Although not the most popular exchange in the crypto sphere, Blockchain.com offers something new to the table in the form of a blockchain explorer. This technology may seem complicated at first but it is an added feature that’s worth checking out.
Find out everything about Blockchain.com here at BTC Post and know whether it can provide you with the necessary features that will prove useful for your crypto transactions!
What you need to know about Blockchain.com
The Blockchain.com exchange is an explorer and wallet that offers several key features to help you with crypto transactions. It started as an early pioneer for the key infrastructure of the Bitcoin community in 2011 by offering a Blockchain Explorer that allows you to keep track of ledger transactions.
From around 2012 up to 2020, it accounted for 28% of all Bitcoin transactions in the world.
What is a blockchain explorer?
A blockchain explorer is a site people use to track blockchain transactions. Here, you can details about every transaction on a specific blockchain including the number of coins sent, wallet addresses of the sender and recipient, date and time of the transaction etc. Numerous blockchain explorer sites are available today but the first-ever created is Blockchain.com.
It was the first blockchain explorer platform launched during the first few years of crypto in the mainstream digital sphere. People used it to keep track of the status of pending transactions or view the balance of their wallets without having to look at the wallet itself.
This was a useful platform most crypto people used before exchanges became popular. As the technology grew, Blockchain.com’s services expanded until it also became a custodial wallet that you can use for trading.
The platform was established by Ben Reeves in 2011 when he launched a website where crypto enthusiasts of the time can easily track Bitcoin transactions. With the help of co-founders Nicolas Cary and Peter Smith, the platform was able to provide service to more than 60 million users.
Blockchain.com enabled crypto enthusiasts to examine transactions and study the blockchain through the explorer feature. It was first introduced to the public as Blockchain.info until the platform expanded its services and became known as the exchange that it is today.
Overview of the site
The Blockchain.com exchange is easy to use with a platform that has a simple design. This allows users to explore the functionality of the site as they go along with their transactions. The trading platform also has charts that show the daily trends of each crypto asset supported by Blockchain.com.
Aside from this, the platform still supports the explorer feature where you can keep track of blockchain transactions as they are mined in real time.
Top features of Blockchain.com
At first glance, Blockchain.com is just like your typical crypto exchange platform with trading services and real-time charts that show asset trends. However, it has features that can make P2P transactions and trading all the more efficient and cost-effective.
Here are some of the features that you can expect from the platform:
Custodial and non-custodial wallet
Users are able to use two types of wallets in the Blockchain.com exchange. These are called custodial and non-custodial wallets.
One of the main features of Blockchain.com is the non-custodial wallet. This remains under the user’s control and can be kept privately so no one from the exchange can gain access to the funds. It’s also open-sourced which means that the transactions can be viewed on the blockchain to make sure that the code is secure and legitimate.
In a custodial wallet, funds are held in the custody of the platform. This allows you to make transactions off the chain.
With the custodial-type wallet, you don’t need to endure slow waiting times brought about by the bottleneck of transactions in a ledger. Moreover, you also don’t have to deal with high transaction costs that are caused by on-chain movement. All of these are handled by Blockchain.com.
The homepage of your account allows you to check the balance of your wallet without having to look at the wallet itself. This feature gives you the option to check the balance of each supported asset you have on your wallet as soon as you open the account.
Price tracking and real-time crypto prices
Right next to the balance of your wallet are the recent price changes of each asset. Whenever you click on the asset, a price chart will load as a basis for your upcoming crypto transactions. This can also be toggled to display the price history of the asset.
You can also earn interest using an interest-earning account. However, you need to be gold-verified first before you are given this privilege.
This feature allows you to deposit any amount on a specific interest-earning account as long as the currency is supported by the Blockchain.com exchange. The caveat is that the assets will be moved to a custodial account.
Blockchain.com has a minimum deposit required depending on the asset you deposit. Here is the table for reference:
Low trading fees
Compared to other exchanges, Blockchain.com offers low trading fees on its supported cryptocurrencies. It also has a low-interest rate for lending assets for trading and investing that’s why it’s a good fit for those who want to profit from and HODL digital currencies.
Moreover, users are allowed to use debit cards, credit cards or even bank transfers to purchase cryptocurrencies on the platform.
Blockchain.com is fairly secured with multi-layer cryptography. However, there are polarised reviews about security issues regarding the non-custodial wallet with users mentioning multiple breaches on their accounts.
The platform has since strengthened its cryptography to provide a more secure wallet for users.
The platform also boasts a strong customer service system that’s accessible 24/7. You can contact them through the help desk email. However, plenty of users are still in the fray about the limited support since there’s no immediate chat support and the platform discourages contacting them in its official social media accounts.
Start trading cryptocurrencies at Blockchain.com
Now that you know the features of Blockchain.com, you can start trading cryptocurrencies on it. Browse through BTC Post to learn more about the crypto sphere and various other platforms you can try.
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