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Blockchain.com Review 2020

Blockchain.com Review 2020: Beginners Guide

Written by LouiseElizabeth

18th May 2020

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In this updated review for 2020, I take a look at Blockchain.com. Blockchain.com is one of the oldest and most trusted cryptocurrency wallets, with over 48 million wallets been created since 2011. We’ll look at how you can buy and sell your Bitcoin or other cryptocurrencies. Also, take a look a the features such as the Blockchain.com Exchange, airdrops and stable coin US Pax.

Sign-up to Blockchain Exchange

Who are Blockchain.com

Blockchain is based in Luxembourg and the company was co-founded by Peter Smith and Nicolas Cary. With a team of over 100 employees from 22 countries their experience in from both the tech and financial sectors.

The Blockchain wallet launched in 2011 and has since gained a large amount of trust within the cryptocurrencies space. Blockchain now offers a wide range of products with the Wallet being one of many. Their other products include the Blockchain Exchange Platform, Hardware wallet “Lockbox”, Institutional Platform “Markets” and the Blockchain Developers API Platform.

What is Blockchain Wallet?

A Blockchain Wallet is a software cryptocurrency wallet where you can store your coins safely. It is the most popular choice wallet for Bitcoin and Ethereum especially for storing large amounts due to its security and protection. You can easily access your crypto from a mobile device or via the web platform.

With the Blockchain.com wallet, you can buy your first Bitcoin or other cryptocurrencies, exchange them and store your assets safely. You have full control of your assets. With the ability to back up your funds, and protect them from unauthorized access.

blockchain.com wallet

Blockchain Wallet Fees

As with the majority of other wallets, users are only charged for their transactions calculated by the wallet and depending on the network convestion and transaction size.

The fees will depend on whether you choose from a “Priority” or “Regular” transaction. With Priority, your transactions will try to be processed within an hour. Whereas Regular will incur a lower fee, however, will be slower. Advanced users can also custom the fees that they pay.

Blockchain Wallet Supported Coins

The Blockchain.com wallet currently supports five cryptocurrencies which include, Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar (XLM) and USD Digital (previously USD Pax).

How to Buy Bitcoin on Blockchain.com

If you’re interested in getting into Bitcoin or other cryptocurrencies and you’re not too sure where to start, here is a step by step guide.

Step 1: Login In and Buy Crypto

If you would like to buy your crypto quickly and easily on the Blockchain wallet with Euros or GBP the first thing you need to do is “Login” and select “Buy Crypto“.

BTC buy with Blockchain

Step 2: Select Your Crypto and Amount

Then over on the right hand side, choose which cryptocurrency you would like to purchase. And you can select from: Bitcoin, Ethereum, Bitcoin Cash, Stellar, and USD Digital.  Against each currency it’ll show you the market price which is the estimated price you will be paying. This is only estimated as the market could change between now and when your order is actually place.

You can then type in the amount that you would like to purchase. The minimum buy is 5 of your chosen currency, so this could be £5, €5 with a maximum of 5,000 per order. There are also daily and weekly limits too which will depend on your level of verification.

How to buy Bitcoin Blockchain

Step 3 : Check Out

And if you’re new, you’ll be asked to verify your identity to proceed with the order which may include uploading your photo ID. 

Once you’re verified, you’ll reach a “Checkout” screen with the details of your order. 

This screen shows your exchange rate, payment method and the fees associated to your order.

When you create an order on Blockchain’s wallet you’re actually creating something called a market order which means that you’re paying at the market rate. So although the fees are showing as zero you could be purchasing your Bitcoin at a slightly inflated rate.

To Confirm your purchase, you can then click onto “Continue“.

how to buy crypto with GBP

Step 4: Send your Funds

You’ll then be presented with the bank details of where to send your funds to.

Please note that as it states to “only send funds from a bank account in your name. If not, your deposit could be delayed or rejected“.

