Review Crypto Wallets: Bread, Mycelium, Exodus, Copay, Jaxx, Armory, Trezor
In the context of cryptocurrency, a “wallet” is not a piece of folded leather to physically store paper bills.
1. What is Crypto Wallet
In the context of cryptocurrency, a “wallet” is not a piece of folded leather to physically store paper bills. Rather, it’s a piece of software. Its job is to store cryptocurrency “keys” and interface with a technology known as blockchain. Wallets also help people keep an eye on their account balances and value. Wallets are not optional: You simply must have one to be an active cryptocurrency investor.
Again, the key point is that the wallet does not actually store the cryptocurrency. The blockchain is the only “real” method of verifying an authentic bitcoin or participating in a bitcoin transaction. The blockchain is, frankly, pretty intimidating on a technical level. But conceptually, it’s really nothing more complicated than a ledger — a list of who paid what to whom and when.
All it says is, “Hey, I owned this bitcoin until I sent it to Frank (or whomever).” If someone sends you a bitcoin, it arrives in your wallet with a little packet of information that adds to the blockchain saying that the payer has signed off on his ownership of the bitcoin and is assigning it to someone else.
For a digital currency transaction to be valid, your wallet uses a special key that must match the public address to which the cryptocurrency is assigned. If they do, the transaction is completed — your account goes up by the number of bitcoins received at the same instant they are subtracted from the sender’s account. The actual coins do not change hands, only their ownership does. Wallets come in several different types that offer their own ways to store and use digital currency.
Wallets can be separated into three categories: Software, hardware or — believe it or not, paper. On your PC or Mac, whether a laptop or your reliable old desktop, a wallet program can be downloaded and installed with just a few mouse clicks. Desktop wallets tend to be highly secure, though they do carry the risk of hackers and are susceptible to computer viruses.
So use common sense safety precautions as you would when making any financial transaction on your computer. Ensure that your security preferences are set to provide you with the most protection. And always keep in mind to trust your instincts. If something seems amiss, it is the investor’s responsibility to perform his or her own due diligence.
Cryptocurrencies are not government-sponsored, and regulations are light, so it’s a good idea to maintain a constant vigilance. It is also possible to place your wallet in the cloud rather than to hard-install the software on the device you keep handy. This allows you to access your cryptocurrency from any connected device.
That said, at the heart of your new digital money is the private keys that unlock it, and storing those keys in the cloud puts them in the hands of a third party. So the convenience of easy access does have a risk to bear in mind — they are theoretically more vulnerable to loss from theft.
Mobile wallets add another dimension to that convenience, allowing cryptocurrency users to access and deploy their funds from anywhere they wish. These apps tend to be fairly lean in terms of functionality, as a mobile device often has significantly less storage space than a typical desktop computer. How can your digital currency be stored in hardware? Think USB drives, which can accommodate the massive amount of data required. Your coins are stored offline and are thus invulnerable to hackers.
These hardware based wallets can be used with other cryptocurrency platforms. All the owner has to do is plug the drive into a computer or mobile device, enter a personal identification code, send money and confirm the transaction. Many people are surprised that these currencies have paper options.
And many people are glad to learn of this, as it somehow makes digital currencies seem more tangible. The paper might refer to a physical printout of your public and private keys. But “paper” also can mean software that securely generates tandem keys that must be used in pairs to effect a transaction.
Transferring your coins to your paper wallet means transferring funds from a software-based wallet to the public address referenced in your paper wallet. If you need to withdraw or otherwise spend your coins, you can simply transfer funds from your paper wallet to your software wallet.
This is called “sweeping,” and it is accomplished by manually entering private keys or by scanning a QR code printed on your paper wallet.
2. Considering the Safest Option
Sometimes a little repetition helps make a point: Wallet security varies. Wallet security varies. Wallet security varies. Offline storage is substantially more secure than leaving your coins in the cloud, especially if the service providers are on the weak side. But remember: This is not because the base technology is flawed. To the contrary, the cryptocurrency model is highly secure — and simply does not work if fraud is detected or transactions cannot be verified.
That said, though, your keys can be stolen, and that is a threat that must be constantly guarded against. The gist is this: Regardless of which wallet you use, losing your private keys can lead to irreplaceable loss. Safety Guidelines It’s prudent to keep these safety guidelines at the forefront of your mind. First, always update your software. You might not really care all that much if your iPad is running the latest and greatest version of the Facebook app, but you have to ensure that you are always up to date with the most current version of all cryptocurrency software.
