Blockchain.com wallet

1. Introduction

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.

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.

2. Download and install

From your mobile device, open the 'Play Store' and search for 'Blockchain Wallet' or click this link: Blockchain Wallet: Buy and Sell Bitcoin & Crypto - Apps on Google Play 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:

Version: 8.2.1 as of January 11, 2021

Offered by: Blockchain Luxembourg S.A

• The `Version` number will change as the app is updated over time. The important part to verify is the `Offered by` field.
Remember the phrase trust, but verify. Taking the extra step to verify can prevent loss of funds. Trust, but verify is an important concept in having a security mindset.

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 Section 5. Securely back up your seed phrase.

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 wallet app or can be imported into another wallet that supports BIP39.

You can think of your seed 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.

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 Android app using the wallet's default method. Let's get started.

If you already have a pre-generated recovery phrase, proceed to Section 6. Initialize or import recovery phrase.

To create a new wallet with a new recovery phrase in Blockchain.com Wallet:

• Open the Blockchain.com app and tap on `Create an Account`.
  • The default screen will show 3 options: `Create an Account`, `Login`, and `Recover Funds`.
  • Select the option `Create an Account`

• Enter your email and password.
  • When you login to your wallet, you will use your password and your Wallet-ID. Blockchain.com will email your Wallet-ID to you.

• Set up your 4 digit pin
  • Your 4 digit pin will be used to unlock your wallet after you have logged in.

• Verify your email address
  • It is very important that you use a valid email address when creating your wallet. Blockchain.com will email you your Wallet ID, a 32-digit alpha-numeric code that you need every time you log in to your wallet.
  • Blockchain.com will email you a link to verify your email address. This link will contain your Wallet ID. Click on the link to verify your email address.

4. Verify your recovery phrase

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.

Where to find your recovery phrase?

• Open the menu by tapping on the 3 lines in the upper left-hand corner of the screen and look for `Backup My Funds.` Tap on `Backup My Funds.`
• Blockchain.com Wallet will show you 1 word at a time. Write down the word and tap on next, and write down the next word. Proceed to write down all 12 words. It is very important to write the words in the correct order. You will see why in the next step!
• Blockchain.com Wallet will now ask you to type in 3 random words, based on the order. For example, they will ask you to type in the 1st word, 4th word, and 9th word.

You are now ready to proceed to securely back up your funds.

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 Vault12 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.

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.

We did extensive research and compiled the best ways to back up your recovery phrase.

We cover all the most well-known options, including next-generation options like How to back up your recovery phrase in Vault12.

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 wallet using the default approach, using the app to `Create a Wallet`, then congratulations! You are ready to start using your wallet.

If you followed one of our guides for pre-generating a more secure seed phrase, for instance using Vault12, 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 only your recovery phrase. There are 3 main reasons to generate your wallet using this method:

• You lost access to your wallet, and you need to regain access to your wallet and your funds.

• You want to access your wallet and funds using a different wallet app.

• You want the best security, and you generated a recovery phrase using an advanced method.

Blockchain.com Wallet makes the process super easy and user friendly. Let's get started.

• Open the Blockchain app. You will see 3 options on the main screen. `Create an Account`, `Login`, and `Recover Funds`. Select the option 'Recover Funds`. A warning will pop-up indicating that blockchain may generate a new wallet-id for you. Accept by tapping on `Continue`.

• Blockchain.com Wallet will now prompt you to type in your 12-word recovery phrase. Proceed to type in your 12-word recovery phrase.
• Typing the words in the incorrect order may lead to an error, or just result in another wallet being initialized, containing no funds. But there will be no error message. I think it's worth mentioning.
  
  Example:
  1. among keen boring hold cruel lawsuit senior dress joke lunar cover venue
  2. among keen boring cruel hold lawsuit senior dress joke lunar cover venue
  
  Both valid seeds, only 2 words are swapped
  
• When finished typing in your recovery phrase, look it over to make sure it is correct, then tap on `Recover Funds`.
• If you have never used Blockchain.com Wallet with this recovery phrase, you will be prompted to input your email address and a password. If you have used this recovery phrase with Blockchain.com Wallet before, you will be brought automatically to the next step.
• If you have never used Blockchain.com Wallet with this recovery phrase, you will be prompted to input your email address and a password. If you have used this recovery phrase with Blockchain.com Wallet before, you will be brought automatically to the next step.

• Blockchain Wallet will now ask you to set up your pin number. Your pin number is a 4 digit code used to unlock the wallet on your device after you have signed in. Think of it as a pin for your ATM card. Type your pin number, tap `continue`, verify your pin number by typing it again, and tap `continue` again.

Note: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.

You should now be at the wallet home screen. Congrats! You have just created a Blockchain.com Wallet by importing a recovery phrase.

7. Further Reading

In the world of cryptocurrency, knowledge is your best friend.

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.

Check out these resources for your wallet:

• Blockchain.com User Documentation
• Blockchain.com Blog
• Blockchain.com Advanced Security Settings

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.

Check out these resources about securing crypto wallets:

• Benefits of using an encrypted digital vault, like Vault 12
• How to back up a seed phrase on paper
• All about RNG's - Random Number Generators and why they are important