BlueWallet

Written By
Deniz Saat
Reviewed By
Ari Ramdial

The BlueWallet is one of the best mobile wallets for users who want to store their bitcoin while having quick access to their funds. Learn about all of BlueWallet’s features and how to store Bitcoin. This review also touches on BlueWallet’s Lightning Network integration.

Overview

Secure and easy setup.

Buy bitcoin directly in your wallet.

Lightning Network integration.

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?

The BlueWallet project was founded by Igor Kosakov, Nuno Coelho, and Marcos Rodriguez in 2017 as a response to not being able to find a suitable Bitcoin wallet for their needs. At the time of release, BlueWallet was the first available Bitcoin-only wallet along with fee control for iOS. The community response has been overwhelmingly in favor of their products because of how intuitive and sleek the design of the mobile wallet is. BlueWallet also addresses a rising demand for users to have full control over their Bitcoin funds. With features like on-chain and Lightning Network transactions, BlueWallet was able to meet an underserved market within the Bitcoin space. The team is focused on making a Bitcoin wallet for Bitcoiners by Bitcoiners. They continue to set long term goals for their products and are receptive to community feedback. This approach has made them as popular as they are today.

Features

  • MoonPay integration to purchase bitcoin
  • Peer-to-peer exchange powered by Hodl Hodl
  • On-chain Bitcoin wallet
  • Bitcoin Lightning Network wallet
  • Bech32 wallet for Native Segwit transactions (save up to 40% on transactions)
  • Watch-only wallet allows the user to watch their funds via the public address.
  • Single address wallet is a Segwit compatible wallet that will always have the same receiving address (a good option for donations)
  • Create or import wallets
  • Available for Android and iOS
  • Backups are available within the settings
  • Multilingual. Languages include: Chinese, Japanese, Portuguese, Spanish, Indonesian, Russian, Ukranian, Italian, German, Swedish, Norwegian, French, Danish, and Turkish.

Supported Currencies

The only currency supported by BlueWallet is: 


  • Bitcoin (BTC)

How does it work?

What is needed for using the Blue mobile wallet: 

  • iOS or Android phone.
  • BlueWallet has integrated Hodl Hodl for peer-to-peer transactions as well as a redirect to MoonPay if a user does not already have access to an exchange. Moonpay is available in most US states except: Connecticut, Hawaii, New York, and Rhode Island. You may refer to the list of available countries.
  • Paper or other non-digital material to copy down the pincode and seed phrase.

After downloading the BlueWallet app onto your phone:

1. BlueWallet will bring you directly to the home page. Here you may add a wallet by selecting the “Add now” button.


2. You may first name your wallet and then create a Bitcoin or Lightning wallet. The Bitcoin Lightning Network is a layer built on top of the Bitcoin network to transact small amounts of bitcoin almost instantly. This layer may be used for vendors to sell products and services directly to their customers.

You will also be given the option to import a wallet if you have the seed phrase.


3. If you choose to create a new Bitcoin wallet, you will be provided with the seed phrase for your new BlueWallet Bitcoin wallet.

Make sure to copy the seed phrase on non-digital materials like with a pen on paper or engravings on metal. Never store a copy of your seed phrase on a phone or computer. It is important to write down the seed phrase because it allows you to recover your bitcoin on another device if your phone is lost or destroyed.

The seed phrase provided here is from a test wallet. 


4. After setting up your on-chain Bitcoin wallet, you also have the option to create a Lightning Network wallet. The steps are similar to creating a Bitcoin wallet. Select the “Create” button once you have chosen the Lightning option.


5. BlueWallet will provide you with a QR code and a URL to backup your Lightning Network channels.


For any reason, if the app is deleted on your current phone, you will always be able to download the BlueWallet app again and it will still have your original wallets without the need to restore them from a backup. This feature is available by navigating to settings and may be turned on or off within the security section. However, if the phone is lost or permanently damaged, you will need to restore your Bitcoin and Lightning wallets with the backups. To locate the backups for each wallet, select the wallet, tap the three dots in the top-right, and you will be able to select the Export / backup option to view the seed phrase or Lightning URL.


Is 

BlueWallet

 safe? 

The BlueWallet team has accomplished a lot with their product and especially with the security features that they provide for their users. The BlueWallet team wanted to create a product for the sovereign individual and they have successfully done so by giving the user all of the tools needed to gain full control of their funds. 

In order to begin using the wallet, a user must first create their mnemonic phrase or 24 word seed phrase. Once their seed phrase is copied down on a non-digital material, they may then quickly generate a Lightning wallet and then save the QR code and URL. The user also has the ability to set up biometrics (face ID) in the BlueWallet settings to unlock, delete, and export their wallets or to sign a transaction. Wallets may also be encrypted with an additional password if they wish to add another layer of security. The most secure option would be to encrypt the wallet with a password. BlueWallet also gives the user the option to set up decoy wallets in case they are forced to unlock their wallets. A decoy wallet may only be activated if the user has their encryption password set up. Additionally, a new wallet address is generated for every new transaction to improve the user’s privacy. This will ensure that not all funds are tied to an individual’s identity. The BlueWallet team continues to add more privacy features as demand grows.


Pros of 

BlueWallet

  • Buy and store your bitcoin all in one place
  • Lightning Network integration
  • Modern design and easy-to-use interface
  • Open-source as well as open to community feedback

Cons of 

BlueWallet

  • No two-factor authentication
  • Need to provide tutorials for new users to take advantage of all the available features

FAQ

1. Does BlueWallet charge fees for sending or receiving bitcoin?

The BlueWallet mobile wallet does not charge fees for executing transactions. Network or miner fees are still applicable but can be customized before transacting. 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 BlueWallet support more assets in the future?

BlueWallet will only support Bitcoin.

3. What information does BlueWallet have access to?

No personal information or KYC is required to use BlueWallet. The exchanges that BlueWallet redirects the user to may require an email and additional information. BlueWallet’s on-chain Bitcoin wallet is non-custodial but the Lightning Wallet is custodial by default. A user may download their server code and host it themselves and assign it within the app to make their Lightning Wallet non-custodial.

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

Yes, BlueWallet is able to import other wallets via QR codes or recovery seeds.

5. What is your support policy?

The best place to reach the team for support would be through their website chatbot or by direct messaging their company Twitter handle.

6. Does BlueWallet support 2FA?

Not at this time and there are no confirmed plans to do so.

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 (and the Lightning Network URL), 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 wallet. BlueWallet does not have access to your on-chain funds. The backup for the Lightning wallet are stored with BlueWallet but a user may download their server code and host it themselves and assign it within the app to make their Lightning Wallet non-custodial.Bad actors are unable to remotely access a user’s on-chain funds. The 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
Ari Ramdial
CEO of Rhodium Labs

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