Comparing two of the most futuristic cryptocurrency wallets in the market.
Why do we need security in the Crypto wallets?
Security must be the at-most factor that each individual must be looking out for when it comes to the storage of cryptocurrency funds. The precise reason is that there are scammers and hackers everyone around looking for a single opportunity to bring their crooked ideas to life. Therefore, we as customers must not leave a room, for them to, execute their minds. There are a lot of cryptocurrency wallets available out there and basically are of two types hardware and software wallets. The hardware wallets are preferred over software wallets, as they are a lot safer than the software wallets. But two most prominent software wallets Blockchain and Bitpay wallet are proffered by most cryptocurrency investors. Let us compare Blockchain wallet vs Bitpay wallet.
Blockchain wallet vs BitPay wallet: Introduction
The Blockchain wallet describes itself as one of the most popular and used cryptocurrency wallets, with over 15 Million registered wallet users. The interface is highly simple and interactive in nature, which indirectly points to the usage of the wallet in an easy fashion. On the other side of the spectrum, BitPay was founded in 2011, as a Bitcoin payment provider. The organization has expanded its operations, with BitPay wallet, BitPay cards, apart from checkout services for the merchants. It has been one of the most preferred ways incorporated by the merchant stores across the world.
Blockchain wallet vs BitPay wallet: what are the functionalities of each?
The Blockchain wallet us actually nothing but a software wallet available for mobile and desktop usage. According to experts, Bitcoin and Ether transfer are made simple by the usage of Blockchain wallet. It has even joined hands with some of the major crypto exchanges, which gives them an added advantage over other similar croup wallets in the market, as the transfer are supported by them. Initiated in 2011, the BitPay wallet is quite popular, which is 2014, claimed to be transacting $1 million worth of USD, each day. Statistics even suggests, that it the largest Bitcoin payment provider across the world.
Blockchain wallet vs BitPay wallet: Understanding their collaborations and security measures.
The Blockchain wallet is compatible with Android, iOS, as well as available it is available as a website. It even incorporates advanced security systems suggest two-factor authentication, in order to provide the most security. The users are also given an opportunity to buy or sell cryptocurrencies directly to through their Blockchain wallet. The BitPay wallet was originally founded by Tony Gallippi and had been collaborating with major software companies like WordPress, PayPal, NewEgg, Microsoft, TigerDirect, Warner Bros. Records, etc. All such collaborations have boosted the economy of the Bitpay wallet. It is also very well known for its open source projects in the field of Bitcoin like Bitcore and Copay. Also, their Bitpay card which is nothing but a debit or credit card which seamlessly allows the users to use it, instead of the visa card at the merchant stores.
Blockchain wallet vs Bitpay wallet: What is the fee structure for each?
In the case of the blockchain wallet, the transaction fees are automatically deducted based on the network congestion and other real-time factors. Nevertheless, the users are provided with an option to set the transaction fees which going directly affect the speed of the transaction confirmation. Whereas, on the other hand, the Bitpay wallet accepts a constant transaction fee of around 0.99 percent. The BitPay wallet is quite redundant and slow when compared to the Blockchain wallet, as Fiat to Crypto conversions might take more than 24 hours to get completed. However, the user can use the BitPay card with 0% transaction fees. However, the fee structure is quite complex when it comes to the ATM transactions.
Blockchain wallet vs Bitpay wallet: Which one is better on an overall basis?
The Luxembourg based, Blockchain wallet doesn’t require the user to download or install any kind of application to use it but the users can just visit the blockchain that info website and use its services. But they need to download a mobile application for its usage on mobile phones. Atlanta based Bitcoin payment platform, Bitpay has been raising funds from top investors like Richard Branson, Founders Fund, Index ventures, etc. Originally founded with a sole intention of democratizing the usage of Bitcoin payments, BitPay has become one of the biggest Bitcoin payment processes in the world. In a nutshell between prove to be highly successful in its domain as it covers other core branches of payment processing too.
Which wallet is better according to you? Tell us in the comments section below.