What is Blue Wallet?
Some crypto community members consider Blue Wallet one of the best Bitcoin-only non-custodial wallets. The Wallet was launched in 2017 by Igor Kosakov alongside Nuno Cuelho and Marcos Rodriguez.
At the time of the development and launch of the Bitcoin-only Wallet, there were no other Bitcoin-only non-custodial wallets in existence. This makes Blue Wallet the first officially launched Bitcoin-only non-custodial Wallet.
Since its debut in the crypto space, Blue Wallet has been welcomed by many users. The application has been downloaded over a hundred thousand times on the Google Play Store alone.
The success of the Wallet did not just happen as a miracle. It is attributed to its simple and sleek nature. The development team has consistently worked on improving the Wallet’s features and capabilities to meet the changing needs of the crypto community.
Also, the Wallet has a user-friendly interface that makes it easy for both experienced crypto enthusiasts and newbies.
Furthermore, Blue Wallet is compatible with Lightning Network. This layer-2 protocol built on the blockchain leverages micropayment systems to help with Bitcoin scalability.
Getting Started with Blue Wallet
You might wonder if getting started with Blue Wallet is arduous; No, it is not! Setting up your Blue Wallet is a straightforward process and a straightforward one, at that. Below are the simple steps to get started;
1. Install Blue Wallet on Your Phone: This is the first step in starting with Blue Wallet. Even if you have an Android or iOS device, you can download and install the Blue Wallet app from the Google Play Store or Apple Store.
2. Tap on the Application to Open: When you open the application, the first page you will see as a first-time user will give you options to input your desired wallet name. The page will also show you the option to either create a new wallet or import an existing one.
3. Enter Your Desired Wallet Name: Enter your desired wallet name and click on any of the three options of the type of Wallet below it.
4. Choose Your Preferred Wallet Type: A user can leverage three types of wallets on the Blue Wallet application. The first one is the simple “Bitcoin” wallet. This Wallet is to send and receive Bitcoin.
The second Wallet is the “Lightning” wallet. The Lightning wallet is suitable for fast and instant transactions on the Bitcoin blockchain. The third type of Wallet is called the “Vault” Wallet. This Wallet is ideal for users or entities that wish to keep large amounts of Bitcoins in the Wallet. It is highly secured with the help of 3 vault keys.
Interestingly, you can open and keep the three types of Bitcoin wallets on the application and utilize them to your satisfaction.
5. Write Down Your Wallet Phrases: Wallet phrases are essential to secure your wallets and their funds. If you chose the simple Bitcoin wallet while setting up your Blue Wallet, a 12-word phrase would appear. Write out those words correctly in a secure place.
The application does not allow screenshots, so the phrases must be written out. After writing out the phrases, tap “Done” to complete the process. This process is also valid for the other two wallets but with a slight change.
The “Lightning” wallet is similar to the simple “Bitcoin” wallet. This is because both wallets require you to write out your 12-word phrases. However, the “Vault” wallet, suitable for large Bitcoin, is very different from the other two wallets. It requires you to create three different vault keys. The first two vault keys are used to access the Wallet, while the third one is used for backup in cases of device loss.
6. Click “Done”: After writing out your wallet phrases, tap “done”, and boom! You are in. Once you are signed into the Wallet, you can add more wallets or delete the existing ones.
Important: Please write down your 12-word key phrases in places only you can access. This is crucial because your Bitcoins could be stolen if someone else gets hold of the phrases.
Cryptocurrencies & Assets Supported by Blue Wallet
Blue Wallet is a Bitcoin-only wallet. At the time of documenting this review, the Wallet does not support any other cryptocurrencies apart from Bitcoin.
However, the Wallet allows users to buy Bitcoin from the app. This is made possible by adding different payment methods, including MoonPay.
Blue Wallet Keys and Security
Private keys or key phrases are very crucial to protect and keep safe. This is true because whoever has access to your Wallet’s private keys already has equal access to your Wallet and funds. If this happens, the whole crypto in your Wallet could be stolen without traces.
