Blockstream Green

Written By
Deniz Saat
Reviewed By

The Blockstream Green wallet is everything you need in a Bitcoin mobile wallet. Learn about all of the features that Blockstream has integrated into the Green wallet.

Overview

Secure and easy setup.

Integration of Liquid and Bitcoin Testnet.

Full control of bitcoin funds.

Overall Rating
  • Features
  • Ease of Use
  • Security

Jump to Section

Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

Blockstream has been providing products built on top of Bitcoin since 2014. Led by Adam Back, a cryptographer and cypherpunk, he and his team of passionate cryptographers and developers continue to provide software, hardware, and services for a wide range of industries that utilize Bitcoin. Specifically for their mobile wallet, the Blockstream team is focused on providing the most convenient and secure way for users, traders, and developers to get what they need from the Green wallet. This mobile wallet is perfect for everyday users who wish to transfer and store their bitcoin. The Liquid network is a sidechain for traders who move large funds between institutions. Green wallet provides a Liquid wallet within the app to make it convenient for traders to quickly store and move their funds. Also included in the Green wallet is a Testnet wallet that may be used by developers or hobbyists. Testnet is a network that is utilized for the sole purpose of testing the Bitcoin Core source code and even products that are built on top of Bitcoin.

Features

  • Pincode for signing into the wallet.
  • Two-factor authentication may also be enabled for added security.
  • Ability to set an auto logout time for the user’s account.
  • Proxy server and Tor connection for added network privacy.
  • Portfolio value page. Users may customize the denominated values.
  • Send and receive bitcoin funds.
  • Can move bitcoin into Green wallet using private keys from paper wallets, Bitcoin ATMs, or other wallets.
  • Generate multiple Bitcoin addresses to increase privacy.
  • Customize network fees and times for withdrawing funds.
  • Ability to set up a Liquid and BTC Testnet wallet.
  • Hardware wallet support with Ledger and Trezor.
  • SPV to verify transactions on the user’s end with their own node.
  • Multilingual setting. Multiple languages are available, including: Chinese, Dutch, English, French, German, Italian, Japanese, Korean, Russian, Spanish, Ukrainian, and more to come.

Supported Currencies

The main currencies supported by the Green mobile wallet are: 


  • Bitcoin (BTC)
  • Liquid
  • BTC Testnet

How does it work?

What is needed for using the Green mobile wallet: 

  • iOS or Android phone.
  • Access to an exchange to purchase bitcoin.
  • Paper or other non-digital material to copy down the pincode and seed phrase.

After downloading the Blockstream Green mobile wallet onto your phone:

1. The Green wallet will have the user first create a new wallet and then copy down their seed phrase, 6 words at a time. After they are written down, the user is then quizzed for various seed words to make sure that the user has a written record of each word. 

It is important to write down the seed phrase because it allows you to recover your Bitcoin funds on another device if your phone is lost or destroyed.


2. The user will then be prompted to create a pincode that must be 6 digits. The user has the option to choose a familiar set of numbers, but it is recommended to select them at random.


3. The user will then have access to their account and create multiple Bitcoin wallets from the main screen here.


Before the user is able to access their Bitcoin wallet, they are given the option to set up two-factor authentication through email, SMS, Call, or the Google Authenticator app. The most secure of the four options will be with the Google Authenticator app because a bad actor will need to be physically present with the phone in order to view the generated code. The other three options have the potential to be sim swapped or accessed remotely. A user may skip this process and go straight to their wallet but it is advised to set up two-factor before transferring funds into the wallet. If the user decides to skip two-factor, they will always have the option to complete the setup at a later date. The Green wallet also uses PGP to encrypt an email being used with the mobile wallet. SPV is another added feature that may also be implemented. If the user already has a node set up at home or in a secure location, this will ensure that they may self-verify all transactions within the Bitcoin network.


Is 

Blockstream Green

 safe? 

Blockstream Green is one of the most trusted mobile wallets on the market because of the team behind it. Adam Back has assembled a company with leading experts to provide an open-source online digital asset wallet that may be used by individuals, institutions, and developers. With security and privacy in mind, the Green wallet integrates all of the latest measures needed to keep user funds safe. This is ultimately up to the user for whether or not they wish to take advantage of all the security tools provided by Blockstream. Security measures like a pincode for the app itself and copying down the seed phrase are necessary to create a wallet, but it is important for users to be aware that they have the options to set up two-factor authentication, use Tor or a proxy server for executing transactions, and that it would help to also have a pincode for their phone as well.


Pros of 

Blockstream Green

  • Extensive security features
  • Sleek design that is intuitive for intermediary to expert users
  • Open-source


Cons of 

Blockstream Green

  • Not able to buy Bitcoin from the app
  • No Lightning Network integration yet
  • Some features may not be user-friendly for beginners


FAQ

1. Does Blockstream Green charge fees for sending or receiving bitcoin?

The Green wallet does not charge fees for executing transactions. Network or miner fees are still applicable when sending to and from the wallet. These fees are necessary to pay the miners for recording user transactions on the blockchain. Fees vary depending on how long a user is willing to wait for confirmations on the network. Other fees that an exchange or platform may charge are separate and generally pay for the convenience or service they provide.

2. Will Green Wallet support more assets in the future?

The Green wallet team does not have any plans to do so.

3. What information does Blockstream Green have access to?

No personal information or KYC is required to use the Green wallet.

4. Can I migrate from another wallet like blockchain.info? Can I sweep private keys into my wallet?

Yes. You may select to restore a wallet upon initial set up, or sweep funds from another wallet by selecting the settings tab.

5. What is your support policy?

Support is offered on a best-effort basis. The Blockstream team is working to improve on support time.

6. Does the Green wallet support 2FA?

Yes, two-factor is available. You will be prompted to activate this security feature upon set up or you may skip it and complete the process later in settings.

7. What happens to my Bitcoin if I lose my phone?

Nothing happens to your bitcoin if your phone is lost. As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all funds. Unfortunately, if that seed phrase is lost and you no longer have access to your phone, the bitcoin is inaccessible. You should never keep more money on your phone than you are willing to lose. 

8. What happens to my funds if the wallet’s server is hacked?

All funds are stored locally on the mobile phone. Blockstream Green does not have access to your funds or account for the app. Bad actors are unable to remotely access user funds. All funds are only available locally on the mobile device. A bad actor would need to obtain the device itself and then be able to bypass all security layers that the user has implemented. It is important to activate all necessary security features, keep the backups of each wallet, and never store a significant amount of funds in a mobile wallet.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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