blue wallet review

BlueWallet: Review of the minimalist LN Bitcoin wallet

What you need to know about BlueWallet

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 a open-source Bitcoin wallet, meaning that it was not invented by a single person, but rather developed by a community of contributors. The BlueWallet project was created by a team of passionate Bitcoin developers who collaborated to create a user-friendly and secure mobile Bitcoin wallet. This means its MIT licensed source code which is accessible to everyone and can be verified and improved by the community.

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

The activation of a MultiSignature wallet will add another layer of security to your bitcoin holdings. The MultiSignature feature works similarly to multi-factor authentication, requiring two or more private keys to confirm any transaction. BlueWallet allows you to easily create multi-signature wallets, which then allows you to strengthen the security of your bitcoins. It is recommended for wallets with large amounts.

Lire: Discover 3 multisig wallets for enhanced security

  • Manage a “Watch Only” wallet

Creating a wallet called “Watch Only” is a new feature that allows you to “monitor” your hardware wallets / cold wallet such as ColdCard or a Trezor for example. It is then possible to import the public, xpub or ypub address of your physical wallet without needing to connect online or touch your private key. You can then observe the balance of your wallet (and check for possible losses), without having to log in. A significant time saver for those who have physical 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.

bluewallet security

      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 does not charge you directly for transactions, fees exist and these are the fees that must be paid to miners for the execution of the transaction which can vary depending on the times and the network hahsrate. These transaction fees are then 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 quickly became unavoidable for security in the cryptocurrency world, which puts BlueWallet at a disadvantage when it comes to user security. However, you should know that the application gives us the possibility of adding a password and an 8-digit Pin Code to open the application. This still allows you to secure access to your funds in a simple way.

      • Lack of tutorial and education

      Certainly, the BlueWallet wallet is user-friendly but the platform does not offer specific tutorials or resources to help new users. However, there is documentation with user guides. This can then be destabilizing for a complete novice. However, 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 implemented the ability to use the app on an Apple Watch. This may further promote payment in Lightning, for example in an ever simpler way.

      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 do not need to send your identity documents to use BlueWallet. Likewise, you should know that it is a non-custodial wallet. This means that you will absolutely have to protect your seed phrase (consisting of 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 really like BlueWallet because of its ease of navigation and minimalism. Unlike companies that try to sell you additional services, BlueWallet is content to be a very good Bitcoin wallet with useful, not superficial, features. So, without bad puns, we can say that this is an excellent “minimalist” wallet for “maximalist” Bitcoin...

      However, depending on your Bitcoin wallet needs and preferences, having only this wallet available may not be enough.

      See also:

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      8.3final match.
      If you are looking for a user-friendly mobile wallet with a minimalist user interface and Lightning Network support, BlueWallet may be a good choice. However, if advanced security and features are essential to you, there are other Bitcoin wallet options.

      Moctar Bouraima

      I am passionate about what Bitcoin can bring in terms of financial emancipation and it is with great joy that I share my articles on the subject; Whether it's blockchain, web 3, DeFi, because I know that it helps in one way or another to move the ecosystem forward.

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