This is also true for the operating software on whatever computer or other device you use to access your coins, as well as the software for any coin-related service providers. Make sure you have the most up-to-date version of your wallet software available. Many of these programs will check for updates and install them automatically. Ensure this functionality is enabled — generally the only reason it is turned off is to save data.
The fix is to not worry about the bandwidth, which is cheap, and keep your focus on your coins, which are not! The days of using the same password for everything from Amazon to your email account are over. You need to use long and complex and mostly nonsensical passwords to keep things safe. Some browsers will suggest (and remember) passwords. This is a great feature — unless someone gets his hands on your device.
So use a password on your device, for your wallet and for any other service providers whose software you install. Repeat no passwords, and put yourself on a schedule to change them irregularly. This takes a lot of diligence. This is, admittedly, a real pain. But it offers you essential protection.
In that same vein, add as many other layers of security as you can. It bears repeating: Choose a wallet that has a good reputation — read these tips as well as other online reviews — and that offers additional security layers such as personal identification numbers and two-factor authentication. Another technology to be aware of in this space is called “multisig,” or more than one signature.
It’s basically akin to asking permission from other users on the network before engaging in a transaction. It’s like your neighbor coming over to your house to ask permission to mow his own lawn. One of two things happens: You either tell the neighbor “no” because you’re hosting a dinner party or give permission: “Sure, Phil,” you say, “It won’t bother me.” No permission, no dice.
Finally, backup your wallet. Hey, you do it with your iTunes purchases. So do it with your cryptocurrency, too. It’s a good idea to store only the funds you will need in your wallet. The rest goes in the bank, so to speak, or at least the safe in the basement. So-called cold storage (that is, hardware or paper) will help protect against computer failures. It’s possible to use one wallet to hold different types of cryptocurrencies.
This makes it easy for you, but it also makes it easier for hackers or other thieves to get to your whole stash. Use the wallet that works best with each currency and with which you are the most comfortable. Keep an eye on fees, which tend to be on the low side but are not zero and, in fact, opting for the lowest possible transaction fee could slow down the transaction’s confirmation. Count on an average of about 12 cents per transaction.
Also, bear in mind that your coins are not anonymous. You can set up a pseudonym, but your coins are ultimately traceable. The blockchain does not record your home’s address, but it does include your wallet’s virtual address.
This means it is not totally private. A few currencies are more private than others: We address this in Chapter XX where we review each type of cryptocurrency. You have a lot of choices in this space, and more are on the way.
Your wallet choice should be predicated on how you intend to use cryptocurrency. The decision point boils down to two critical factors: Are you going to actually use coins for purchases or just hang on to it for an investment, and where will you need access to your wallet — at home or wherever you go? Bear those elemental questions in mind as you peruse these popular wallets.
3. Bread
Type: Mobile
Stores: Bitcoin
What it is: Send coins as easily as a message. No server means no hackers.
Get it: App Store, Google Play.
Similar: Ethereum Freewallet, Monero Freewallet, Coinbase, Digibyte Core, Coinjar, Coinapult.
Note: No desktop access.
Overview
Bread’s a standalone client with no central server, so users have 24/7 access and are in full control of their funds at all times.
The design is elegant, security continually improves. It is used by cryptocurrency newcomers as well as more experienced users.
From Bread
“It’s safer than a bank vault and easier than sending an email. No personal information required, just download the app.”
From the Reviews
“Now available for Android. Dead simple security for beginners. Open source and stores keys in trusted hardware when available.
Not very feature rich due to simplicity, would love options to sign messages or edit fees. Units are confusing and hard to change.” -whiskeykilo “Easy-to- use basic functionality present. I have used it since its beginning and have had 0 problems.
Sometimes I wish I could choose the transaction fee, because the default is a bit low, therefore slow transactions. Otherwise 5/5.” – laurent
4. Mycelium
Type: Mobile
Stores: Bitcoin
Launch: 2008
What it is: A wallet that does NOT give a third-party control.
Get it: App Store, Google Play.
Note: For advanced users, not for beginners.
Overview
Mycelium offers enterprise-level security that’s generally regarded as better than competing apps and even said by some to be superior even to cold storage and encrypted PDF backups.
It features an integrated QR-code scanner, a local trading marketplace and secure chat with other users. It is widely considered one of the strongest wallet choices.
From Mycelium
“Tested by hundreds of thousands of users. No alternative has more stars on Google Play.”
