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GUIDES AND TUTORIALS

Blockchain Wallet: a multipurpose wallet for digital currency

Blockchain Wallet tutorial uso cartera
Blockchain Wallet tutorial uso cartera
Key facts:
  • It allows you to store, so far, four different digital currencies (BTC, BTH, ETH and XLM)

  • It is an online wallet, where the portal is left with the seed.

Being one of the most used wallets, Blockchain Wallet offers a hybrid of an online wallet with a deterministic wallet (which is generated from a recovery seed) that allows you to store, so far, a total of four different digital currency (bitcoin, bitcoin cash, ether, stellar).

Take into account the fact that, being an online portfolio, it commits, in one way or another, the funds, this because the portal is the one who will administer our seed, And consequently the private keys, being then a centralized point vulnerable to possible attacks.

Registration within the platform is done via email, Although, when re-entering, you will need an identifier that is created at the time of registration and is sent to our mail. I will explain later how important this is when it comes to protecting funds.

In this tutorial I will show you how to send and receive digital currency within Blockchain Wallet. Also on how to manage the different portfolios within the platform. Similarly, I will explain how you can import or sweep external private keys and manage them from here. In an upcoming installment we explored swap exchanges and buying and selling within the same portal.

You must first create an account in Blockchain Wallet, so we will need to go to the main portal of the portfolio.

Source: Blockchain.com.

Here we will have to press on Create your portfolio or also about Register, option located at the top.

Source: Blockchain.com.

Now we need to put our email and a password, it is recommended that it contain uppercase, lowercase, numbers, and special characters. After reading and accepting the terms and conditions, we will proceed to click continue.

Source: Blockchain.com.

That’s all it takes to create our account, but now it’s time to confirm our email.

Source: Blockchain.com.

This will be the email we will receive once the registration is complete. As you will see, within this is the ID Wallet, Which is the identifier what he was talking about. Now what follows is to press on Yes, This is my email, Which will bring us back to the portfolio.

Before I continue I want to explain something that I found quite curious regarding the record. As I mentioned at the beginning, the creation of the portfolio is done via email, but the login is done using an identifier. However, this process “allows” us, in a way, to register with the same email more than once. Since, with each new account, a new identifier will be created that will arrive in our mail, that is to say a completely new wallet that will generate a new group of words of recovery, totally different.

That is why he told them that this identifier will play a key role in protecting the funds, as without it and without the seed, it will be impossible to recover the funds.

As a recommendation, try to mark this email as important in your inbox, or if possible keep a note in a place that we’re sure we won’t delete.

Source: Blockchain.com.

Before we explore or start sending and receiving funds, we should always make the appropriate support, regardless of the portfolio, as long as it allows. Because of this, we will start by going to the option Security center, At the bottom of left menu.

Source: Blockchain.com.

Once here we will look for the option indicated in the red box and click on it Back up the funds, on later they will offer us a printing format in which we can write down the 12 words. This is because the most recommended way to store this seed is to write it down on a piece of paper and store it in a safe place.

Source: Blockchain.com.

The backup process consists of showing 4 words at a time, which we will write down in order from left to right.

Source: Blockchain.com.

The last step will be to verify 4 random words within the group of 12. As you will see, the position of the word to be verified is indicated. With that ready, we will press confirm and we will have the support done.

Let’s start with the reception. The first is to get us the public address of the digital currency of our choice, Recalling that Blockchain Wallet handles 4 of these: bitcoin, ether, bitcoin cash and stellar. Therefore, either directly from control panel, or from a specific portfolio, we will select the option apply for which is at the top.

Source: Blockchain.com.

We will first select the digital currency to receive, which in our case will be bitcoin. Later we will have to choose the portfolio that will receive it, since in Blockchain Wallet allows to manage different portfolios within the platform -later I will show you how. With the portfolio already selected, we can copy the public address where the funds will be sent

On the other hand, and this only in the case of bitcoin, we have the ability to generate a payment request for users sending from another Blockchain Wallet. To do this we must place the sum to be received, a description and then click on next, in the same box above.

