Some time back, during one of my visual walks on the Internet streets, I came across an interesting discussion on Block.io, a cryptocurrency wallet and decided to become a part of it, albeit on a different forum. In this article, I will attempt to break down what Block.io is for you and whether it’s a good investment or not and why. You can join the discussion in the comments or via our mailbox.
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What is Block.io
Block.io is an online cryptocurrency wallet which basically provides the security you need to protect your cryptocurrency. The wallet deals in 3 of the most popular cryptocurrencies in the world right now, namely: Bitcoin, Litecoin and Dogecoin.
In technical terms, Block.io is a multisig wallet, meaning that all outgoing transactions have to be approved using multiple signatures. As it is, the site requires up to 5 signatures to complete a transaction. Four of these are from the user’s side while one is from the site. This model makes Block.io one of the most secure wallets on the Internet.
Easy to use
Block.io is relatively easy to use and is designed for use by both the end users (clients) and developers. It therefore comes with a ready-to-use API to assist developers in integrating the wallet and its features with their applications. The site claims that to date, more than 500 developers have used the provided API to develop 60 applications. We, however, cannot substantiate the claim which makes it as believable as the fallacy that politicians want the best for us ordinary citizens.
Nevertheless, Block.io is quite a popular website, especially in the US, Germany, India, Brazil and Sweden, and has a global Alexa rank of 63,007 at the time of writing.
Security
Block.io provides security on two levels – account security and security for your funds. On account security, there is the standard password authentication and an additional layer requires you to confirm every login attempt by clicking on a link sent to your email. This additional layer is optional and will require you to sign in to your email using a different device. This presumably keeps your account safe in case a person uses a key logger and manages to obtain access to your computer.
On securing your funds, Block.io uses the multisig model as earlier stated. Since the site controls only 1 out of the 5 signatures, your funds will remain safe even when the site is compromised or hacked. For withdrawals, you will be required to key in an ultra secure 8 character PIN (created by you) to get the process started. The site also gives you a unique seed pin, which you can use to access your account in case you forget your pin or other credentials.
Deposits and Withdrawals
Block.io allows you to deposit and send cryptocurrency to about new 100 addresses (Free Plan). If you need to send funds to more addresses, you will have to pay for it to a tune of $949.99 per month.
Withdrawing your funds should not be a hassle at all. All you need to do is key in the receiver’s address, amount of currency to be sent and your PIN and the process will begin. The time it takes to access your funds will depend on the priority attached to the withdrawal request. Typically, higher amounts are more prioritized and the withdrawals are completed faster compared to smaller amounts.
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Block.io Review Conclusion
Block.io may not sound like a serious venture but it is, ironically. I found the wallet’s performance to be satisfactory although I won’t recommend it as I have seen better, cheaper and more convenient cryptocurrency wallets. All in all, if you were planning on using the Block.io Wallet, you have the green light from me.
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Block.io is a good wallet, never had an issue with them. Yeah, the support is slow, but they will help you eventually… 🙂
Also their API works very nice!
boa noite, eu tenho uma conta Block,io mais não estou entendo muito bem tenho conta de bitcoin envio para a carteira só que não vejo para onde esta indo os bitcoins minerados, eu pergunto a minha carteira que foi gerada como o endereço de bitcoins e a carteira privada como vou saber como esta a minha conta a mineradora é Blockchain gerador de bitcoin eu quero tira esta duvida tem como me ajuda, e por falar sobre sacar este valor de 123$
I sent some bitcoin to my block.io wallet I never received it and that was the first time I used their site. block.io is a huge huge scam I saw my money disappear just like that 0.012 BTC gone
I alse have a experince on blick.io there is no really support, you cant trust such a service
I tried to use their API but it seems SCAM yes, nobody answer there is no support, it’s like a dead site
My opinion about block.io is easy, its scam! I tried to withdrawel my BTC from there to another adress, selected the priority it told me about how much cashout is maximum posssible and I treid that, afterwards it told me transaction fee would be about 0.3 BTC which is clearly scam and not possible due to it said to me fee would be aroun 0.0032