From the Reviews
“Mycelium is one of the leading mobile wallets for Android users. It packs a ton of security features without reducing the convenience factor. Moreover, the integration with other services make buying and selling Bitcoin a breeze. Mycelium is one of the most popular Android Bitcoin wallet solutions for a good reason. The app offers a lot of functionality, while still being easy to use by novice Bitcoin enthusiasts. Moreover, there is a strong focus on security, which makes it an option well worth checking out for anyone who wants to keep track of their Bitcoin wealth on the Android operating system.” -themerkle.com
5. Exodus
Type: Desktop only
Stores: Bitcoin, litecoin, ether, dogecoin, dash
What it is: Intuitive to use a wallet with a great backup guide.
Get it: App Store, Google Play.
Note: For users of multiple coins.
Overview
Exodus is that it has a built-in shapeshift exchange that allows users to trade altcoins for bitcoins and vice versa without leaving the wallet.
From Exodus
“All-in-one app to secure, manage and exchange blockchain assets. Exodus is the first desktop multi-asset wallet with ShapeShift built in.”
From the Reviews
“Even though Exodus is hardly mentioned within the cryptocurrency circles, there is no doubt that it is one of those wallets that most traders prefer to use. … This is a wallet that supports more than just bitcoins; they have gone a step further and integrated altcoins such as dash, Ethereum, Dogecoin and Litecoin. …
Any wallet is as good as its user interface, virtually. They have a user pie-chart that enumerates a one’s digital currency holdings based on the assets that they have chosen to put their money into. It might not seem much, but this feature is very convenient for investors who would wish to keep easy visual track of their cryptocurrency holdings.
When you combine this flexibility with an easy-to-navigate platform, then you understand why most crypto traders and investors have stuck to this wallet ever since they were ushered to the world of virtual, anonymous money. In addition to this, Exodus seems to be among the few wallet-based platforms with a built-in internal exchange. This is a feature that has received commendations from various factions especially traders who specialize in instant and day trading.
This exchange works for each of the five supported digital currencies, and the prices are usually adjusted on a real time basis. Despite the numerous upsides of Exodus, it is not exactly flawless. One striking downside is that Exodus lacks the very basic option of controlling separate wallet addresses for each supported digital currency in one’s portfolio.
This means that it is not easy to have a regular Ether or bitcoin address and a separate watch-only address while using this wallet. Although this is something that can be fixed with an extensive software update, the developers behind Exodus are yet to do so.”-Bitcoin Exchange Guide
6. Copay
Type: Desktop, mobile or online
Stores: Bitcoin
What it is: Solid, convenient multisig platform.
Get it: App Store, Google Play.
Note: Good for beginners but with enough functionality to satisfy more advanced users. Can be slow and unresponsive, limited user support
Overview
Copay is a bitcoin wallet that uses a hierarchical, deterministic, multi-signature wallet. This system generates a new address each time a transaction is received, making you virtually untraceable.
It supports multiple wallets stored in the app at any one time and uses the full Bitcoin payment protocol (BIP 0070-0073).
From Copay
“Secure bitcoin on your own terms with an open-source, multi signature wallet. Copay users can hold funds individually or share finances securely with other users with multisig wallets, which can prevent unauthorized payments by requiring multiple approvals.”
From the Reviews
“Copay is different from other Bitcoin wallets, and is often mistaken for an account or a service which is held by a third party. This is not the case. You are in control of the private keys, so that even Copay does not have access to your funds. A feature which makes copay stand out is its multi-signature functionality; you can choose up to 5 people to share a wallet with and require 3 of them to sign a transaction. This is a great feature if you share funds or are working within a company that uses Bitcoin as a payment method.” -Jackmanmania
7. Jaxx
Type:
Stores: Several types of altcoin (Ethereum and Ethereum Classic, dash, DAO, litecoin, REP, Zcash, rootstock but primarily built to handle bitcoin and ethereum.
What it is:
Get it: App Store, Google Play.
Keep in Mind: Code isn’t open source. It can be slow. Overview
Jaxx can be utilized on a variety of platforms, including Windows, Linux, Chrome, Firefox, OSX, Android and iOS. Jaxx facilitates conversion between Bitcoin and Ether using Shapeshift and by importing paper Ethereum wallets. The Jaxx developer team does a good job of integrating new currencies and is clearly a leading wallet from users who invest in more than one cryptocurrency.
From Jaxx Jazz Philosophy
1. We never access or hold onto user funds.
2. We offer a client-side security model, with private keys hosted locally and never sent to any servers.
3. We are design-oriented, offering simple, attractive user interfaces and experiences.
4. We use standards that ensure should we ever go down or cease to exist, your keys can be imported into another service.
