Blockchain wallet is easy, when you have a wallet address, you just enter your wallet address in the receiving address to send Bitcoin into it.
3.5. How to withdraw Bitcoin money from Blockchain
On the contrary, if you want to transfer Bitcoin to another wallet, you just select the “Send” function, and then enter information like the receiving address, amount of money.
Additionally, for Ethereum, you also proceed like Bitcoin, which means that you will create Ethereum wallets and conduct transactions as the above steps.
In conclusion, Blockchain wallet has high security and many interesting functions. If your business wants to build one, BAP can be an interesting partner to collab because we have created various platforms based on Blockchain such as SMART TRADING (ARB), BTC GIAO DICH, Crypto Management App, and even more. We also master of other technologies including Big Data, AI,… So let’s us know when you want to create any platforms.
