Blockstream Wallet Review: Features, Security, and How It Compares to Alternatives

The Blockstream Bitcoin wallet has become a popular choice for Bitcoin users since its launch as Blockstream Green in 2019.

The Blockstream Bitcoin wallet has become a popular choice for Bitcoin users since its launch as Blockstream Green in 2019. However, the wallet’s history dates back to 2016, when it was known as the GreenAddress Wallet. In this Blockstream Wallet review, we’ll explore the app’s features, security, and how it compares to alternatives that offer multi-chain support. Let’s start with our overall take and some of the app’s pros and cons.

Key Takeaways

Our Verdict on Blockstream Wallet

Blockstream Wallet is a secure, non-custodial Bitcoin wallet designed mainly for BTC and Liquid Network assets. The wallet’s focus on security and simplicity makes it an attractive option for Bitcoin enthusiasts, and its added privacy features further enhance its appeal. However, its limited support for cryptocurrencies outside the Bitcoin universe may deter users with diverse portfolios.

Overall, Blockstream Wallet is a solid choice for those deeply invested in Bitcoin and Liquid Network assets. Its security features, including multi-signature support and TOR integration, provide privacy within a well-designed app.

Pros

Cons

What is Blockstream Wallet?

The Blockstream Wallet is a cryptocurrency wallet app developed by Blockstream, designed primarily for Bitcoin (BTC) and Liquid-based assets, such as L-BTC and USDt (Tether on Liquid).

Launched in 2019 as Blockstream Green, it evolved from the earlier GreenAddress Wallet, which was introduced in 2016. Available on mobile and desktop, it provides a non-custodial solution for storing and managing crypto assets, with a focus on security and user control.

The app supports Android and iOS on mobile devices as well as Windows, macOS, and Linux for desktop use. Blockstream Wallet can be used as a standalone wallet or in combination with Blockstream’s hardware wallets, the Blockstream Jade and Jade Plus.

Several security features, including multi-signature support, make the app a capable storage option for smaller balances, eliminating the need for a hardware wallet.

What Type of Wallet is Blockstream Wallet?

The Blockstream Wallet operates as a non-custodial wallet, meaning users retain full control over the private keys that control their assets on the blockchain. Unlike custodial wallets in which a third party holds the keys, you maintain complete control over your assets.

This design prioritizes security but requires users to safeguard their recovery phrases carefully. However, in multi-sig mode, the Blockstream Wallet begins to blur the lines. When set up as a multi-signature wallet, each transaction requires two signatures: one from the user and one from Blockstream.

Supported Chains & Cryptocurrencies

The Blockstream Wallet focuses mainly on Bitcoin (BTC) and Liquid Network assets, making it a niche option compared to multi-chain wallets.

Unlike popular multi-chain wallets, Blockstream does not support Ethereum or other leading blockchains, such as Solana, Cardano, or Dogecoin. This narrow focus appeals to users who are deeply invested in Bitcoin and privacy-centric Liquid assets. However, it limits its appeal for those managing diverse crypto portfolios. Alternatives like Best Wallet remain better suited to users who need an easy-to-use storage solution with multichain support.

Blockstream Wallet Features & Tools

The Blockstream Wallet offers several features that make it a robust and secure option for managing Bitcoin and Liquid-based assets. Many of these cater to a Bitcoin-savvy audience, offering hardware wallet support and integration as a Liquid Wallet. Let’s explore some of the app’s key features in more detail.

Easy Send & Receive

Blockstream Wallet’s simplicity as an app makes it a breeze to use. Select a wallet, and then tap “Send” or “Receive”. “Send” allows you to paste a wallet address or scan a QR code. “Receive” generates a scannable QR code and displays your public wallet address, allowing you to copy and paste it if needed.

Multi-Signature Support

At setup, you can choose to create a wallet with a single key or select a multi-sig configuration. Multi-sig, in this context, means that you have one key on your device while a second is stored with Blockstream. Transactions must have both signatures, with the Blockstream signature secured by a PIN or authenticator app.

The benefit of this setup is that if someone gains access to your device, private key, or recovery phrase, they cannot send funds unless they also have access to your PIN or two-factor authentication (2FA).

Privacy Features

Blockstream Wallet offers several privacy features that are not commonly available in other cryptocurrency wallets. For example, you can choose to connect to the Bitcoin network using The Onion Router (TOR), a worldwide network of computers that helps obscure your IP address.

The app also supports connecting through a proxy or connecting to a trusted Electrum server. These features make the app competitive with other Bitcoin-focused wallets and well ahead