5. We remove friction points whenever possible.
6. We never require users to input any personal information including email addresses.
From the Reviews
“The design is great, the user interface is amazing. The first thing I’ve noticed about Jaxx is the design. The wallet uses beautiful, minimalist black screens that bring simplicity to the user. However that’s not what got me sold on the wallet. What was truly amazing in my opinion was the simple interface. Even if you’re a complete newbie you’ll probably manage to use Jaxx without a lot of trouble.
The setup is pretty simple and the ongoing use is limited to the basics such as “send” / “receive” and changing the currency type. With Bitcoin and cryptocurrencies being such a technical subject we really need this type of products that don’t scare the user away. However, the fact that the interface is minimal doesn’t mean that Jaxx doesn’t supply the user with advanced features.
Once you click the “menu” button (top right) you get all sorts of advanced features including: Adding / removing different currency support, using different exchange rates, setting up transaction fee size for faster / slower confirmations, backup and displaying the private key of the wallet, among others. These options probably cover most, if not all, of the features I usually look for in a wallet. Also, each feature comes with a small tool tip that explains more about it so you don’t have to go searching the web for explanations.” -Ofir Beigel
8. Armory
Type: Desktop only
Stores: Bitcoin
What it is: Feature-laden and highly secure platform for experienced crypto users.
Get it: App Store, Google Play.
Note: Not for beginners.
Overview
Features include cold storage, multisignature transactions, one-time printable backups, multiple-wallet interface, GPU-resistant wallet encryption, key importing, key sweeping and more.
From Armory
“Armory is the most secure and full featured solution available for users and institutions to generate and store Bitcoin private keys. This means users never have to trust the Armory team and can use it with the Glacier protocol. Satoshi would be proud. Users are empowered with multiple encrypted Bitcoin wallets and permanent one-time ‘paper backups’.
Armory pioneered cold storage and distributed multi-signature. Bitcoin cold storage is a system for securely storing Bitcoins on a completely air-gapped offline computer. Our team is highly experienced in cryptography and private key ceremonies. For example, they have collaborated with Verisign on developing an innovative ID verification specification for establishing trust on the Internet.
At Armory, we strive to constantly improve the best bitcoin wallet with new security features. Armory pioneered easily managing offline bitcoin wallets using a computer that never touches the Internet. Everything needed to create transactions can be managed from an online computer with a watching only wallet. All secret private key data is available only on the offline computer. This greatly reduces the attack surface for an attacker attempting to steal bitcoins.
By keeping all private-key data on the offline computer only someone with physical access to the offline computer can steal your Bitcoins. The actual process of creating a transaction and signing it with the offline computer can take less than a minute and then you can broadcast it to the network so bitcoin miners can include it in a block.
Plus, Armory employs many security practices so that even if someone physically stole your offline system then it still may take centuries for them to get through the advanced wallet encryption. And multi-signature addresses are available using Lockboxes in a completely distributed way.”
From the Reviews
“Although Armory takes a little while to understand and use to its full potential, it’s a great option for more tech savvy bitcoiners looking to keep their funds safe and secure.” -user8
9. Trezor
What it is: Open-source wallet that can’t be affected by malware and that never exposes your coin’s private keys.
Keep in Mind: Designed for storing large amounts. The Trezor must be with you to send bitcoins
Overview
Trezor is open-source and transparent: All technical decisions benefit from community consultation. User-friendly interface makes getting started easy, and Trezor works with WIndows, OS X and Linux.
Recommended for inactive savers and investors. comes with a microUSB cable and a recovery seed booklet. The device itself is made of plastic, there is a 128×64 pixel OLED display and 2 buttons on the front, and a microUSB port on the bottom. It costs $99. From Trezor “No matter whether you’re new to Bitcoin or already a security expert.
Trezor is the Bitcoin wallet choice #1 for everybody. Leave behind the viruses and keyloggers. Forget about doing regular backups, reading encryption manuals, printing paper wallets and making offline storages. Next time you see another 10+ steps guide to secure your bitcoins, just skip reading it.”
From the Reviews “A hardware wallet is the ultimate solution. The best hardware wallets at the moment are Trezor and Ledger Nano S. I chose the Trezor since it is the most popular. Setting it up is extremely easy, even for Bitcoin newbies. After a couple of minutes, the Trezor is ready to use. Every time I need to access the Trezor wallet, I will need to enter a 6-number PIN.