You’ll need to securely transfer Euros or British Pounds (whichever currency you are paying with) from your bank account to Blockchain.com using the details on the screen. 

how to buy bitcoin with bank transfer

Your purchase is then pending, until they receive the funds.

Once it’s completed the newly purchased bitcoin will then show in your associated crypto wallet where its safely stored.

How to Send Bitcoin from Blockchain.com

If you want to send your Bitcoin from your Blockchain.com wallet and across to another wallet or an exchange you’ll need to click onto the “Send” button from the top of your screen.

Step 1: Choose Your Currency & Wallet

First you’ll need to select the currency you want to send from your wallet. If you have more than 1 of your chosen currency wallet (for example if you’ve imported a Bitcoin Paper Wallet) you can select the required wallet from the dropdown too.

How to send bitcoin from Blockchain.com

Step 2: Enter the Bitcoin Address & Amount

Enter the address of where you would like the crypto to be sent to. This will either be a long string of numbers and letters that you can paste into, or you can scan using a QR code.

Then enter the ‘Amount‘ that you would like to send across. You will then have the ability to select your network fee which will appear on the right. Finally, click onto ‘Continue‘ to confirm your transaction.

How to Sell on Blockchain.com

With blockchain being one of the oldest and most trusted wallets available, you’d assume you could easily withdraw your funds. However, unfortunately, this doesn’t seem to be the case at this time.

The blockchain wallet used to have a buy and sell section on the left which has been now mysteriously been replaced with just “Buy crypto”. Therefore, users must use the Blockchain Exchange to Sell their crypto.

So, if you’re not fan of holding your crypto for the long run and you want to cash it in and withdraw, here is a beginners guide.

Step 1: Create a Blockchain exchange account & connect your Blockchain wallet

The first thing you’ll need to do is create a Blockchain Exchange account by entering your email address and creating a password. You’ll then have the option to connect your Blockchain wallet, which is only available at this time and cannot be done later. You can connect this using a QR code or signing into your Blockchain wallet.

connect blockchain wallet with exchange

Step 2: Deposit your crypto

Next, you’ll need to do is deposit some crypto that you can sell. You can deposit from your linked blockchain.com wallet, or send funds across using the associated wallet address.

how to deposit into blockchain exchange

Step 3: Sell your crypto

From the top you can choose your pairing by clicking onto the ‘+‘ icon. And you can choose from a host of pairings including exchanging for euros or dollars.

Then select “Sell” on the right of the screen, as well as the amount (in your chosen crypto) that you’d like to sell.

Then you have the option of market, limit stop and stop-limit orders. For the purposes of this beginners guide we’re going to keep it simple and sell with a market order. Which means I’m going to see at whatever the current market price is.

And you can “Place BTC Order” which is go through automatically and instantly.

Selling Bitcoin on Blockchain

Step 4: Withdraw to your bank account

So we now have converted our crypto to FIAT currency we can head to “Portfolio” and “Withdraw“. 

Please note you do need to be gold level verified to be able to withdraw FIAT currencies. It’ll also ask you to make a small deposit if you haven’t already linked your bank account.

Your funds will then withdraw into your bank account.

how to convert Bitcoin to cash

How to Receive Bitcoin to your Blockchain Wallet

If you want to receive cryptocurrencies into your wallet, maybe you are sending funds from an exchange or another wallet then you’ll need to click onto “Request” at the top of your screen.

Step 1: Select Your Currency & Receiving Wallet

First you’ll need to select the type of currency you are going to be sending across to your wallet. Each cryptocurrency will have its own associated address. Then you will need to state which wallet you’d like the crypto to be sent to.

Step 2: Share your Address

Next you will need to copy or share your public address. This can be done using a QR code (for mobile devices) or you can copy the address from the “Address” section by clicking onto the copy icon on the right and then you can share or paste this in you “Send” feature from where you are sending the funds.

how to receive funds on Blockchain

Blockchain.com Features

Blockchain Interest Accounts

Blockchain.com now allows users to deposit Bitcoin into an interest account. Once you have deposited Bitcoin into your interest account, you will start earning up to 4.5% interest.

