Understanding Blockchain Wallet
E-wallets allow individuals to store cryptocurrencies. In the case of Blockchain Wallet, users can manage their balances of two cryptocurrencies: bitcoin and ether. Creating an e-wallet with Blockchain Wallet is free, and the account setup process is done online. Individuals must provide an email address and password that will be used to manage the account, and the system will send an automated email requesting that the account be verified.
Once the wallet is created, the user is provided with a Wallet ID, which is a unique identifier similar to a bank account number. Wallet holders can access their e-wallet by logging into the Blockchain website, or by downloading and accessing a mobile application.
The Blockchain Wallet interface shows the current wallet balance for both bitcoin and ether tokens and displays the user’s most recent transactions. Users can also click on the cryptocurrency balance, and it will display the value of the funds in the fiat or local currency of the user.
Blockchain Wallet Payment Process
Users can send a request to another party for a specific amount of bitcoin or ether, and the system generates a unique address that can be sent to a third party or converted into a Quick Response code or QR code for short. A QR code is similar to a barcode, which stores financial information and can be read by a digital device.
A unique address is generated each time the user makes a request. Users can also send bitcoin or ether when someone provides them with a unique address. The send-and-receive process is similar to sending or receiving funds through PayPal but uses cryptocurrency instead. PayPal is an online payment provider that acts as a go-between for customers and their banks and credit cards by facilitating online transfers through financial institutions.
Users can exchange bitcoin for ethers (or visa-versa) as well. Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction. Exchanges do not appear instantaneously in the wallet because it takes some time for transactions to be added to each currency’s blockchain.