The difference is that you won’t be able to enter the code with your keyboard. Instead, the device’s screen will show you 9 numbers in a randomized order, you will look at positions of those numbers, then enter your PIN correspondingly on the computer’s screen with your mouse. Before completing each transaction, you will need to confirm the amount, the address, and the fee on the Razor’s screen.
The private keys are kept inside the Trezor, so someone can steal your Bitcoin only when they have your recovery seeds or have the Trezor and know the PIN. Your Bitcoin is protected even when your computer is infected by a virus.
A great feature of the Trezor is that they started the native wallet integration with some exchanges like Bitstamp. That means you can deposit and withdraw funds right on Bitstamp, and don’t need to open the Trezor wallet interface.
Apart from storing Bitcoin, you can also use Trezor to store other cryptocurrencies like Litecoin, DASH and Zcash. Ethereum is also supported but you will have to use a different wallet interface from MyEtherWallet.
The Trezor is one of my favorite techs of the year, therefore, I highly recommend you to buy one if you can. You will never have to worry about losing your Bitcoin again since you have total control now.”
10. Ledger Nano S
Type: Hardware
Stores: Multiple currencies
What it is: A hierarchical deterministic multisig hardware wallet for bitcoin users.
Get it: Electronics retailer or online merchant. Amazon carries it.
Note: Cannot create hidden accounts
Overview
The nano aims to eliminate a number of potential hacker approach ways by using a second layer of security. It’s a compact USB device based on a smart card, about the size of a little flash drive, with a weight of less than six grams. The screen is protected by a movable cover. Supports multiple cryptocurrencies and can run third-party apps. Recovery is very easy. It costs about $200.
From the Manufacturer
“MULTI-CURRENCY: Nano S supports Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash and Dash. Hold different assets and spend them from the same hardware wallet. Compatible with Electrum, Copay, Mycelium, GreenBits and MyEtherWallet. SIMPLICITY : Plug and play! Easy on-device configuration. PIN protection. Paper wallet backup for immediate recovery of your assets in case of loss or destruction of the device. SECURITY:
Your private keys are secured inside a strongly isolated environment (secure encrypted chip) locked by a PIN code, and are never exposed to the host computer. Check transactions on the OLED display and confirm using the physical buttons (anti-malware second factor). Alternate PIN for plausible deniability, passphrase compatibility. MULTI-APPS:
In addition to crypto-currency wallets, use third party apps such as FIDO U2F, GPG, SSH or build your own. MAGNETIC USB CABLE: Protects port from dirt, lint, and damage over time with use. Protect your hardware while it protects your keys. Quick magnetic connection means no fumbling, scratching, or bending.
From the Reviews
“I bought this item in July of 2017. I spent a couple of days trying to figure out what is what as I was looking to buy my Nano S. I’m glad I did. For the price of a dollar you get a magnetic cable similar to Mac’s power cable. I would probably pay more for this cable for one simple reason:
Nano S has a micro USB connector on the unit itself. If you dealt with these you would know that they are very delicate. I almost broke one on my old phone. So, the cable that MintCell provides you can insert into Nano and leave it there forever. To disconnect the device you just separate the magnetic connection. The tiny insert stays in the unit and is small enough that the metallic cover closes in right over it, so it’s not in the way of normal unit operation.
In other words, you don’t keep inserting the cable into the unit, so you don’t wear out the inner part and can’t break it off. This cable addition is genius and I highly recommend this package instead of the regular Nano S item sold here as well. The Nano S that you get is the same exact thing you would buy separately. So, if I had to buy it again, I would go for this package. I highly recommend it. If for some reason you don’t want to use the cable, just don’t use it and use the wallet as one you would buy separately. It’s the same exact thing.” AudreyK, via Amazon
11. Green Address
Type: Desktop or mobile
Stores: Bitcoin
What it is: Solid security, multi platform and multi device, multisig, beginner-friendly, open-source software. Considered a hot wallet.
Get it: App Store, Google Play. Can interface with Chrome and Android.
Note: Free. Strong contender for beginners.
Overview
This software uses multi-signature addresses & two-factor authentications for enhanced security, paper wallet backup, and instant transaction confirmation. One drawback: Green Address is required to approve all payments, so you do not have full control.
From Green Address
“The safer Bitcoin wallet that puts you in control. It uses multisig to improve security (adding two-factor for instance or limits) and Hierarchical Deterministic addresses that improve your privacy. This wallet offers the advantages of a web wallet: Ubiquitously available, two-factor authentication.
