Blockchain wallet - what is it and how to open it in 4 steps

Hello dear readers of the online magazine "Rich Pro"! Today let's talk aboutblockchain wallets.

Their popularity has been continuously growing lately. This is explained by the huge demand for various cryptocurrencies. Like other money, it must be stored somewhere. It is for this and is used Blockchain wallet.

From the presented publication you will learn:

What is a blockchain wallet and what are its main advantages;
How to open a blockchain wallet;
What are the ways to deposit and withdraw funds;

At the end of the article you will find answers to questions that most often arise for those interested in Blockchain wallet.

This article will be useful to those who plan to regularly use cryptocurrency. Do not forget: time is money. So start reading right now!

What is a blockchain wallet and why is it needed, how to create / get a blockchain wallet and what methods of withdrawing and depositing money are written in this issue

1. Blockchain wallet - what is it and why is a Blockchain wallet needed

Many professionals claim that the importance of the emergence of blockchain is no less than the creation of the Internet. Specialists are sure: thanks to this technology, a fundamental change will occur soon, both in the financial market and in other areas of the economy.

Good to know: Initially, the blockchain was created for operations with bitcoins, which became the first cryptocurrency. In simple words, how it looks and works, we spoke in detail about what bitcoin is in a previous article.

Today, blockchain technologies continue to be used to store and transfer virtual currency, but the scope of use is constantly expanding. A chain of blocks is being introduced all into new areas of finance and economics.

Theoretically, blockchain as a way of processing information can be used in relation to any data arrays. It turns out that all the information that is currently stored in paper form or on servers, over time, can be placed in a chain of blocks.

Already today, blockchain technologies are used by many leading companies for the following purposes:

conclusion of smart contracts;
protection of confidential information;
access control to internal information.

The uniqueness of the blockchain lies, first of all, in its decentralization. All information is not stored in a single center, but simultaneously on all devices included in the network.

To understand which advantage provides users with the principle of decentralization, it is worth comparing traditional money transfers with cryptocurrencies.

In the first case for any transaction, you have to contact the intermediaries, who most often act cans. For transferring funds you have to pay commission. Also, the intermediary can set a limit on the amount of the transaction, increase the payment processing time, and completely freeze the account.

In contrast to real money, the transfer of bitcoins implemented on principles Peer 2 peer, that is, directly from one user to another. This allows you to refuse the services of intermediaries.

This state of affairs means lack of commission for transactions, and also provides the highest speed of payments. Moreover, no one can limit the amount of operations, as well as freeze a cryptocurrency account.

In order to carry out operations with cryptocurrency quickly, without any obstacles, engage in trading and perform other procedures, it is important to have specialized storage of a high level of reliability.
This is exactly what Blockchain Wallet.

There are 5 main types of blockchain wallets:

Desktop wallets (software or computer). To create them, you need to download a specialized program to your computer. The main cons (−) data wallets is that Downloading and synchronizing with the network is time consuming, as well as consumes a large amount of memory on the hard drive.
Mobile Wallets. It turns out to be very useful in cases where it is necessary to make a payment outside the home, eg pay for the purchase at the store. Mobile apps use simplified payment verification, for which it is necessary to download only part of the blocks, and the rest of the data is checked using other trusted nodes of the Bitcoin network.
Online wallets (browser, web wallets). The main advantage This type of wallet is that you can use it from anywhere and from any device. But there is a significant disadvantage: the server of the company providing these services may be hacked, and funds from the wallet are lost.
Gadgets Wallets (hardware). They are specialized devices that can be either connected to a computer or mobile phone, or work remotely. However, there is risk of loss or damage this device. In addition, the unauthorized use of these devices in Russia can lead to problems with regulatory authorities.
Paper wallets. They are a fairly reliable way to store cryptocurrency offline. To create a wallet, you will need a computer connected to the Internet, as well as a printer and a sheet of paper. A special program will generate unique keys (public and private), which will need to be printed and stored in a safe place.

There are a number of features inherent in virtual wallets:

All wallets designed to store cryptocurrency and conduct operations with it are built on the principles of blockchain;
Wallet data is protected with the highest level of cryptographic encryption;
Access to the wallet is available only to its owner, who has private key;
For carrying out various operations with cryptocurrency, in addition to the key, mnemonic is required the code and passwordproviding access to your personal account. This data should not be stored on electronic media;
The system does not require user personal data - blockchain wallets act on the principles of anonymity;
Theoretically, information about transactions with cryptocurrency is stored in a chain of blocks forever;
Each blockchain user has the right to view the history of operations.

