If the topic of cryptocurrencies isn’t very new to you, you know that digital money can be stored in various wallets. One of such wallets is called Blockchain Wallet. Many people when first hear about this wallet ask an obvious question “Is Blockchain Wallet safe?” Apart from the answer to this question, there are some other answers that people want to know about this wallet. This piece of writing isn’t only ready to answer the question “Is Blockchain Wallet safe,” but also it will provide a thorough description of this wallet.
The first thing that should be done even before asking “Is Blockchain Wallet safe or not” is to ask for defining Blockchain Wallet. Especially this is necessary for people, who know not much about the Blockchain technology and cryptocurrencies. Blockchain wallet is a virtual wallet that can be used by people for managing such cryptocurrencies as Bitcoin (BTC) and Ether (ETH). It is created by Blockchain, which is a software firm established by Nicolas Cary and Peter Smith. Moreover, this firm states that its wallet is the most popular on Earth when it comes to storing the mentioned cryptocurrencies. Probably, even this small piece of information can answer the question “Is Blockchain Wallet safe?” For some reason, most of the people choose it.
However, if you want to find the more detailed answer to the question “Is Blockchain Wallet safe” it is essential to understand how it works. There are a few fundamental things that you should know about this wallet.
- It is free to utilize.
- It can be used from the web and from the mobile devices too.
- It is compatible with iOS and Android.
- It cooperates with the trustworthy exchange platforms, which make purchasing and selling operations with digital currencies directly from the wallet fast and simple.
- It has a flexible system that allows adjusting the operations commissions according to the priorities.
- It has several levels of security.
As you have noticed, this wallet is a very interesting thing that has a lot of advantages. However, the sentence “several levels of security” isn’t enough to understand the answer to the question “Is Blockchain Wallet safe or not.” For this reason, it is necessary to look at the security system closer.
The first thing that every user should get to know about the Blockchain wallet is that it has fundamental security characteristics. However, apart from the basic protection, it is also possible to get other characteristics of the security, if you want.
Is Blockchain Wallet safe? The answer is hidden in three levels of security. You should know that unreliable companies usually offer only one level of protection, which means that Blockchain firm does everything possible to protect its users. The list provided below will help to understand the security system better.
The first level. It is the most common level of security.
Verification of email address. It is one of the most common methods to check whether some purchasing or selling operation is done by you or by someone else. The wallet sends the login codes to your email address for confirmation payment operations. This feature isn’t an option. To register with the Wallet, you will need to check your email.
Passphrase. In case, you have forgotten your password or lost it, you can utilize a confidential passphrase to recover your account. The good thing is that the company that owns the wallet doesn’t know your password. It isn’t able to help with recovering, but it means that there are little chances that someone will find out your password.
Password reminder. Password reminder can be helpful for you, when it is necessary to remember your password if you don’t know it when you need to log in.
The second level. This level of verification is better because it requires connection with your mobile device.
2-step check. It is possible to active 2-step check. You will need to provide a single-time passcode that the wallet will send to your phone every time when you or somebody else will try to log in using your account.
The link between your mobile phone and wallet. It is possible to protect your account using the link between your phone and wallet, by getting a temporary login every time when some individual makes an attempt to open your account with the inaccurate password.
The third level. It is the highest safety level of the program.
Tor. It is possible to use additional security option that is called “Tor.” Basically, it is an anonymizing instrument that many hackers use to commit crimes online. Yet, it also can be very advantageous when it is necessary to block malicious operations conducted by fraudsters.
Now, you need to answer “Is Blockchain Wallet safe?” Even if you have not enough knowledge about security systems of various online programs and websites, it is easy to notice that Blockchain company has made a lot to protect its customers from criminals. Is Blockchain Wallet safe? Yet, it is safe. However, it doesn’t mean that you can forget about the basic security measures. You shouldn’t share your personal information with unreliable people, utilize the same password for entering different programs and websites, and leave your personal data in places where it can be simple to find it. Moreover, it is necessary to create complicated passwords, so it was harder to get to know them.