You may have misplaced the written word phrases to your Blue Wallet, but you can still access them from the app. Follow the steps below;
Step 1: Open Your Blue Wallet
Step 2: Enter your wallet password
Step 3: Tap on the Wallet you wish to view or export key phrases or private keys
Step 4: Tap on the three dots at the upper right corner of your screen
Step 5: Scroll down and select “export/backup”, which is the first of the three options that will appear
Step 6: Write down your passphrases or private keys.
However, irrespective of the Wallet type you choose, the above processes are the same.
Other Blue Wallet Features
Apart from being just a Bitcoin wallet, Blue Wallet has other exciting features that are worth taking note of. Below are some unique features of the Wallet;
- Multiple Languages: The application supports different international languages. The languages include English, Swedish, Japanese, Chinese, Spanish, Indonesian, Russian, Ukrainian, German, French, Danish, Turkish, Norwegian, Croatian, Deutsch and many more.
- Create and Import Wallet Features: The Wallet allows you to create a new wallet and supports importing an existing one.
- Bitcoin Lightning Network: The Lightning Network offers a fast and instant transaction experience, a significant improvement compared to traditional Bitcoin transactions. With Lightning Network, users can send and receive Bitcoin payments almost instantly, making it an ideal solution for those who require quick and efficient transactions. Integrating the Lightning Network into the Blue Wallet application allows users to enjoy a seamless and efficient experience when conducting Bitcoin transactions.
- In-App Bitcoin Purchase: With payment systems like MoonPay in Blue Wallet, buying Bitcoin has been simplified. You can instantly purchase Bitcoin of any quantity you choose from the Wallet without hassle.
- Multisig Vaults: These days, there have been reports of crypto hacks flying everywhere. With the knowledge of these attacks, having a very secure Bitcoin wallet is crucial. The Blue Wallet allows users to create wallets with three different vault keys. The three vault keys are made up of 12-word key phrases and must be used to access the Wallet from any device.
- Peer-to-Peer(P2P) Exchange: With the integration of Hodl Hodl, a peer-to-peer Bitcoin trading platform in the Blue Wallet platform, selling and buying Bitcoin through P2P has been simplified. The P2P has helped to eliminate the need for intermediaries and reduce fees and transaction times. Also, users can enjoy a more efficient and cost-effective way of buying and selling Bitcoin.
- Multiple Currencies: Just as the app supports various languages, the Blue Wallet app also supports different currencies. At the time of documenting this review, the app supports 54 different currencies. The currencies include US dollars (USD), the Great Britain Pounds (GBP), Chinese Yen, Australian Dollars (AUD), Canadian Dollars (CAD) and others.
- Watch-Only Wallet: Blue Wallet’s Watch-only feature allows users to keep track of their funds without having access to their private keys. This means that users can monitor their Bitcoin or Lightning funds using the public address associated with their Wallet, but they cannot spend or move them. Users with large amounts of Bitcoin or Lightning funds, for example, may prefer to keep their private keys in cold storage, such as a hardware wallet, while still being able to monitor their funds on their mobile devices.
Blue Wallet Usability and Support
From our study and interaction with the Blue Wallet, it is a very easy-to-use wallet. The application’s interface is user-friendly and allows easy and swift navigation. Creating a new wallet could be completed within just a minute. However, the Blue Wallet website needs more information or guides to help newbies create and use their wallets.
Blue Wallet Reputation and Popularity
The Blue Wallet has been a popular choice among crypto traders and investors since its existence. This popularity could be attributed to the simple nature of the Wallet. The Wallet primarily focuses on security and has been delivering in that sense. There have not been any reports of hacks or exploits anywhere. So It is safe to state that the app has enjoyed and kept a good reputation.
Blue Wallet Pros and Cons
Just like any other software or application out there, Blue Wallet also has its own pros and cons. Below are some of the strengths and weaknesses of the wallet;
|In-app Bitcoin purchase||No two-factor or three-factor authentication present|
|Highly secured wallet||Not enough information present on the website|
|Easy to set up a wallet|
|Lightning Network present|
In conclusion, the Blue Wallet is a highly successful Bitcoin-only non-custodial wallet that has been in the crypto space since 2017. It is the first Bitcoin-only non-custodial wallet, and since its debut, it has been downloaded more than a hundred thousand times on the Google Play Store and more than that on the Apple Store. The easy-to-use nature of the wallet has contributed largely to its growth and popularity.