There is a digital wallet that allows its users to store and manage their Bitcoins and Ethers, as well as cryptocurrency transfers. This digital wallet is called “Blockchain Wallet”. Blockchain Wallet provides users the ability to convert cryptocurrency transactions back into their local currency. This digital wallet is under, well of course, Blockchain--the company founded by Peter Smith and Nicolas Cary. Creating a Blockchain Wallet is free and you can do the account setup process through online. As the wallet holder, you have access on your e-wallet by logging into the website of Blockchain. Users also have another option which is through its mobile application. The current wallet balance for both Bitcoin and Ether tokens are shown on the interface of the Blockchain wallet. The most recent transactions of the user are also displayed on the interface. This is to help the users have a better access and hold on the transactions that they make. Blockchain Wallet charges dynamic fees and these such as transaction fees that vary based on certain factors. One factor could be the transaction size. In this article, we are going to discuss Blockchain Wallet’s transaction fees and its purpose to your cryptocurrency transactions done through your Blockchain Wallet.
The send-and-receive process in Blockchain is quite like the transaction process of funds through PayPal, an example of an online payment provider that facilitates online transactions. The use of cryptocurrencies by the Blockchain Wallet is the main difference. As previously mentioned, users can also exchange Bitcoins for Ethers or Ethers for Bitcoins as well. A quote indicating how much users will receive based on the current exchange rate is shown to the users. The rate depends on how long a transaction takes for a user to complete. However, it can take a while for transactions to be added to each currency’s Blockchain. For that reason, exchanges do not appear immediately in the wallet.The transaction fees in the Blockchain Wallet are charged to users when performing crypto transactions. In order to process the transactions on the network, these fees are collected. Users need to pay the Blockchain transaction fee so they can ensure that their crypto transfers arrive timely. The transaction fee is one of the main tools used to speed up the cryptocurrency transactions in the Blockchain network. This is due to the fact that the Blockchain network can often have high congestion because of the amount of transactions done. This kind of situation results in having slow transactions.This is where transaction fees come in. If the blockchain fee is relatively lower, your transaction would also be considered as a lower priority in the Blockchain network.
On the Level 1 Security of Blockchain Wallet, the features are designed to prevent users from losing access on their accounts. This security feature allows users to have an email verification, to create a 12-word back-up recovery phrase which can be used if the user has forgotten their password, and to set up a password hint. The password is not stored by Blockchain. On the Level 2 Security, the features are designed to prevent others from gaining unauthorized access to a wallet. This security level includes features like linking a phone number to the account where the user will receive a 1-time password when the account is logged into and creating a 2-step authorization. On the last level, Level 3 Security, the security feature allows users to block TOR requests. TOR allows users to dispatch their web traffic through multiple computers by its global network of servers. The TOR actually has a goal of preventing anyone from tracing the origins back to the user so although TOR is legitimate, it can still be used for odious purposes by anonymously hacking into a digital wallet. Users with such intentions can do it easier since a trace would not be able to identify the original user. This is why it can still be dangerous and this is why Blockchain Wallet has this security feature on Level 3 Security. Through these 3 security levels that Blockchain Wallet has, users can be guaranteed that their transaction experience is smooth and well-secured.
Back to the transaction fees, one must always look out for a transaction’s confirmation, whether you are the sender or the receiver. The necessary minimum fee for a transaction to get valid and completed varies over time As the number of received blocks in a period of time varies, the maximum block size also varies. Also remember that both incoming and outgoing transactions must confirm. Another thing is about avoiding delayed transactions. Again, for transactions to be confirmed quickly, it’s important that you include a sufficient transaction fee. Users of the Blockchain must also take note of the fact that the Blockchain fee is not a Wirex fee. Instead, it is a standard fee that is applied to all on-chain cryptocurrency transactions. Of course, every transaction in the cryptocurrency world must be added to the Blockchain as it is known as the official public ledger of all completed transactions. This is also done in order for the transactions of the users to be considered valid and successful.