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Blue Wallet Review: Simple & Powerful Bitcoin Wallet

About Bluewallet

The BlueWallet is a non-custodial, bitcoin-only wallet with support for the Lightning Network. It’s simple to use implements most of the latest bitcoin features available. The BlueWallet is a non-custodial, bitcoin-only wallet with support for the Lightning Network. It offers a very complete set of usability features and implements most of the latest bitcoin features available. It also aims to be accessible for beginner users with a simplified user interface.

BlueWallet, founded in 2017, is a free opensource Bitcoin wallet exclusively for iOS. It has a flexible fee system where the user can choose which amount to pay (starting from 1 Satoshi) and it will affect the transaction speed, the more the fee value, the fastest the transaction.

Custom transaction fees

As mentioned earlier, the wallet has a built-in fee estimator which computes the smallest fee required to have your transaction included in the next block and thus confirm as fast as possible. However, sometimes you don’t mind your transaction taking a bit longer to confirm. For that reason, BlueWallet lets users set their own transaction fee, expressed in sats/byte and starting at 1 sat/byte.

In addition, BlueWallet also lets you turn on “Allow Fee Bump” in the advanced settings of the transaction screen. This feature, also known as Replace-By-Fee (or RBF), lets the user modify the transaction fee after broadcasting it and before it is confirmed. This is extremely useful when the user picks a fee that is too low, or changes his mind on the transaction speed he would like. Say that you picked a fee of 5 sats/byte but the transaction still hasn’t been confirmed after 1 hour, you might want to bump the fee to 10 sats/byte to increase the chances that a miner picks it up.

Even better, you may wish to receive a transaction faster but the sender has set a very low fee. BlueWallet lets you bump the fee for the sender with something called Child-Pays-For-Parent (or CPFP), in which case you pay up the difference.

Lightning Wallet & Lapps marketplace

The wallet also offers support for a custodial Lightning wallet. It’s a really exciting feature as it gives users access to the Lightning Network, the latest (and arguably greatest) improvement to Bitcoin’s scalability. In short, the Lightning Network (LN) is a second-layer scalability solution which enables users to transact off-chain for faster payments and smaller fees.

Lightning is still an experimental technology and requires some technical skills and knowledge to set up. BlueWallet lets users experiment with LN by allowing them to very easily set up a wallet and start receiving or sending lightning payments. Note that this comes at some security cost, since the Lightning wallet is custodial, but it’s a great way for beginners to get more familiar with LN and do the jump to a non-custodial solution later on.

BlueWallet , the app gives access to the so-called “Lapps Marketplace”, a curated list of apps and services that make use of the lightning payments. This aims to encourage users to try out lightning payments and explore the lightning ecosystem. We hope more bitcoin wallets will start offering similar functionalities. However, a small disclaimer should be given to let users know that their funds are in BlueWallet’s custody. Advanced users can connect to their own LNDHub to mitigate the risk.

BlueWallet Bitcoin Wallet

A Bitcoin wallet that allows you to store, send Bitcoin, receive Bitcoin and buy Bitcoin with focus on security and simplicity. On BlueWallet, a bitcoin wallet you own you private keys. A Bitcoin wallet made by Bitcoin users for the community.

You can instantly transact with anyone in the world and transform the financial system right from your pocket. Create for free unlimited number of bitcoin wallets or import your existing one on your Android device. It’s simple and fast.

Open Source

MIT licensed, you can build it and run it on your own! Made with ReactNative

Plausible deniability

BlueWallet Password which decrypts fake bitcoin wallets if you are forced to disclose your access

Full encryption

On top of the iOS multi-layer encryption, we encrypt everything with added passwords

SegWit & HD wallets

SegWit supported and HD wallets enable.

Be in control

Private keys never leave your device.You control your private keys

Flexible fees

BlueWallet Starting from 1 Satoshi. Defined by you, the user

Replace-By-Fee

(RBF) Speed-up your transactions by increasing the fee (BIP125)

Watch-only wallets

Watch-only wallets allow you to keep an eye on your cold storage without touching the hardware.

Lightning Network

Lightning wallet with zero-configuration. Unfairly cheap and fast transactions with the best Bitcoin user experience.

Buy Bitcoin

BlueWallet Enter in the open financial revolution with the ability to buy Bitcoin directly in your wallet.

Local Trader

A p2p Bitcoin Trading platform, that allows you to buy and sell bitcoin directly to other users without 3rd parties.

Secure private key / recover with seed

BlueWallet mentioned the recovery seed in the on-boarding section. The wallet uses the popular 24-words mnemonic recovery seed. You never have to worry about saving the private key of each individual public address your wallet generates. In fact, you don’t even see them, the private keys are encrypted on your device and are only accessed when signing a transaction. The mnemonic recovery seed is all you need to recover your funds in case you lose your phone or forget your wallet PIN.

Advanced Security features

BlueWallet allows users to define a different password which will decrypt a fake wallet. This way, if you are ever forced to unlock your wallet (cf. wrench attack) you can simply enter the password to the fake account. You can think of it as a decoy wallet you might have in your pocket with a 20 dollar bill in it. This feature is only available if you have set up the wallet encryption first.

Tips for securely storing your BlueWallet

  • Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
  • Back it up. Maiar.com use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
  • Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
  • Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
  • Update your antivirus software. Maiar.com care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
  • Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.

Disclaimer:

Not all the websites Which listed in Top List are 100% safe to use or investment. We do not promote any of those. Due diligence is your own responsibility. You should never make an investment into any online program with money you aren’t prepared to lose. Make sure to research about the website. So Please take care of your investments. and be in the safety site and avoid much losing online.

Disclaimers

All Review published on Coinworldstory serve informational purposes only. Coinworldstory does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither Coinworldstory, nor the experts can be hold responsible for the visitors’ investment decisions. Please Do Not Ask Us Any Investment Advise .We Refuse It . It Is Only Newspaper & Review Website . if You Need Any Correction Than Only Use Contact Us Button

Vernahttps://coinworldstory.com
One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.
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