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BlueWallet Review 2024: Features & Security
Luis Clark
- URL: https://bluewallet.io
- Hardware Compatible: Yes
- Price: Free
- Staking Rewards: No
- Platform App: Desktop, Mobile
- NFTs Storage: No
- No. of Assets Supported: Bitcoin only
- Type of Wallet: Non-custodial hot wallet
BlueWallet Review: Our Opinion
BlueWallet is a Bitcoin wallet available on Android and iOS smartphones as well as macOS desktops. It is straightforward to use and like most Bitcoin wallets, BlueWallet offers a lightning wallet. But where it does stand out is with its multi-sig vault and watch-only wallet that allow crypto investors to keep an eye on their cold storage or paper wallet without touching the private keys.
BlueWallet also charges cheaper transaction fees in comparison to other options like ZenGo. The obvious limitation here is that it only supports Bitcoin, so its use case is extremely limited.
An Overview of BlueWallet
The BlueWallet bitcoin wallet project was created in the 2017 bull run as a solution to the frustration of the team not finding a bitcoin-only wallet that provided non-custodial services.
Their dedication revolved around crafting an exceptional Bitcoin wallet, placing significant emphasis on decentralization, embracing the Cypherpunk’s Manifesto, and championing open-source code.
Since its launch, BlueWallet has evolved from simply facilitating Bitcoin transactions and enabling management of the same to offer hardware compatibility via its watch-only wallets, plausible deniability storage, and multi-sig vaults.
Pros
- Straightforward to use
- Compatible with hardware wallets
- Lightning Network supported
- Supports the creation of multiple wallets
Cons
- Supports only Bitcoin
- Limited features
- No staking
Bluewallet: What is it?
Bluewallet is a non-custodial/self-custody Bitcoin wallet that allows you to send, receive, and manage your bitcoins. It does not support any other cryptocurrency for transactions.
That said, beyond its transactional support for the Bitcoin wallet, BlueWallet offers other features such as a multi-sig vault, a lightning wallet for fast transactions via the lightning network, and a watch-only wallet that enables users to connect to supported hardware wallets for management.
Bluewallet: How Does it Work?
The Bitcoin wallet works differently than a centralized exchange or custodial wallet.
It does not store or request user personal details nor hold your coins’ private key.
You have complete ownership of your wallet keys and under no circumstance can BlueWallet gain access to them.
This key is a 24-word phrase or a text that gives access to your wallet if you lose your device or uninstall the app.
How to Set up a BlueWallet Bitcoin Wallet
It’s quite straightforward to create one or multiple wallets on BlueWallet.
To do so, go to the official BlueWallet website here: https://bluewallet.io and click on either the Apple App Store link or Google Play Store link on the homepage if you’re using a mobile device.
If you’re on a desktop you can download the macOS application.
Next, install BlueWallet from the app store of your smartphone.
After installation, tap on the app to launch it.
You’ll see a screen displaying Wallets with a plus sign at the upper right corner.
To create a wallet you can either click on the Add Now button under the Add a Wallet heading or tap on the (+) sign at the upper right corner.
You’ll see the option to create 3 types of Bitcoin wallets: Bitcoin wallet, Lighting wallet, and multi-sig vault.
The lightning wallet is for spending and fast transactions while the multi-sig vault offers the best security for storing large amounts of bitcoins.
On top of the Types of Wallets available, you can give your wallet a unique name.
After naming and selecting your preferred wallet type, tap on Create.
The next screen will show a screen displaying the message “Your Wallet has been Created”.
Under the message is your recovery seed or mnemonic phrase, which is 12 random words.
Ensure that you write down your recovery words in the order they are shown to you as you’ll need them to recover your wallet in the event your device gets lost.
After writing them down, tap on the “Ok, I wrote it down” button.
That’s it! You’ve set up your BlueWallet for transactions.
You can now send and receive coins to your wallet address.
You can skip the wallet creation process if you have an existing wallet. You can import an existing wallet by clicking ‘Import Wallet”.
How to Send and Receive Coins
To send bitcoins out of your wallet, launch the BlueWallet app.
Next, on the home screen tap on the Bitcoin wallet you want to send funds out from.