Features transactions limits/restrictions, GreenAddress instant transaction and the advantages of a local software wallet like Electrum. Mnemonic seed backup – set once and forget. Your private keys are never on the server, not even encrypted.
No long wait to synchronize the full client with the Bitcoin blockchain. Features: – Improved support for segwit – Reduced roundtrips – Improved transaction fee handling – Update translations”
From the Reviews
“Green Address is an extremely robust HD wallet. It’s got multisig security, is available only through a chrome extension on desktops for added security, offers 4 different types of two-factor authentications, and has a number of really nice bells and whistles, detailed below, that will appeal to more experienced bitcoiners. For newbies, it might be best to start with a more simple product, as GreenAddress might overwhelm.
However, once you’ve gone through the laborious process of setting up your wallet (laborious in terms of security steps, not in terms of difficulty), sending and receiving bitcoin is basically the same as anywhere else – but if you don’t really need a fancy wallet, there are simpler products that are also very safe. Green Address is available on desktop only within the Chrome Web Store.
While many users might not be familiar with using chrome extensions, this does provide an additional layer of security whilst going through the higher risk sign up process, which includes copying down the mnemonic which can be used to recover the private keys. After creating your wallet and copying the mnemonic, you’ll be asked to jot down a password, which will encrypt your mnemonic into – a new encrypted mnemonic!
This mnemonic plus the password will show the unencrypted mnemonic. This is a bitcoin wallet chock full of features! For more advanced bitcoiners this is a really great product; it might be a bit overkill for newbies just getting into the market. Anyway to make a long story short – HD wallet, multisig security, available on both desktop and in native android and iOS apps, no personal information stored server side, and tools to increase privacy. We are definite fans.” – Bit Review
12. Blockchain.info
Type: Uses any browser or phone.
Stores: Bitcoin
What it is: The most popular wallet
Get it: App Store, Google Play.
Keep in Mind: Weak privacy Overview Accessing this wallet with any browser or phone. Browser users can enable two-factor authentication; mobile users can enable a PIN requirement to use the wallet app each time it is opened. Your wallet is stored online; all transactions must route through the company’s servers, though Blockchain itself never has access to your private keys.
From Blockchain
“Blockchain is the world’s most popular bitcoin wallet. We are on a mission to build a more open, accessible and fair financial future one piece of software at a time. Loved by User. Praised by Geeks. Recognized by the press. We make using bitcoin safe, simple and fun. Securely store your bitcoin and instantly transact with anyone in the world.
Our step-by-step security center helps you backup your funds and protect them from unauthorized access. Blockchain works with exchange partners all around the world to make buying bitcoin in your wallet both a simple and seamless experience.”
From the Reviews
“One of the most widely-used wallets due to its ease of signing up, web access and mobile access, factors that will appeal greatly to new users of Bitcoin. This said, it may not be the ultimate choice for experienced users who want full control of their own Bitcoins and security.
the more convenient methods of accessing and spending your Bitcoins. As long as you have your wallet ID, you can enter it via a web browser connected to the Internet to access your funds. That does mean you have to store your wallet ID somewhere on your desktop or mobile, however, although the use of browser caches can help you get past this.
Some mobile users also face a rather annoying problem of not being able to copy and paste Bitcoin addresses within the mobile app. So unless you have photographic memory, the simple act of sending someone Bitcoins using the Blockchain.info app is going to be a pain. In the past, however, high traffic to the website has caused overloading and server issues, leading to users being unable to access their wallets for substantial periods of time.
Lately, performance seems to be improving but if you’re a user, then you’ll always have to contend with server performances from their side. This means that you do risk not being able to use your Bitcoins on demand. Blockchain.info is one of the oldest companies to offer a free wallet solution and maintains a high level of trust within the Bitcoin community.
Because your wallet is stored online on their servers (although you still control your backup phrase for recovery), this does mean that users have to trust Blockchain.info so this hybrid solution may not be your long-term wallet options if you want to control all your own information and privacy (including data on your transactions). If you’re keen on using Blockchain.info, then do remember to make full use of enhanced security features offered from its Security Center (accessible once logged in).
When creating your wallet, you will already be asked to verify your email address, which is used in the login process. You’ll also be asked to create a 12-word backup phrase which you must keep safely in the event you need to recover your wallet. You can use an IP filter to also block access from TOR-linked IP addresses commonly used by would-be intruders.” – bitcoin millionaire