Block.io Bitcoin Wallet

Block.io is a wallet service established in 2015 which supports a number of cryptocurrencies. Private keys for the wallet will be stored by Block.io meaning users lose some control over their funds. Block.io do apply strong security measures by encrypting private keys with 256-bit AES cypher. Backups of the encrypted data are made on four continents. Block.io have a strong focus on availability for users and take every measure to prevent downtime. The wallet currently supports Bitcoin, Litecoin, and Doge. With not many wallets supporting Doge, this is one advantage to Block.io. Block.io does not support fiat currencies.

Wallets are hierarchical deterministic. The code is not open source which means it is difficult to accurately assess the level of security applied. Wallets do have multi-signature functionality and users can also enable two-factor authentication for an extra layer of security. Withdrawals require at least two signatures with one being the user and the other being Block.io themselves. Users can enable up to four signatures for their side for a total of five signatures required. Block.io charges no additional fees for transactions. Any fees charge represent solely the network fees for Bitcoin, Litecoin, or Doge