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Block.io Bitcoin Wallet Review
Block.io Bitcoin Wallet
www.block.io
(0 reviews)
Site Rank: 18

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

Pros & Cons
  • Supports Doge which is not supported by a lot of wallet services
  • Withdrawals require at least two signatures
  • Users can enable two-factor authentication
  • No additional fees
  • Strong focus on availability
  • Users give up control of their private keys
  • Does not support fiat currencies
  • Fiat currencies are not supported
  • Although Doge is supported, the overall cryptocurrency is limited when compared to competitor wallets