Categories: Crypto Currencies

How To Withdraw Bitcoin From Blockchain?

The most popular service for storing cryptocurrency is the blockchain wallet. With its help, users have created over 22 million online wallets. The project collaborates with many well-known companies and personalities in the world of digital currencies. It is widely used due to its user-friendly interface and simple control. There are both advantages and disadvantages when using it, therefore, before making a decision, you need to study its distinctive features in detail.

Blockchain wallet: What is it?

Blockchain wallet is an online service for securely storing and exchanging cryptocurrencies. It was founded in 2011 by a Luxembourg-based company and was the first such project. It was originally created only for BTC, but later support for Ethereum and Bitcoin Cash was added. You can login to the system via the Internet using any device that supports this function. Additionally, mobile applications for Android and iOS are provided.

The company cooperates with large trading platforms, so purchase and sale operations can be carried out directly from the interface of the personal blockchain wallet. The process is not complicated and takes place promptly. The user is offered a commission for conducting transactions, which depends on the amount and network activity. But everyone can independently set its size, which affects the speed of confirmation of the operation, and if the amount is too small, the payment may be rejected. Additional account security settings are available, they will be described in more detail below.

How to create a blockchain wallet?

In order to create a new account, you need to go to the official website of Blockchain Info. Then it is enough to follow the recommendations of the system:

-Start registration by clicking “Sign up”.

-In the window that appears, indicate your e-mail, come up with and confirm a complex password, agree to the terms of service.

-Open the letter and confirm the specified email.

-When you re-enter, your personal address (login) for transfers will be displayed.

-Further, the blockchain wallet is completely ready for work, but it is better to take measures to increase the level of security.

Now you can transfer virtual currency from other storages or purchase a new one at any of the numerous trading platforms and exchange offices.

When transferring, you should correctly indicate the address for a specific cryptocurrency, in case of an error, a refund is not provided. Transferring funds to another address is also straightforward. After choosing the asset, beneficiary and comment on the payment, you can agree with the proposed commission or set the desired value. The size will directly affect the speed and success of the operation, so you should not be greedy in case of urgency.

Internal exchange is not difficult to accomplish, and the process does not take much time.

How to withdraw bitcoins from the Blockchain wallet?

There is only one way to do this: transfer virtual currency to another user’s wallet address. So you can pay for goods and services.

Also, bitcoins are sometimes converted into other currencies and transferred to a bank card through an exchange service.

To withdraw cryptocurrency from the Blockchain wallet, click “Send” in the central part of the site:

In the form of translation:

  1. Choose a cryptocurrency.
  2. Indicate the recipient’s address. These can be cryptocurrency exchanges, exchangers, etc.
  3. Write the amount.
  4. Indicate the commission.

In transactions, when choosing a cryptocurrency, information about the transfer, its status (confirmed or not) and a link to tracking in the Blockchain browser will be indicated.

Remember: You should not indicate too low a commission, it may not be confirmed and return back in a few days. It is better to look at the actual commissions on the website bitcoinfees.earn.com. For example, today the optimal one starts from 17 sat / b, the confirmation time is about 30 minutes.

How to get private keys in a Blockchain wallet?

To create an address and a private key in the Blockchain wallet, a bip39 mnemonic phrase (seed) is used. You can see it by logging into your account and going to the section “Settings – Security – Phrase to restore the wallet”.

To obtain private keys from the Blockchain wallet, follow these steps:

Go to the online generator iancoleman.io/bip39/.

  • Specify the number of words: 12.
  • In the BIP36 Mnemonic line, enter all the mnemonics in order.
  • Go down to the bottom of the page in the “Derived Addresses” section.
  • Find a private key opposite each used blockchain wallet address.
  • Export the required keys to another wallet: Electrum, Bitcoin core, etc. or to another account on the Blockchain.

Before the procedure for obtaining private keys, it is better to update the anti-virus databases, check the computer for viruses. You cannot share the key with anyone and store it in a public place. With a Private key, fraudsters will take all funds.

Blockchain wallet review

Blockchain wallet is a good solution for online work with small amounts. The service is suitable for both beginners who are starting to learn cryptocurrencies and experienced users. Pros: quick registration, advanced security settings, exchange operations. An important advantage is a long service life (over 8 years) and a good reputation. To restore a wallet, a mnemonic phrase is available, with its help you can export funds to another wallet. Negative points: there are only 3 cryptocurrencies in the listing; private keys are stored on the service side.

Olivia Chloe

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