If you own bitcoins or were looking for a reliable storage solution, then BlueWallet is one of the options you can consider. With the ability to manage multiple bitcoin wallets through a friendly, easy-to-use interface, as well as compatibility with the Lightning Network, BlueWallet is one of the best bitcoin wallets on the market.
However, it may not be suitable for all profiles, depending on your expectations and requirements. Read the rest of this article to find out if this is the right Bitcoin wallet for you.
BlueWallet Overview
BlueWallet is an open-source Bitcoin wallet , meaning it wasn't invented by a single person, but rather developed by a community of contributors. The BlueWallet project was created by a team of Bitcoin enthusiasts who collaborated to build a user-friendly and secure mobile Bitcoin wallet. This means its source code is licensed under the MIT license, making it accessible to everyone and allowing the community to review and improve it.
The idea behind BlueWallet is to provide users with a simple and efficient way to manage their bitcoins on their mobile devices.
BlueWallet features
- Bitcoin wallet
Essentially, BlueWallet is a standard Bitcoin wallet solution. Basically, the app allows you to receive and make payments in Bitcoin. However, the app offers standard and advanced settings according to user profiles. For example, you can choose to modify the transaction fees before their confirmation, if you want to increase the speed of receipt.
- Managing multiple portfolios
It is possible to create multiple wallets on BlueWallet. This allows for better management if you want to have different portfolios with different capital. It is possible to name the wallets in order to identify them more easily. Please note that it is also possible to import compatible wallets from other applications such as Electrum or Bread for example.
- Lightning Network Support
This is perhaps what made BlueWallet known to as many people as possible, namely its integration with the Lightning Network. Thus, the wallet is one of the best Lightning Network wallets that exist on the market today. This allows users to benefit from faster and cheaper transactions. It is possible to create as many Bitcoin wallets and Lightning wallets as you want.
- MultiSig wallets
Activating a MultiSignature wallet adds another layer of security to your Bitcoin holdings. MultiSignature works similarly to multi-factor authentication, requiring two or more private keys to confirm any transaction. BlueWallet allows you to easily create multisignature wallets, further enhancing the security of your Bitcoin. This is recommended for wallets holding large amounts.
Read: Discover 3 multi-sig wallets for enhanced security
- Managing a “Watch Only” Portfolio
The creation of a "Watch Only" wallet is a new feature that allows you to monitor your hardware wallets/cold wallets, such as ColdCard or Trezor. You can then import the public, xpub, or ypub address of your physical wallet without needing to log in online or access your private key. This allows you to view your wallet balance (and check for any losses) without having to log in. A significant time-saver for those who use hardware wallets.
What does the “Plausible deniability” option mean?
This is a feature that few Bitcoin wallets have and yet can be effective and very useful in certain extreme situations. With this option it is possible to create a different password which will be understood by the application as a forced password. In this case, the application will display a fake wallet with a fake balance. This can be useful if the user has been forced to view their portfolio.
What are the BlueWallet wallet fees?
As with the vast majority of online cryptocurrency wallets, downloading BlueWallet and creating your own wallet is completely free. Additionally, be aware that BlueWallet does not charge fees directly for executing regular on-chain transactions, making it one of the most economical cryptocurrency wallets on the market alongside the Phoenix app. Indeed, by supporting addresses from the Segwit update, transactions are cheaper by around 40%.
In reality, although BlueWallet doesn't charge you directly for transactions, fees do exist. These are the fees paid to miners for executing the transaction, and they can vary depending on the time period and the network's hashrate. These transaction fees are calculated in real time based on market conditions.
When you make a trade, you can choose one of the fresh holes with the corresponding time frames. The more you pay for transactions, the faster the transaction will be.
What are the disadvantages?
- A wallet only for Bitcoin
Although the application is perfectly suited to Bitcoin holders, you should not forget that you can only store bitcoin. The BlueWallet app does not support other cryptocurrencies. Likewise, there are no integrated exchange platforms that would allow bitcoins to be exchanged for fiat or other currencies. It is therefore not possible to buy bitcoin directly from the application. It is typically an application for sending, receiving and storing bitcoin. This can be a drawback for those looking for full-featured apps with multiple features.
- No two-factor authentication feature
Some people criticize the app for not having two-factor authentication (2FA). This feature has quickly become essential for security in the cryptocurrency world, which puts BlueWallet at a disadvantage in terms of user security. However, it's worth noting that the app allows users to add a password and an 8-digit PIN to log in. This still provides a simple way to secure access to your funds.
- Lack of tutorial and education
While BlueWallet is user-friendly, the platform doesn't offer detailed tutorials or resources to help new users. There is, however, some documentation with user guides. This can be confusing for a complete beginner. Nevertheless, you can contact BlueWallet for support via email at bluewallet@bluewallet.io.
Where to download BlueWallet?
BlueWallet is open-source software available in the majority of countries around the world. Moreover, BlueWallet is available in more than 30 languages, including English, Spanish, French, Chinese, Japanese, Arabic and Russian. You can download the desktop version of the app directly from the BlueWallet website, the iOS app from the App Store, and the Android app from the Google Play Store.
Recently, the app also added the ability to use it on an Apple Watch. This could further facilitate Lightning payments , for example, making them even simpler.
User reviews
BlueWallet has a positive rating of 4,3 out of 5 stars on the Apple App Store, based on 24 reviews. The Android version of the app has an average rating of 4,2 out of 5 stars, based on over 2 reviews on the Google Play Store.
Most five-star reviews praise the app for its user-friendly, minimalist design. Some negative reviews talk about bugs that the application can sometimes encounter.
How to install and use BlueWallet?
BlueWallet is an ideal Bitcoin wallet for beginners because it is similar to a regular bank account in that you can send and receive Bitcoin deposits and make payments easily.
You don't need to send your identity documents to use BlueWallet. Also, be aware that it's a non-custodial wallet. This means you must absolutely protect your seed phrase (a series of words) and not disclose it publicly. This is what allows you to access and manage your account.
When you create a Bitcoin wallet, you will receive a public key and a private key.
- The public key is similar to a bank account number as a sort of IBAN because it allows others to identify your wallet for payments.
- On the other hand, the private key is similar to a PIN, because you will need it to verify your identity in order to make payments from your wallet.
From there, you can create as many wallets as you want, and start transacting bitcoin.
Final word on BlueWallet
We highly appreciate BlueWallet for its ease of navigation and minimalist design. Unlike companies that try to sell you additional services, BlueWallet simply focuses on being a very good Bitcoin wallet with useful, not superficial, features. So, without meaning to make a pun, it's fair to say it's an excellent "minimalist" wallet for the " maximalist" Bitcoin user.
However, depending on your Bitcoin wallet needs and preferences, having only this wallet available may not be enough.
See also:
- What is the Lightning Network? (The ultimate guide)⚡
- Discover Phoenix, the Lightning wallet
- The 5 Best Lightning Network Wallets ⚡You Can Use
- More and more “Bitcoin villages” are being created all over the world
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