Table of Contents
- What Is Blockchain Wallet?
- Key Takeaways
- Creating a Blockchain DeFi Wallet
- Fast Fact
- The Blockchain DeFi Wallet Interface
- Using Blockchain DeFi Wallet
- Important Note on Availability
- Blockchain DeFi Wallet Fees
- Blockchain DeFi Wallet Security
- Can I Withdraw Money From Blockchain Wallet?
- Is It Safe to Use Blockchain Wallet?
- How Do I Access My Blockchain Wallet?
- The Bottom Line
What Is Blockchain Wallet?
Let me explain what Blockchain Wallet is. Blockchain.com's DeFi Wallet, which some people just call Blockchain Wallet, is the decentralized finance wallet service from Blockchain.com, a cryptocurrency exchange started by Peter Smith and Nicolas Cary. With this DeFi wallet, you can manage, trade, swap, and use your cryptocurrencies through Blockchain.com's DEX, which stands for decentralized exchange.
The DeFi wallet also enables cross-chain swaps using Squid, a service from Axelar. Right now, Squid supports swaps across 37 blockchains that are compatible with the Ethereum Virtual Machine, like Ethereum, Polygon, and Arbitrum.
Key Takeaways
Here's what you need to know: Blockchain Wallet refers to the specific wallet service from the cryptocurrency exchange Blockchain.com. As a DeFi Wallet user, you can handle your balances of Bitcoin, Ether, and other crypto assets. Plus, Blockchain.com's DeFi Wallet includes security features to prevent theft, such as two-factor authentication, IP whitelisting, and password stretching.
Creating a Blockchain DeFi Wallet
To get started with a DeFi wallet, you need to open an account on Blockchain.com. After that, download the wallet app from your device's store and log in with those credentials. You can also access it directly from your web browser.
When you create the wallet, you're initially limited to the decentralized exchange features unless you complete the know-your-customer (KYC) process. That unlocks full access to custodial accounts and exchange services.
Fast Fact
Blockchain.com's decentralized exchange lets you trade any crypto with anyone, anywhere, as long as you have an internet connection.
The Blockchain DeFi Wallet Interface
In the Blockchain DeFi Wallet interface, you'll see your current crypto asset balances and recent transactions. You can check price charts and view your funds' value in your local currency. If you run into issues, there's a support center with topics and FAQs.
If you've opted for Blockchain.com's custodial service, you'll find an Account tab next to the DeFi Wallet tab in the app, giving you access to those features.
Using Blockchain DeFi Wallet
You can buy, sell, or swap cryptocurrencies and other compatible assets on the DEX. Just click 'Send' or 'Receive' and search for the crypto you want. 'Receive' generates a unique address you can share or turn into a QR code, which is like a barcode that devices can scan for info. For 'Send,' select the crypto, enter the recipient's address, pick the amount, and send it—it's similar to using PayPal for money transfers.
You can also swap cryptocurrencies across different blockchains. The DeFi Wallet supports swaps for 16 cryptocurrencies, making it simple to switch without leaving the wallet's security. You'll get a quote showing what you'll receive based on current rates, but rates can change depending on transaction time. Swaps might take a couple of hours, varying by blockchain.
Important Note on Availability
Keep in mind that Blockchain.com DEX isn't available through the DeFi Wallet in countries like Russia, Ukraine, Canada, Cuba, Congo, Iran, Japan, North Korea, Yemen, Syria, Crimea, Myanmar, South Sudan, Zimbabwe, and Mali.
Blockchain DeFi Wallet Fees
The Blockchain DeFi Wallet doesn't add extra fees on top of the network fees paid to miners and validators. For cross-chain swaps, you'll cover fees from both networks involved.
Fees depend on transaction size and network conditions at the time. Blockchains process limited transactions per block, prioritizing those with higher fees.
Blockchain DeFi Wallet Security
Security is crucial for wallets, as a breach could mean losing your assets. Blockchain DeFi Wallet offers multiple layers to protect against attackers.
Passwords are required for Blockchain.com wallets and accounts. You can also log in with your 12-word mnemonic phrase, but the exchange doesn't store it for you.
A mnemonic seed is a random string of English words acting like a password. If you lose your device, use it to restore your wallet and cryptocurrencies.
There are optional security methods to enhance protection. To fight phishing, enable two-factor authentication or IP whitelists to block unfamiliar devices. You can also block Tor network access to prevent attempts from there. Another option is Password-Based Key Derivation Function 2 (PBKDF2), or password stretching, which hashes passwords to make them hard to crack.
Can I Withdraw Money From Blockchain Wallet?
You can't withdraw fiat money directly from the Blockchain DeFi Wallet, but switch to the Account tab, select 'More,' and choose your withdrawal method.
Is It Safe to Use Blockchain Wallet?
Blockchain.com's DeFi Wallet is among the more secure options, but it's still vulnerable to malware, viruses, trojans, or bugs. For top security, store keys offline in a cold wallet.
How Do I Access My Blockchain Wallet?
Access Blockchain.com's DeFi Wallet by logging into the website or mobile app.
The Bottom Line
Blockchain.com is a cryptocurrency exchange offering a wallet for users. They call it DeFi Wallet, though some refer to it as Blockchain Wallet. It stores your crypto keys and connects you to their decentralized exchange. If you want a regulated exchange plus free DEX access, complete identity verification for the Account features.
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