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Review: My Blockchain.info Wallet Experience [plus Luno Comparison]

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Feb 13, 2018.

  1. Prezzy

    Prezzy Leader Protector

    HI Jackobians. Thank God crypto market is coming back, at least we have reasons to smile again after a few cloudy weeks. More importantly, the newbies are not going to cry their eyeballs out any longer. lols

    I have an important info that i wanna share with us here. It has to do with my experience using the Blockchain.info and Luno wallet.

    I remember thinking that Blockchian.info was the official wallet service provider for the bitcoin community... LOLS, HOW STUPID?

    I have been using Blockchain for a very long time now and i have a lot of stories i can tell about them and their service. However, i wish to give us a summary so we can make better choices when it comes to the wallets we use to store and send our crypto!

    Experience with Blockchain.info Wallet

    1. Blockchain is HACKABLE!!!

    Yes it is, i have heard of a number of scenarios where people lost funds stored in their wallets and how else could that have happened if not through hacking?
    The good thing is that You can and should take extra precautions to protect your wallet. please click here to learn more.

    2. Blockchian is one of the easiest wallets to use

    With a lot of features that makes it easy to do a lot of things on the wallet with just a few clicks, i don't think that you will find so many wallets that give you such easy access to manage your funds.

    3. Blockchain Transaction fees is CRAZY AND CONFUSED
    I don't know how else to describe it. It is a mixture of crazy and confused actually.

    Take for example, Blockchain fees about 2 weeks ago was as high as $30,
    right now, it is just $0.12!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


    that's CRAZY and then too good to be true fees which is why i said the transaction fees here is confusing.

    it's not entirely nonsensical though as these values are generated according to the health of the blockchain network at the time of transaction and Blockchain reserves NONE OF THE FEES! so, you can say it's mathematically correct.

    One or two sad thing about Blockchain
    1. Long transaction confirmation time
    I have done a transaction using my blockchain wallet that took almost a month to go through. I remember tampering with the transaction fees although, at the time, i was equally using similar transaction fees for other wallets.

    With other wallets such as mycellium, you cannot choose the transaction fees you want! you are left to use what the system has suggested for you and again, it is done based on the demands of the bitcoin network at the time.

    I THINK THERE IS A REASON WHY BLOCKCHAIN ADOPTED THIS METHOD OF ALLOWING USERS TO CHOSE THEIR FEES.
    perhaps, as a way of assisting the small funds users on the blockchain at times when the network becomes extremely costly to use.
    YES, IT IS POSSIBLE TO SEND MONEY WITOUT ANY TRANSACTION FEES ON THE BLOCKCHAIN!
    the only problem is that miners will not want to go for it because basically, they will gain next to nothing for processing that kind of transaction(in terms of transaction fees).
    However, some mining pools exist such as the one used by Dragon mining which are very much concerned with mining coins/confirming transactions sent by people who used very small transaction fees!

    2. Spending of unconfirmed coins
    YES! this is not cool and i think they know it as well.
    Normally, you need to wait for an incoming transaction too be confirmed in the blockchian before you send it out again from your wallet and most wallets will not allow you to use any funds that's not confirmed yet but not blockchain.info!
    W
    ith them, you can spend any money in your wallet even the ones sent about 10 seconds ago and haven't confirmed yet.

    The side effect is that this can cause extremely long transactions. i don't know the technical details involved here but i know that



    ON LUNO

    Luno?


    I think that Blockchain is generally better than Luno.
    Luno gives you additional features such as trading and storing FIAT currencies such as the naira but beyond that, blockchain is better, if not for anything else, because of the fact that they are solely focused on the TRANSACTIONS ASPECT OF THE BITCOIN BUSINESS!

    The fees on luno is equally considerably higher than that of blockchain from what i have heard and i DON'T THINK THAT LUNO CHARGES FEES BASED ON THE NETWORK CONDITION.
    I think they deduct a specific amount out of which the pay the fees and keep the rest!

    One good thing about Luno though is that they recognize Nigeria as oone of the big base of their customers and they have staff members dedicated to Nigeria(i believe).
    So guys, that's all i have on LUNO and blockchain wallets and their fees right now. I hope you have been sufficiently informed by this and i hope you make the right decisions.
     
    phyzyprogrammer and philipj like this.
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  3. SIC

    SIC Active

    Nice one, could you clarify what should be known when making withdrawals on hashing24. Now reading there will be additional fees that will be paid for withdrawals.
    Thanks
     
  4. philipj

    philipj GrandMaster Crypto Guardian

    You have spoken well.
     
  5. SIC

    SIC Active

    According to hashing24. Everybody na thif for this world.
     

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