Blocks inside Blockchain are interconnected using cryptographic encryption, as well as on the principles of chronology. Moreover, hashing (or encryption) is carried out immediately by all computers connected to the network.

More details about blockchain technology are described in the video below:

As a result, each link in the chain gets its own unique signatureb as well time stamp. During the operation in the wallet, the network is replenished with a new block. The result is an update of the infobase on all computers. This process is called cryptocurrency mining (We also recommend that you read the article of our journal “What is Bitcoin mining and how does it work”).

Blockchain wallets have a huge amount of advantages. However, they also have disadvantages.

In addition, among the minuses (-) systems are called:

Operations are much slower than necessary. This is due to the fact that the current level of computers is not able to provide the system with sufficient performance;
The possibility of losing personal passwords. The passkey may be stolen or the user will lose it. However, traditional currencies are also exposed to this danger.

In other words, a blockchain wallet will be needed in transactions, transfers of cryptocurrency, payments for goods or services. For example, you can take bitcoins earned on bitcoin faucets into your wallet.

2. Advantages of blockchain wallets - TOP-6 main advantages

Regardless of which variety of Blockchain wallet it was decided to use, the principle of their action is exactly the same. Each user will ultimately receive all the inherent benefits blockchain technology. Below are the main advantages of such wallets.

The main advantages of using a blockchain wallet

Advantage 1. Cheap operations

Fee for transactions made in cryptocurrency, much lower⇓ than the fees charged for similar operations by banks and payment systems. The fee for transferring cryptocurrency from one wallet to another is measured in hundred thousandths of bitcoin.

But do not forget that converting bitcoins into fiat money is expensive. Therefore, in order to purchase any goods or services, it is advisable to cooperate with companies that accept bitcoins as payment.

Advantage 2. High transaction security

Absolutely all transactions conducted using blockchain wallets are protected highest level cryptography.

Due to the lack of intermediaries when conducting transactions, Bitcoin transfer information is available only sender and receiver. While banking operations are always known to a credit institution.

Advantage 3. High speed operations

Theoretically, blockchain technologies allow transactions to be carried out instantly. However practically impossible due to insufficient data processing speed in the Bitcoin network.

Similar problems arise when converting bitcoins into fiat money. But it already depends not on the blockchain, but on exchange services.

Based on the pace of technology development, experts suggestthat in the near future, speed limits will be eliminated. This will lead to transactions in blockchain wallets becoming instant.

Advantage 4. Anonymity of operations

Operations on the blockchain network are carried out anonymously. To use cryptocurrencies, you do not have to enter real personal data. No one will require a scan of documents.

Transactions are not tied to the user's identity and are carried out on P2P channelsrandomly selected.

However, experts warn that if you want, there is a chance to correlate the address in the Bitcoin system with a specific person. Therefore, the anonymity of Blockchain is considered only relative.

Advantage 5. Detailed transaction report

Information about all transactions in blockchain wallets is reflected in general registry. blocks contain data unchanged, they are available to all network participants.

In the personal account, each user can see their own detailed history of operations.

Advantage 6. Free cryptocurrency storage in a blockchain wallet

Bank bills are often paid commission. At the same time, blockchain wallets are maintained is free.

The advantages described above significantly affect the popularity of blockchain wallets.

Step-by-step instructions on how to get / create a blockchain wallet yourself

3. How to create a Blockchain wallet - 4 simple steps to open a blockchain wallet

The theoretical foundations of blockchain wallets are considered by us. Now we turn to practical knowledge.

First of all, it is useful to familiarize yourself with step by step instructions, which will help to independently create a blockchain wallet.

Step number 1. registration on the site

First of all, you should choose one of the existing sites.

The most popular sites are as follows:

Blockchain (in the section below we described in detail how to open a wallet on this site);
Harohaving a minimalistic design, as well as excellent functionality;
Bitcoin core is a website developed by the creator of bitcoin Satoshi Nakamoto.

When the site is selected, it remains to register on it. To do this, go to the resource and click create a new wallet.

A feature of the Blockchain wallet is what you need to create it only E-mail address.

Step number 2. Password creation and registration confirmation

When filling out the registration form on the site, it is important to come up with a reliable password. It should contain no less 10 signs. Since the invented password will be used not only to enter the system, but also to access the wallet, it is important to keep it out of the reach of third parties.

Registration must be confirmed. To do this, an email will be received in which will contain wallet identifier (ID)representing a unique sequence of latin letters and numbers.

