Blockchain.com is a very popular and highly trusted blockchain exploration platform with its own cryptocurrency exchange and crypto wallet, called Blockchain Wallet. The company was founded in 2011 and apart from the opportunity to buy Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH), the site is great for exploring the blockchain of these currencies with its built-in blockchain explorer.
Actually, blockchain exploration was the primary purpose of the website when it was first established. The aim was to provide users with a tool for tracking their transactions on the desired crypto asset’s blockchain. Over time, the company evolved and expanded its line of work to encompass all-around services related to digital currencies, from investment to exchange.
Today, Blockchain.com is one of the most visited websites by Bitcoin enthusiasts. The site has all the benefits of a regular crypto exchange like Coinbase, but it also provides users with a blockchain explorer and a secure wallet. Blockchain Wallet is very popular among users because it’s practical, easy to use, and safe.
Let’s take a look at how good Blockchain is for exchanging your crypto assets, how the Blockchain Wallet works, and how to add money to this type of wallet.
How to Exchange Cryptocurrency with Blockchain
The Blockchain Exchange is relatively new, since it started work in 2019, but it has already built a reputation as a top-of-the-line service.
Exchanging cryptocurrencies on Blockchain.com Exchange is a reliable and fast way to trade your assets, whether you’re buying Bitcoin (BTC), Ether (ETH), or Bitcoin Cash (BCH) or you want to convert your cryptos into fiat US dollars (USD) and withdraw money to your bank account.
One of the great benefits of this exchange is the wide range of fiat currencies accepted for buying and cashing out crypto assets. Clients from Europe, the USA, UK, Turkey, Russia, and Australia can use bank transfers to top up their accounts with fiat money ready for buying crypto. The exchange is known for providing fast services of depositing or withdrawing fiat currency, along with low transaction fees.
The signup process for Blockchain Exchange is very simple and only takes a few minutes. This site really does take security seriously since when you’re signing up, the process requires you to upload a selfie holding a personal, government-issued ID document in front of your smartphone camera for scanning, so the platform can be sure that you’re a real person.
Once you have signed up, you’re all ready to start depositing funds with your bank-issued debit card or credit card in order to buy and sell crypto assets. Now, if you want to start using Blockchain for trading digital assets, you surely need a good crypto wallet to store your funds and manage them. Luckily, Blockchain Wallet is a perfect choice that works smoothly with the exchange platform.
How Does Blockchain Wallet Work?
Blockchain Wallet isn’t just one of the countless cryptocurrency wallets you’ll find online. It’s renowned as easy to use and secure, which are qualities that clients value most. Around 30 million users give their trust and funds to Blockchain Wallet as a means of storing their digital assets.
This wallet lets you back up all of your stored assets which is a great security feature. When creating your Blockchain Wallet you will be prompted to enter a password of your choice and set up a 12-word passphrase which serves as your recovery system in case the wallet password gets compromised. Because of this, it’s highly advised that you activate the two-factor authentication option to secure your wallet address.
Just like with any other crypto wallet, you’ll have a public key that acts as the public address of your funds and a private key that certifies that you’re the owner of the assets in the wallet. Your Blockchain Wallet creates and saves the private keys for your transactions automatically. These keys aren’t disclosed at any moment, anywhere, which makes them very secure and guarantees no one can hijack your transactions.
One of the great advantages of Blockchain Wallet is that it provides users with very low transaction fees and that you can trade crypto assets directly from your wallet. If you want to exchange some ETH for BTC, you can do it straight from the wallet app with no need to use an exchange, which is a huge advantage for Blockchain Wallet users. Also, Blockchain Wallet has a great and active support team available at any time to help users with all their questions.
Blockchain Lockbox is the hardware wallet version of your Blockchain Wallet. It comes in the form of a special USB drive that doesn’t require any additional software because it works seamlessly with the online Blockchain Wallet and protects your funds perfectly while being offline. This hardware wallet is protected by dual-chip cryptographic protection that ensures your private keys are secure and only accessible by your personal PIN code.
Blockchain Wallet App
It is worth noting that you can use Blockchain Wallet on your Android or iOS smartphone through the simple and user-friendly Blockchain Wallet App. The advantage of the app compared to the desktop access to your wallet is that it is really well optimized and transactions can be made in just a few seconds by scanning the QR code of the transfer destination.
As far as security goes, the app comes with a fingerprint scanner ID option, so nobody except you can access the wallet. In case your phone gets stolen or lost, no worries, because the wallet app is protected by a PIN code that acts as an additional layer of security for these situations.
How to Buy Bitcoin on Blockchain
When you are all set up with your Blockchain Wallet, you can start loading it with money and investing in crypto. So, let’s say you want to buy some Bitcoin. The first thing you need to do is deposit some fiat money into your wallet address.
Depositing Fiat Money on your Blockchain Wallet
- Open your Blockchain Wallet. At the top of your wallet, on the left side, you will see the dashboard section. In this section, you have to select the fiat currency you desire, let’s say US dollars.
- If this is your first time depositing money, there will be a short verification process to verify your identity using your personal documents.
- After the verification process, you can access your USD wallet and select the Deposit option which is located in the upper right corner.
- The wallet will show you your unique deposit data with all the details for transferring USD to your wallet.
- Now, all you have to do is send the funds using the unique deposit data and your preferred banking app or website. It’s that simple. The process is the same if you want to sell Bitcoin.
Buying BTC Using Blockchain Wallet
Once you’ve created your wallet and deposited some money, you are ready to buy bitcoins following these simple steps:
- On the wallet interface, you will see a button that says Buy Bitcoin and Swap Bitcoin.
- After you select the Buy option, the wallet will show you a list of available exchange partners from which you can purchase Bitcoin.
- Select one of the listed exchange partners without worrying about their background since all the ones that are listed in your wallet have been verified by Blockchain.
Start buying bitcoins.
A Few Words Before You Go…
Blockchain.com really provides all-around service for everything related to cryptocurrencies and it is a truly reliable platform with a state-of-the-art wallet that provides all the functions you need to trade and store crypto.