Cryptocurrency is becoming more popular by the minute. The choice of Blockchain VS Breadwallet can be confusing if you are unfamiliar with cryptocurrencies and how they work.
The many different methods used to store cryptocurrency filter down to two categories. Hosted cryptocurrency wallets and personal cryptocurrency wallets.
Essentially, Blockchain is a Hosted Wallet and Breadwallet is a Personal Wallet. They both serve the same purpose but go about it in entirely different ways. They both have their strong points and their weaknesses.
In this article, we take a look at the key differences and similarities between Blockchain vs Breadwallet. We will also discuss their different approaches to storing and transferring cryptocurrency.
Hosted Cryptocurrency Wallets
In the case of a hosted wallet, the wallet hosting company stores your cryptocurrency on its servers for you. When you withdraw the crypto by sending it to another wallet, the company holding your funds is the one actually making the transaction.
One of the biggest differences between Blockchain vs Breadwallet is that blockchain stores your money in the cloud while Breadwallet stores it directly on your device.
Personal Cryptocurrency Wallets
A personal wallet is software that you run locally. You can have a cryptocurrency wallet on your phone, laptop, or desktop PC. When you install a personal wallet, it creates a private key that provides proof that you own the cryptocurrency stored in the wallet.
This private key also gives a user the ability to withdraw, or spend, said cryptocurrency. You don’t own Bitcoin, you own the private keys needed to spend the coin associated with them.
What Exactly is Blockchain?
Well, before I explain that, let me clear a few things up. First of all, Bitcoin, Litecoin, Etherum, and just about every other cryptocurrency relies on something called Blockchain Technology.
Blockchain technology is a distributed, decentralized ledger that records the digital assets and makes cryptocurrencies possible.
But What About The Other Blockchain?
There is also a company called Blockchain. It’s a Hosted Cryptocurrency Wallet provider that enables users to manage and store their Bitcoin, Etherum, and other popular cryptocurrencies.
Blockchain Wallet is provided by Blockchain, a software company founded by Peter Smith and Nicolas Cary. A blockchain wallet allows transfers in cryptocurrencies and the ability to convert them back into a user’s local currency.
Is Blockchain Secure?
Yes. Blockchain wallet has an excellent reputation for being highly secure. Also, the service has some handy built-in crypto trading features and low transaction fees.
It is important to remember, however, that although Blockchain Wallet relies on a decentralized technology, it is itself a centralized service. So, there is a low level OF anonymity and your private keys are stored on their servers.
Is Blockchain Technology Itself Secure? [Blockchain vs Breadwallet Security]
Yes. Blockchain technology is secure, robust, and broadly trusted by organizations, businesses, and governments. Blockchain Technology adds entries to a secure, decentralized ledger. These entries are validated by the crypto user-community. Essentially, each ‘block’ represents a transactional record that is linked into a ‘chain’ of records. Both Blockchain and Breadwallet are backed up with Blockchain technology.
Is Blockchain a Good Wallet?
Most people seem to think so. Blockchain Wallet is one of the most recommended cryptocurrency wallets on the market. The service is provided in 25 languages, so it’s widely accessible. Also, Blockchain Wallet has some of the best security features.
Is Blockchain Better Than CoinBase?
That really comes down to a matter of opinion and what an individual’s use-case may be. Coinbase is great for beginners because it’s easy to set up and you can get started buying and selling Bitcoin and other cryptocurrencies right away.
Blockchain, however, has its own benefits. Blockchain offers a lot more resources and more tools for actually using your Bitcoin in the marketplace. Also, Blockchain performs its transactions entirely in cryptocurrency. Both Blockchain and Coinbase provide its users with easy-to-use apps and websites.
Blockchain Wallet Fees:
Bank transfers incur only a small fee of around 0.25%. This is one of the bigger difference between blockchain vs breadwallet. It will take a few days before you get your newly purchased bitcoin. Using a credit or debit card, however, enables an instant bitcoin purchase, albeit at a higher fee. The fee for instant bitcoin purchases is about 3%.
These are general figures as Blockchain Wallet uses a dynamic fee system. So, the fee that is charged per transaction is often based on a variety of factors. Both transaction size and network conditions during the transaction will drastically impact the amount of the fee.
Blockchain Wallet Pros:
- Bitcoin Storage
- Ethereum Storage
- Send & Receive Bitcoin
- Send & Receive Ether
- Crypto to Crypto Exchange
- Dynamic Transaction Fees
- Watch-Only Addresses Spending
- TOR Blocking
- Bitcoin Merchants Search
- QR Code Support
- Funds Back-Up
- Two-Factor Authentication
- PIN Protection
Blockchain Wallet Cons:
- Low anonymity;
- Stores your private keys on their servers.
There are not many cons when it comes to using Blockchain Wallet. Whether or not Blockchain Wallet is right for you really depends on your particular scenario. Some people find it’s short list of cons a deal-breaker while others won’t even notice.
What is Breadwallet?
Breadwallet is a Personal Cryptocurrency Wallet that started out as an iPhone only wallet in 2013. The Android version of Breadwallet was released 3 years later.
Since its inception, breadwallet has been one of the most popular personal crypto wallets. Breadwallet has many popular features that specifically cater to security and privacy. This gives Breadwallet a better overall user experience compared to other personal cryptocurrency wallets.
Is Breadwallet Safe?
Breadwallet allows privacy where the company itself cannot access the account or transaction information of the users. The wallet uses best encryption methodologies which makes it secure. The users do not need to sign up or register for using the breadwallet. The design and interface of breadwallet is easy to use.
Breadwallet transaction fees are dynamic. The cryptocurrency transfer fee is determined based on several factors. Basically, the more cryptocurrency you send and receive, the less it costs to do so.
The wallet itself does not charge any fees to send a transaction, but there are fees to use the blockchain-based bitcoin network. It’s a very small transaction fee. The fee is based on the amount of wallet activity and other factors. The user always has to confirm the fee before the payment is authorized.
There is a 5% transaction fee when using Breadwallet to purchase bitcoin with a debit or credit card.
Breadwallet’s Pros [Key Features]:
- User-friendly: Breadwallet has a simple user interface.
- Simplified payment verification (SPV): Breadwallet can connect and transmit payments over the Bitcoin blockchain network without any intrusion by third parties.
- Privacy: Breadwallet takes it’s user’s data privacy very seriously.The company limits unrestricted access to user and employee information.
- Easy to set up: With Breadwallet, there is not even a need to sign up or register.
- It’s open source: Breadwallet is free to download.
- Users have complete control and responsibility over their funds because breadwallet stores your money on your device rather than on its servers.
- Unfortunately, Breadwallet does not support the multi-sig feature. Multi-sig allows a user to ensure that they are in control of all transactions that take place in the wallet.
- Breadwallet fees can be high for new users.
So, Which is Better? [Blockchain vs Breadwallet]
Blockchain Wallet and Breadwallet are both effective financial instruments. They are both reliable, secure, and easy to use cryptocurrency wallets. The main difference between the two is the fact that Breadwallet stores your cryptocurrency locally on your device while Blockchain Wallet stores your coin on their servers.