Users can send a request to another party for a specific amount of bitcoin or other crypto-assets, and the system generates a unique address that can be sent to a third party or converted into a Quick Response code or QR code for short. A QR code is similar to a barcode, which stores financial information and can be read by a digital device.
A unique address is generated each time the user makes a request. Users can also send crypto-assets when someone provides them with a unique address.5 The send-and-receive process is similar to sending or receiving funds through PayPal but uses cryptocurrency instead. PayPal is an online payment provider that acts as a go-between for customers and their banks and credit cards by facilitating online transfers through financial institutions.
Users can also exchange Bitcoin for other crypto-assets and visa-versa, known as swapping. This practice is an easy way to switch out crypto without leaving the security of the Blockchain Wallet.6 Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction.7 Swaps should take a couple of hours while the transactions are added to each currency’s blockchain. However, if it takes longer than six hours, users should contact customer support.8
Blockchain Wallet only allows six crypto-assets for swapping: Bitcoin, Ethereum, Bitcoin Cash, Stellar Lumens, Tether, USD Digital, Wrapped-DGLD.9
Users can also buy or sell crypto through the Buy Crypto interface available to Blockchain Wallet. Buy and sell services are not available in all locations. To make a purchase, a user can either transfer funds from a bank, use a credit or debit card, or use the available cash balance.10 There is a daily limit of $25,000 and a weekly limit of $100,000 as well as a minimum buy order of $5 and a maximum buy order of $25,000.