Previously known as Blockchain.info, the Blockchain.com wallet is definitely one of the most used Bitcoin web wallets right now simply due to convenience and ease-of-use of the wallet; and also not to mention that it was one of the first easy-to-use Bitcoin wallets we had years and years ago.
With that said, is storing and securing your funds on the Blockchain.com wallet a good idea?
The Blockchain.com wallet
When picking a Bitcoin wallet, especially when storing bigger amounts of money, a wallet being non-custodial is definitely a highly essential characteristic; because you wouldn’t want other companies to have access to your funds, right? You would want your funds to be only accessed by you, and you alone.
As for the Blockchain.com wallet, it seems to be non-custodial. Well, based on one of their articles, at least.
Another essential characteristic when picking a wallet. Though not everyone can read and verify an app’s code and check if there’s shady stuff going on, at least other developers can check for themselves and simply call out apps that has some malicious code.
As for the Blockchain.com wallet, their wallet’s source code is freely available on their GitHub page.
So, is the Blockchain.com wallet safe and secure?
Though there have been instances with people getting their Blockchain.com accounts hacked, as far as we know, the Blockchain.com website itself hasn’t been hacked until today, which is definitely a good thing. Huge props to them, especially knowing that they’ve been operating for like a decade now.
But regardless, we still don’t recommend using the Blockchain.com wallet.
Web wallets are wallet services whereas the wallet itself is running on a company’s servers.
Most web wallets are not open-source and are definitely non-custodial, which are definitely not good. Though Blockchain.com claims to be non-custodial and open-source, we really can’t know for sure if they really don’t have access to your wallet, and if they’re actually using the public open-source code on their live servers.
With that said, using web wallets such as Blockchain.com isn’t 100% always a bad thing. Though they might lack in the security and privacy side, convenience is definitely somewhere they shine.
If you really like using web wallets such as Blockchain.com, please only hold small amounts of money on these wallets(probably less than $50 worth or something). Pretty much an amount that wouldn’t financially cripple you if you manage to get hacked.
Think of your Blockchain.com web wallet as just your physical wallet that you have in your pocket and that you bring everywhere you go. You probably wouldn’t be comfortable having thousands of dollars on your physical wallet, right? Due to the risk of theft and stuff. Same thing with your web wallets.
Where should I keep most of my funds instead?
Hardware wallets are small devices made specifically for securely holding bitcoin and cryptocurrencies, and are small enough to fit in your pocket. We heavily suggest using a hardware wallet instead, especially if you’re holding a significant amount of bitcoin or cryptocurrencies due to their far-better security features compared to other kinds of wallets.
While you treat your web wallets such as Blockchain.com as your physical pocket wallet, your hardware wallet will act as your personal crypto bank account.
- High security – your wallet’s private keys never leave the device. Hence, you could do transactions even if the computer device you’re using is infested with malware and viruses, as long as you make sure that the coins are being sent to the right address.
- Less convenient – You need to plug in your hardware wallet to your computer to make a transaction; though fortunately, the new Ledger Nano X has BlueTooth functionality, giving you the option to send transactions using your mobile phone instead.
Especially when investing your money in a good amount of bitcoin and cryptocurrencies, security should always be your top priority. Because once your funds get stolen, due to the pseudonymous nature of money cryptocurrencies, the chances of you getting your funds back is next to impossible.
If you want to learn more about cryptocurrency security, we heavily suggest learning about cryptocurrency scams, to prevent you from falling for their tricks.