Source: Blockchain.com.

All you have to do is copy and share the link to the created payment request.

In the case of other digital currencies, we can only choose the destination wallet to later select public address.

Source: Blockchain.com.

On the other hand, in the case of shipping, we will start by selecting the option To send.

Source: Blockchain.com.

The first thing we will need is to select the digital currency to send along with the wallet where the funds will come from. After that, we will place the public address, either by pasting or clicking on the QR code icon that will activate the camera of our device.

Finally, we have to place the amount to be sent, either in digital currency or in fiat currency, because regardless of which we place, its equivalent will be placed in the box on the side. Finally we put together an overview, only if necessary, and set the mining commission. The latter only applies to bitcoin, as for the other digital currency Blockchain Wallet performs the calculation internally.

It would then be pressurized to continue to send the funds, here we confirm our password and ready.

Sometimes we need order in our lives, and we need to separate the different assets we have, such as: food, rent, leisure. And for that, Blockchain Wallet offers a peculiar feature that allows you to keep order with the digital currency we store inside it.

I should clarify that this process is currently only available for Bitcoin. We can still manage the Bitcoin Cash and Bitcoin SV portfolios.

To get started, we need to go to the option first configuration and subsequently to Portfolios and addresses.

Source: Blockchain.com.

As we see, here we have the default portfolio that is generated when creating our portfolio, which we can manage from the option manage.

Source: Blockchain.com.

From here we can manage the different addresses of the selected portfolio. At the top will be the unused addresses, to which we can add a new one from the option Add next address. At the bottom we can see the different addresses used -the image is not shown- in a list along with the sum that each of them has.

If we go back – specifically to the penultimate image – we will see the option New Portfolio from where we will create a new Bitcoin portfolio within Blockchain Wallet.

Source: Blockchain.com.

You only need to assign a name to create it.

Source: Blockchain.com.

With this, we will see in the list both portfolios: the original that appears as By default and the one we created later.

To manage it, it is the same as the first, from the option manage, We can manipulate the different directions within it along with the balance.

A much sought after option in wallets when using funds within a paper purse is one that allows you to import or sweep private keys – I’ll explain the difference between the two methods. Blockchain Wallet offers this possibility.

To begin, we must go, again, to the option configuration and then in Portfolios and addresses.

Source: Blockchain.com.

here you will select Import Bitcoin address.

Source: Blockchain.com.

In this small box we will have to choose the origin of the direction to import. If you try to import an address generated by the wallet, it will show you a message indicating that this operation is not possible. However, if we select the second option, the following will appear.

Source: Blockchain.com.

First, we will have to put or scan, through the webcam of our device, the private key to import or sweep.

The next step is to choose whether we want to transfer the funds from this private key to our portfolio, or what is the same to sweep it. The difference between sweeping and importing, is that sweeping transfers the funds from the old address to one of the destination portfolio, which allows you to keep supports through the recovery seed. However, in the case that we import the key as such, it will work within Blockchain Wallet, but there will be no support of this within the platform, as it will only be responsible for managing the.

It then remains to press import and ready. We have transferred or imported a private key into our Blockchain Wallet.

Blockchain Wallet is a wallet for everyone, simple and easy to use. It may still become a little annoying and more so if for your country are not enabled all the options that this platform offers, such as swap exchanges or the purchase and sale of cryptocurrencies.

Being one of the most used, and also one of the oldest, this portfolio offers all the tools of a good portfolio, although, the fact that it is online causes me a bit of rejection because it totally contradicts the very decentralization concept of bitcoin or other digital currency.

Overall it’s a good portfolio, it’s good, simple, you could say secure, as it offers to set up 2-factor authentication, which is vital on any platform.

Featured image by / blockchain.com

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