BlueWallet: Bitcoin-Only Wallet
BlueWallet is a bitcoin-only, self-custodial wallet. It is open-source, and allows you to send, receive, buy, and store bitcoin.
Description
BlueWallet is a bitcoin-only, self-custodial wallet for on-chain transactions. The wallet is available for desktop and mobile (Android and iOS). It is open-source, and allows you to send, receive, buy and store bitcoin.
BlueWallet will stop offering Lightning wallet on April 30th. If you have sats on BlueWallet’s lightning node, please move them to another service or wallet such as Phoenix, Breez, and LNbits as soon as possible. See the full announcement here.
How to use BlueWallet
To start with BlueWallet, you need to download it on your mobile from Google Play, Apple Store, or your desktop. The next step is to add a wallet. You can choose from Bitcoin, Lightning, or Vault wallets. You can create as many wallets as you want. To back up your wallet in case of loss, write down a mnemonic phrase of 12 words. You can use the Lightning Wallet as a non-custodial wallet, however you must connect to LNDHub (a Lightning plugin) and store the wallet backup if you have your own LND node. A Vault is a 2-of-3 multisig wallet. Two created vault keys will be used to make transactions, and the third one is for backup.
Advantages of BlueWallet
The wallet supports more than 20 languages and 30 currencies, which enables you to conduct transactions in your native language and currency. It has hardware and mobile compatibility. It can sync with most wallet types, including Electrum and Bread (BRD), which will appear in the “Wallets” tab as soon as you import them. You can connect to hardware wallets via a watch-only wallet. You cannot carry out transactions but only receive bitcoin and check out the balance. It works with Trezor hardware wallet, Coldcard and Ledger Wallet as well.
To preserve your privacy you can buy and sell bitcoin without KYC with BlueWallet. The wallet has integrated HodlHodl, a peer-to-peer Bitcoin exchange. To use this feature, you need to create a HodlHodl account and use the Local Trader feature in your wallet.
Another interesting feature of the wallet is plausible deniability. Its basic function is to generate additional fake encrypted storage in case you are forced to reveal your password. In this case, false storage will be displayed, and your funds will be safe.
BlueWallet supports Payjoin or Pay-to-endpoint, one of the types of CoinJoin technology that enhances the privacy of the sender and the receiver. Other beneficial features include watch-only, multisig, and the ability to send multiple transactions in one batch.
Disadvantages of BlueWallet
BlueWallet’s on-chain wallet is self-custodial, which means that you have full control of your private keys. However, the Lightning component of the wallet is custodial, implying that BlueWallet holds your funds on your behalf.
Another disadvantage of this wallet is the need for detailed instructions for those who are just starting to use the application. Without these educational materials, it will be quite difficult to master all the service’s functionality.
Like all hot wallets, transactions are done online. BlueWallet can be subject to hacker attacks. This is a potential risk with any software application. However, the developers of BlueWallet have implemented multiple security features to help protect your information.
It is critical to exercise caution when using the default Lightning settings in the BlueWallet wallet because it is custodial, which means BlueWallet holds the funds on your behalf. You should only keep small amounts of bitcoin there. Larger amounts of bitcoin should be transferred to a self-custody wallet for added security.
Additional information
| Bitcoin Only | |
|---|---|
| Lightning Network | |
| Source Code | |
| Mobile App | Yes |
| Desktop Version | Yes |
| Operating System (OS) | |
| Multisig | |
| 2FA | |
| SegWit | |
| PayJoin | |
| Watch-only | Yes |
| LNURL | |
| Batch Transactions | Yes |
| Hardware Wallet Integration | |
| Built-in Exchange | Yes |
| Non-custodial wallet (self-custody) | |
| Multi-Language | Yes |
| Languages | Over 30 languages: English, Chinese, Japanese, Portuguese, Spanish, Indonesian, Russian, Ukranian, Italian, German, Swedish, Norwegian, French, Danish, Turkish, etc. |
| Year Launched | 2017 |
| Made in | Spain |
| Headquarters | Barcelona |
Ace –
One of the best things about BlueWallet is that it is a non-custodial wallet, which means that you have complete ownership over your Bitcoin assets. The app is straightforward and easy to use, but the user interface could be more user-friendly.
I did find that the sending and receiving options for Bitcoin were a bit difficult to navigate at times, but overall my experience using BlueWallet was positive. Despite the minor issues with the user interface, I appreciate the focus on security and ownership that comes with a non-custodial wallet like BlueWallet.