On the new screen, you’ll see 2 buttons at the bottom (send and receive). Tap on the Send button.
Paste the Bitcoin wallet address you want to send to from your Bluewallet or tap on the scan icon beside the wallet address field to copy the address via its QR code.
After inputting the address and amount to be sent, tap on Next to finalize the transaction.
To receive bitcoins, launch the Bluewallet app and tap on the wallet you want to receive your funds into.
Once the new screen opens, tap on the Receive button at the bottom of the screen.
You’ll be redirected to a new screen and a pop-up will show asking if you want to receive notifications on incoming payments.
Select OK if you want to, if not choose either Ask Me Later or No, don’t ask me again.
You will see a QR code with your address written under it. You’ll be able to either share your address with the sender by tapping the share button at the bottom or by having them scan the QR code.
Unique Features
Lightning Wallet
BlueWallet allows you to use its hosted lightning wallets or connect to your node.
The lightning wallet allows you to use the lighting network without being online, opening channels, or operating and maintaining a node.
The wallet has a refill feature that allows you to refill your Lightning wallet with Bitcoin. It requires 3 confirmations to validate this refill.
With the lighting wallet, you can generate invoices and share them to receive instant payments. You can also make payments using QR codes.
The wallet also allows you to easily pay and withdraw with services that support LNurl.
The wallet gives your direct access to your preferred lightning app through the BlueWallet browser. You can also access and explore lightning-ready services in the marketplace.
To get started with the Lightning wallet, you need to first create a wallet.
To create one, do the following;
Click on the “Add Now” button or the “+” icon at the top right corner.
The “Add Wallet” screen will open.
To choose the Lightning wallet, click the Lightning icon.
You can rename your wallet or leave the default name.
Once you are done, click “Create” to make a new wallet.
After creating your wallet you will find the “Manage Funds” option. This allows you to refill your new wallet.
Choose your preferred refill option and initiate a transaction with the desired amount. Since Lightning is experimental, you should keep the refill amount low.
Once the transaction is sent, you will require 3 confirmations for the funds to appear in your wallet.
Note: BlueWallet’s Lightning functionality is powered by LNDHub.
LNDHub is an open-source service that was created to power Lightning on BlueWallet.
If you want more privacy, you can host your instance and connect it by adding the address of your LNDHub instance in the specified text field.
BlueWallet Lapp Browser
A Lightning-powered App (Lapp) is any application or web page that works (receives payment or pays you back) with the Lightning network. The Lapp Browser is a web view that navigates to Lightning-enabled web pages.
The web view is injected with Javascript code which bridges the user’s wallet with the Lapp, resulting in a more smooth transaction.
The Lapp Browser features a Lapp Marketplace. The Lapp marketplace displays a collection of Lapps that may interest BlueWallet users.
BlueWallet partially conforms to webln specification, this allows any Lapp that implements that specification to naturally integrate with the wallet.
With this integration, making and receiving payments in Lapp is simply done by tapping one button instead of switching between apps and copying and pasting bolt11 strings.
Cryptocurrencies Supported
BlueWallet is a Bitcoin-only wallet. The wallet thus only supports the buying, sending, receiving, and storing of Bitcoin.
Does it support NFTs?
No, both the BlueWallet mobile wallet and desktop wallet do not support NFTs.
Fees Explained
Bluewallet is completely free to use. It also does not charge transaction fees. However, blockchain or lightning network fees apply. But these fees go straight to miners and Bluewallet doesn’t collect a percentage from them.
It also allows users to customize the amount of network fees they’re willing to pay.
Security
BlueWallet is open-source software that is built on a public repo. It is MIT licensed, up-to-date, and available on the BlueWallet GitHub. This means that you can run it on your own without any custodial dependencies.
BlueWallet is a noncustodial wallet, you are in full control of your keys.
You can generate backups and export/import your wallets whenever you wish.
BlueWallet is equipped with several security features that can be enabled to ensure the security of your Bitcoin at all times.
Aside from the multi-layer encryption and biometric security, BlueWallet encrypts everything with an additional password to boost security.
It has a plausible deniability feature that allows you to define a different password that will decrypt a fake wallet setup. This feature comes in handy in situations where you don’t want to show your real wallet or are forced to disclose your address.