Blockchain Swap

With Blockchain’s “Swap” feature, you can exchange any cryptocurrency for another crypto. This in-wallet exchange, allows users to quickly and easily exchange one crypto asset for another whilst keeping control of their private keys. All without having to ever leave your Blockchain.com Wallet. And you can swap between Bitcoin, Ethereum, Bitcoin Cash, Stellar and USD-D.

Swap Bitcoin for Ethereum

Blockchaon.com Airdrops

Blockchain.com’s Airdrop Program provides Gold level verified users the opportunity to participate in Airdrops. Their first phase, was the Stellar Airdrop, putting XLM in the hands of millions of new users and doubled the Stellar network. 

With their second airdrop, they partnered with Blockstack to give away Stacks tokens (STX) to their users.

Blockchain.com Exchange

Blockchain rebranded its cryptocurrency exchange platform from “The Pit” to “Blockchain Exchange“. The new Blockchain.com exchange provides a high-speed crypto exchange for retail traders with the ability to trade 34+ cryptocurrencies.

The exchange has been created for the novice investor in mind, with its clear user-friendly interface. With the Blockchain exchange, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. Available in 200 countries within some locations, you can also buy crypto using FIAT, depending on your verification level.

Blockchain.com Exchange Review 2020
Sign-up to Blockchain Exchange

Blockchain Borrow

Blockchain’s “Borrow” gives their Gold level verified users the ability to borrow USD Digital from Blockchain.com using bitcoin stored in the Wallet as collateral. The interest rate for your loan is given in the loan creation form and are subject to change.

At this time, they only accept collateral in bitcoin (BTC), to be sent from your Blockchain.com Wallet. However, they do plan to extend this to other cryptocurrencies in the future. The transaction will be initiated automatically as soon as you confirm the loan. 

Most lenders will pull borrowers’ credit score reports or other reports of borrowing history. This can then lead to having a negative effect on your credit score. However, Blockchain.com Borrow does not require credit, so taking out a loan with them will not affect your credit score.

Blockchain Borrow

USD Digital Stable Coin

Blockchain has now renamed USD PAX to USD Digitial. USD-D is crypto pegged 1:1 with the USD meaning that 1 USD Digital token will always be valued at 1 USD within your wallet. With USD-D you can hold a stable, digital dollar in your Blockchain Wallet. As USD Digital is an ERC20 token any transactions with it will cost an additional, small fee in ETH.

These digital dollars are powered by Paxos Standard, one of the most actively traded stable-coins and among the first to be regulated by the New York State Department of Financial Services.

What is USD-D USD Digital

Lockbox Hardware Wallet

Blockchain has released its own hardware wallet called Lockbox. Lockbox has been designed specifically by Ledger (creators of the Ledger Nano S). By storing your private key in a hardware wallet, you are securing your crypto offline, keeping it another step away from hackers. Therefore by using their Lockbox in conjunction with the online wallet, you get the best of both worlds. The easiest, most widely used web wallet and the most secure offline storage solution creating a seamless experience to trade, transact, and protect your crypto.

Blockchain Lockbox features custom firmware, enabling exclusive features.

Blockchain Lockbox Hardware Wallet
Ledger Nano S - The secure hardware wallet

Blockchain Wallet Customer Support

Blockchain.com wallet does have a support system where you can submit ticket requests for support via its online Support Centre. They also provide some FAQs to resolve commonly asked queries. However, for a newbie getting into cryptocurrencies, unfortunately, there is no live 24/7 chat feature and in busy periods their support can get flooded. Therefore you may find that there is not an adequate support structure to support you.

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2 Comments

  1. Bamba

    Hi I need help with my wallet

    Reply

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