Step number 3. Saving Mnemonic Code

After trying to exit the wallet, its owner will be asked to keep a backup mnemonic code which has a phrase and is fixed by4 English words by continue button. Usually these are meaningless words. You should not store this code on a computer or mobile device.

In order to save the mnemonic code, it is better to use the following options:

write it on a piece of paper and hide it;
print the code on a printer, especially since the system automatically offers to do this.

Step number 4. Authorization and further work with the wallet

Subsequently, to enter the wallet, you will need to enter identifier and password. Remembering the first one is not easy, so many users copy it directly to the form.

As soon as authorization passes, the user gets access to the contents of the wallet blockchain. After that, the owner can deposit or withdraw funds, as well as transfer them to another user. To complete the transaction, you will need to know the address of the recipient's wallet.

Bitcoin wallet address example in cryptocurrency Bitcoin

The procedure described above allows anyone who wants to become the owner of a blockchain wallet. It is enough to clearly follow the steps described. Using the same principle, you can create a bitcoin wallet and other wallets of other cryptocurrencies.

4. How to register a wallet on blockchain.info - registration guide with screenshots 📖

To create a wallet on the platform in question, it is enough to perform the following actions:

1) Log in to Blockchain.info and press one of the two buttons - "Create a new wallet" or "GET A FREE WALLET".

To register a blockchain wallet, you need to log in to the specified web address and click the button - GET A FREE WALLET

2) In the form that appears, enter the real E-mail address, as well as password. It is important to form it in accordance with all the rules, the number of characters should be no less 10. Important to consider, that the password cannot be restored. In case of its loss, bitcoins will be lost. If all the rules are learned, you can click "Continue".

Entering the necessary data to register a blockchain wallet on the blockchain.info site

In principle, a wallet can already be considered created. However, a few more things will have to be done.

3) Before proceeding to protect your blockchain wallet, you need to verify your e-mail, that is, an email from blockchain.info will be sent to the mail and to confirm that your mail is clicked on the link in the letter.

In the same letter in line "Identifier" a set of numbers and letters will be indicated. Subsequently, it will be used as login at the entrance to the wallet. You can copy and save it already at this step.

Receive blockchain wallet ID and email confirmation

After clicking on the link, the page used to enter the wallet will open. After entering the login (Identifier) andpassword You can enter your wallet on the blockchain.

4) You need to go through several levels to protect your wallet, first of all create and save a “reserve phrase” (mnemonic code). This is the name of the phrase indicated in the pop-up window.

The reserve phrase allows you to restore access to all the wallet with its money, therefore, storing the code (mnemonic phrase) should be taken with full responsibility.

Saving a mnemonic phrase (backup code) for wallet recovery on a blockchain platform

5) When you click "Get" will be indicated address, which can be used for transfers and payments.

To find out the number / address of your blockchain wallet, you need to click the button - Get

This window will indicate your wallet number to which you can transfer cryptocurrency.

Example Bitcoin wallet address for Bitcoin cryptocurrency

In the future, you can create wallets on other sites. However, a transfer between them will be charged commission.

5. How to replenish a blockchain wallet or withdraw money from it - 3 main ways to deposit / withdraw funds

3 main ways to fund a blockchain wallet or withdraw money from a blockchain wallet

There are several ways to enter and withdraw cryptocurrency using a blockchain wallet. Below are the most popular ways to deposit and withdraw money from a blockchain wallet.

Method 1. Through exchange points (exchangers)

Today, the Internet offers a huge number of convenient services, the user can choose any of them. In most cases, preference is given to the exchanger that offers the best exchange rate for the necessary currency.

Exchangers offer to produce exchange of cryptocurrencies among themselves or for real money.
How to exchange bitcoins for rubles and other money, we described in detail in our publication.

To purchase bitcoins and transfer them to a blockchain wallet, first of all, you need to transfer fiat money to the exchanger. This can be done using a bank card or electronic money (eg, Yandex, Webmoney, Qiwi).

When exchanging bitcoins for real currency, the procedure is carried out exactly the opposite.

Naturally, currency exchange is charged commission. She can reach 5%. To find the best exchanger, you can use specialized services for comparison. In Russia, many call the most reliable and popular site. Bestchange.

Method 2. Through exchanges

Another way to enter bitcoins into the wallet and withdraw from it are bitcoin exchanges.

Keep in mind that for the first use, the duration of the operation may take approximately 1-2 of the day. However, subsequently transfers are made instantly.