BlueWallet also allows you to have multiple encrypted storages, this allows you to have your wallets in different places. It is also helpful if you have employees or other family members accessing or using the app. Each encrypted storage on the wallet can be accessed with different passwords.
The Wallet features The Hierarchical Deterministic (HD) key creation and transfer protocol (BIP32) which allows you to create child keys from parent keys in a hierarchy.
The HD Wallets generate a different address for each transaction.
Blue Wallet is SegWit supported in P2SH-compatibility mode and bech32 Native mode.
Bluewallet offers a multi-sig Vault that can offer cold storage for storing large amounts of Bitcoin.
The multisig Vault is a wallet with multiple keys which increases security and offers shared custody. Also, the Vault works with other BlueWallet apps and PSBT-compatible wallets like Coldcard, Cobo Vault, Electrum, and Specter.
Opening an Account
Bluewallet isn’t a custodial wallet under a regulation that requires users to disclose personal data such as email address, national identification, etc. before they can use the service.
To use Bluewallet, you simply need to download the app, copy your recovery seed phrase, and start using it.
BlueWallet Mobile App
The BlueWallet app is a mobile wallet app that allows you to store, send, buy, receive, and store Bitcoin on the go.
The BlueWallet app is non-custodial, which means you own your Bitcoin keys. Your keys never leave your device.
The mobile wallet allows you to create a free unlimited number of Bitcoin wallets on the same device. You can also import your existing wallet to your device.
With the mobile app, you can determine how much you want to pay on fees. Fees can go as low as 2 Satoshi. It also has a Replace-By-Few feature which allows you to speed up your transactions by increasing the fees.
The app allows you to create a Bluewallet watch-only wallet. This comes in handy if you want to monitor your funds in cold storage without accessing the hardware device.
You can buy Bitcoin directly in your wallet without accessing any exchange via Local Trader. This is a P2P Bitcoin trading platform that allows you to buy and sell Bitcoin to other BlueWallet users without any third parties.
The BlueWallet Mobile app supports over 30 fiat currencies. Supported fiat currencies include USD, AUD, CJF, NYR, JPY GDP, HRK, INR, CAD, BRL, XZK, MXN, RUB, CNY, EUR, etc
The app supports Partially Signed Bitcoin Transactions (PSBT). This coupled with the watch-only wallet feature allows you to send and receive Bitcoin by signing them offline.
The Wallet app also features support for the Coldcard wallet and CoboVault hardware wallet.
The CoboVault wallet is one of the first of its kind Air-gapped PSBT, with support for animated QR codes.
Customer Satisfaction
BlueWallet offers customer support via email at bluewallet@bluewallet.io. Customer support is available in over 30 languages including Japanese, Chinese, Italian, English, Portuguese, Norwegian, Turkish, Danish, Russian, Spanish, Ukrainian, Indonesian, French, Swedish, etc.
BlueWallet users also have access to Bluewallet’s documentation which has a lot of vital information on how to use the wallet.
BlueWallet does not have an active support center. There is however a FAQ section in the documentation.
Who Should Use Bluewallet?
Bluewallet is built for Bitcoin traders and investors searching for a self-custody Bitcoin wallet available on Android and iOS devices as well as desktops.
Why Use a Bluewallet?
Bluewallet is a self-custody wallet that gives you complete control of your Bitcoin keys and secures your funds against exchange bankruptcy and hacks.
Alternatives to Blue Wallet
Popular alternatives to Bluewallet include ZenGo Wallet, Electrum, and Mycelium.
Final Thoughts
Bluewallet is a simple Bitcoin and lightning wallet that’s best for users looking for Bitcoin-only wallets. It isn’t for crypto investors who want a large selection of assets or features.
There’s also not much you can do with it except send, receive, and store your assets.
FAQ
Most frequent questions and answers
Bluewallet is a non-custodial hot wallet, which means it gives users sole custody of their bitcoins’ private keys.
Bluewallet supports the lightning network for fast and low-cost transactions.
To pay with BlueWallet, launch your app, click the wallet you want to pay from, and then tap on Send.
Next, enter the recipient’s address and the amount you want to pay then finalize the transaction by tapping on Next.
Bluewallet’s headquarters is in Barcelona, Spain.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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