Welcome to this guide on safely setting up the Blockchain.com crypto wallet. This guide focuses on the security choices you can make when setting up your wallet; if you are looking for the official setup guide, please click here.
Blockchain.com offers a beginner-friendly user experience without compromising on features or security. In this guide, you will learn all about Blockchain.com's crypto wallet, why it is one of the most popular wallets on the market, and how you can get started using cryptocurrency in just a few minutes.
Blockchain.com is a native BIP39 non-custodial wallet, and the company is a major player in the cryptocurrency space in operation since 2011. For reference of how long Blockchain.com has been in this space, consider this: Bitcoin was launched in 2009, and a few months after Blockchain.com launched you could buy Bitcoin for just $2 USD. A lot of popular services that exist today in the Crypto economy didn't even exist yet.
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When it first launched, Blockchain.com operated as an online wallet and block explorer. A block explorer is a service that lets you view the "blocks" on the "chain". Learn more about Block Explorers.
Today, Blockchain.com offers a comprehensive suite of crypto services: A professional exchange with full fiat support and APIs, a crypto wallet with instant coin swaps, and a block explorer with detailed statistics about the crypto ecosystem.
If you are looking for a crypto wallet that lets you do everything in one place, Blockchain.com is perfect. Blockchain.com has a web wallet, iOS wallet, and an Android wallet.
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From your mobile device, open the iOS AppStore' and search for 'Blockchain Wallet' or click this link: Blockchain Wallet: Buy Bitcoin to download.
Trust, but verify. When using any cryptocurrency wallet, it is important to make sure you are downloading the correct version. Check the store listing for the following info:
3. Create and setup WARNING: Blockchain.com Wallet has advanced features, they are located in the settings and must be accessed after creating your wallet. The most important step is backing up your recovery phrase. We cover in detail how to securely back up your Recovery Phrase in 5. Securely back up your recovery phrase.
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Blockchain.com Wallet is very simple to get started with. To send, receive, and store cryptocurrency you will only need your email address, a password, and a 4 digit pin.
Blockchain.com is a native BIP39 non-custodial wallet. Under the hood, Blockchain.com generates your wallet with the use of a recovery phrase. The recovery phrase can be used to restore access to your funds using the Blockchain.com wallet or can be imported into another wallet that supports BIP39.
You can think of your recovery phrase as a master backup of all your cryptocurrency in this wallet. It will unlock every single address created by your wallet. Backing up the recovery phrase ensures access to your funds using any BIP-39 compliant wallet. Strictly speaking, it only ensures you will have access to your wallet. If someone steals your phrase, you'll still be able to access the wallet, but the funds may be gone.
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When creating a new Blockchain.com Wallet, the default method is to create your wallet within the app. The more advanced method is to generate your own recovery phrase. We created detailed guides on generating your own recovery phrase. By following the right directions, you can generate a recovery phrase that is more secure than the default method used by wallets.
In this section, you are going to create a new wallet in the Blockchain.com app using the wallet's default method. Let's get started.
WARNING: Your PIN cannot be recovered. If you need to reset your PIN, you will need to recover your wallet using a backup of your recovery phrase. So be careful to remember your PIN.
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At this point, you will have a fully functioning cryptocurrency wallet that is able to store, send, and receive cryptocurrency. Before you put funds in your wallet, you need to create a backup and then verify your recovery phrase.
The process of backing up involves displaying your recovery phrase, backing it up, and then verifying that you have the correct phrase. To create a robust back up see Section 5. Securely back up your recovery phrase.
WARNING: When you follow the steps to find your recovery phrase, you will be writing the recovery phrase on a piece of paper. It is very important that you back up the recovery phrase on a more reliable medium, and then destroy that piece of paper. Paper is vulnerable to accidental loss, theft, and damage. It is not the safest method of backing up your recovery phrase.
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Recommended Action: After you securely back up your recovery phrase, it is important to destroy the paper you temporarily wrote your recovery phase on.
5. Securely back up your recovery phrase If you used to generate your recovery phrase, your recovery phrase is already securely backed up in your digital vault.
Your recovery phrase is the master key to all of your cryptocurrency funds. Blockchain.com Wallet uses BIP39, which is the current industry best practice for generating recovery phrases. The majority of modern wallets today use BIP39. This means your Blockchain.com recovery phrase can be used to access your funds across many different wallets.
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Securely backing up your recovery phrase is the most important step in creating a new wallet. To emphasize how important this is, consider how someone with your recovery phrase could access your funds without you knowing. Imagine a bad actor has your recovery phrase, and you have your Blockchain.com Wallet locked down with 2FA, IP address whitelisting, blocked tor access, and all the other security features. The attacker could simply open any wallet application, and import your recovery phrase. The attacker now has access to all of your funds. We want you to have a secure backup, so this never happens to you. Nine out of ten wallet providers only mention one way to backup your recovery phrase - by writing the recovery phrase on paper. Wallet providers only mention this paper backup method because it is easy for beginners to do. Paper backups are simply not that secure.
Once you have safely backed up your recovery phrase, you can initialize your wallet using any BIP39 compatible wallet. In the next section, you will learn how you can initialize your wallet using your recovery phrase.
6. Initialize or import recovery phrase If you are following this guide from the beginning, and you created your Blockchain Wallet the default way, using the app to `Create a Wallet`, then congratulations! You are ready to start using your blockchain.com wallet.
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If you followed one of our guides for pre-generating a more secure seed phrase, for instance using , and you want to use that seed phrase with your wallet - this section is for you!
In this section, you will learn how to initialize your wallet using your -generated recovery phrase. There are 3 main reasons to generate your wallet using this method:
2FA is available for the blockchain.com wallet. It provides an additional layer of security, but on the other hand, it could lock you out from the wallet if 2FA code is lost and the recovery seed is not backed up properly.
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You should now be at the wallet home screen. Congrats! You have just created a Blockchain.com Wallet by importing a recovery phrase.
Digital Wallet providers will almost always have their own user documentation, and sometimes they may even have a user community where you can ask questions.
Information about best practices on the topic of security can be scattered all over the internet. We work hard to distill the best practices into one place for you.
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Digital Inheritance is the first solution to offer a simple, direct, and secure way to ensure cryptocurrency, NFTs, and other Web3 digital assets can be inherited by future generations.
Digital Inheritance enables investors to designate an individual or a mobile device as a guardian that will inherit their entire portfolio of digital assets (seed phrases, private keys, digital art and other secrets) inside a secure digital Vault once the time comes, eliminating undue risk and the need to continually update an inventory or issue updated instructions which result in privacy leakage.
Designed to be used alongside traditional hardware, software, and online wallets, Guard helps cryptocurrency owners, professional crypto traders, and high-net-worth investors safeguard their digital assets without storing anything in the cloud or in fact, any one single location. This increases protection and decreases the risks of loss.
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(Note: The app is not a crypto wallet and does not hold cryptocurrency. It is a Vault that safeguards your wallet seed phrase and private keys, associated files for NFTs, and digital art).
The Guard app enables decentralized self-custody back up, and provide legacy inheritance for all your web3 digital assets, including NFTs, wallet seed phrases, secrets like keys, PIN codes, DAO project keys, and digital art.
Whether your digital art is suitable for a phone, or represents much higher resolution multimedia, make sure that you have backed up a copy in case the resource link is disrupted in the future. Digital art can easily be added to the Vault
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