Many Russian blockchain wallet owners collaborate with cryptocurrency exchange. This is due to the convenient Russian-language interface. In addition, customer support is provided through a round-the-clock chat.

You can buy or sell bitcoins for rubles and other cryptocurrencies through brokers who have licenses to carry out this activity.

Method 3. Sale of goods and services for cryptocurrency (bitcoin, etc.)

This option of depositing funds into the blockchain wallet is the most profitable. Freelancers, owners of online stores, developers of information products and other persons who really receive payment in cryptocurrencies (for example, bitcoins) can use this method.

A plus (+) This option is not only in the absence of a commission for the seller of goods and services. Do not ignore the fact that cryptocurrencies tend to grow. Having received payment today, after some time, the owner of the wallet can significantly increase capital.

To understand which of the described methods is the most profitable, it is worth comparing them. The table below will help you do this with the greatest comfort.

Table of various methods for conducting operations with blockchain wallets, their features:

Cryptocurrency Operations Option	Commission	The nuances of the method
*Exchange office*	Big enough	Do not ignore rate comparison services.
*Stock exchange*	Big enough	It is advantageous to use a large amount transfer if necessary
*Sale of goods and services*	Seller does not pay commission	To encourage buyers, experts advise sellers to give discounts to those who pay with bitcoins.

6. How to increase the security level of Blockchain wallet - 4 expert tips

The goal of creating blockchain technologies was initially to increase the level of security of operations.

However, despite the fact that the protection of transactions is quite high, it will be useful for wallet owners to further increase security. You can do this using expert advice.

Tip number 1. You cannot store access keys electronically

Experts do not tire of repeating how important it is to ensure the correct storage of passwords. The same goes for access keys to blockchain wallets.

Do not forget that information posted on the network or on your computer’s hard drive is becoming a potential catch for cybercriminals. therefore store passwords electronically not worth it.

Another important point - the password for the Bitcoin wallet cannot be restored. If you lose it, the funds will be lost. Therefore, the best option is write down the password on paper and hide in a safe place.

Tip number 2. It is worth blocking requests sent by the Tor network

Do not allow anonymous addresses provided by the Tor network to access your blockchain wallet. It is Thor who is often used by attackers in attempts to break into the office.

Tip number 3. It’s important to create a complex password

Despite the fact that everyone knows the rules for creating complex passwords, it’s worth repeating them again:

do not use personal data;
You can not choose standard combinations;
the password must contain numbers, as well as upper and lower case letters.

Compliance with these rules will help to make password cracking very difficult.

Tip number 4. It is worth using authorization in two levels

Two-level authorization allows you to avoid unauthorized access to the wallet. This process is implemented using one time password.

It is also worth tying a mobile phone to an account, creating a password hint.

Compliance with the simple rules above helps to keep money in the blockchain wallet in complete safety.

7. Answers to frequently asked questions (FAQ)

Blockchain - the technology is new. Therefore, it often raises many questions. To help our readers, we traditionally respond to the most popular of them.

Question 1. Why is it better to choose a Blockchain.info wallet?

The number of services offering to open a blockchain wallet is constantly growing. Recently, one of the most popular has become Blockchain.info.

Consider the advantages of this service:

The ability to open a wallet very quickly. In most cases, this is required. not more 1 minutes
Superb design. Register a wallet and use it as convenient as possible;
Great reputation for the service. This international platform is one of the most popular and reliable;
Wide functionality. If desired, the opportunity to use the mobile version;
The platform is completely and completely Russified.

Question 2. How can I withdraw Bitcoin cryptocurrency from the blockchain?

Consider the withdrawal of bitcoins from a blockchain wallet. This operation is performed using the tab. send money.

There are 3 options for transferring funds over the network:

Fast sending. Just enter the amount operations and wallet number. When using this option, a minimum commission is charged - only one ten thousandth bitcoin. But it should be noted that the confirmation of the operation when using this form is carried out in the usual order;
Shared coin involves the creation of a general confidential operation, during which funds are transferred to several wallets at once. This option is used for group transfers with detailing by amount. Transfer size must be in the range from 0,01 before 50 bitcoins;
User transaction. In this case, the owner of the wallet chooses the amount of commission for his transaction. This allows you to speed up the process of processing the operation.

8. Conclusion + video on the topic

The popularity of cryptocurrencies is constantly growing. Naturally, this requires the creation of a special place for their storage. A reliable way to do this is to blockchain wallet. Thanks to the technologies used during the creation of Blockchain Wallet, security and anonymity of funds are ensured.

In conclusion, we recommend watching a video about creating a btc wallet: