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Review the new bitcoin wallet

The is not only a popular accepted block explorer but also most popular bitcoin wallet, due to its security and utility. Recently it has been upgraded to new HD wallet (hierarchical deterministic architecture), the customer experience and security has been dramatically enhanced. The customer only need to backup the Recovery Phrase (master wallet seed) once, the fund will never get lost even you forget the password or is out of service. Since all of the addresses are generated from the same seed. So you must keep safe of it.

At the first time I loginned to the New Blockchain Wallet, I was impressed by the new UI design. It looked a bit similar with Coinbase page. wallet interface

Before proceeding with any action, we should take a look at the Security Center on the left column and set up the recommended three level security measures to protect your account, such as verify email, backup recovery phrase, create password hint, link mobile number, enable Google Authenticator or a Yubikey, prevent Tor access to your wallet. I assumed you all set them up. Let’s continue the review. wallet transactions

From the above wallet, we know the whole balance is 0.66229794 BTC shown at the right top corner. Underneath is most Recent Activity (transaction history) and each accounts’ balance.

To view the accounts, we need to click on the TRANSACTIONS on the top left column. I have got My Bitcoin Wallet Addresses and Imported Addresses, two accounts. I can click on Add+ to create more accounts. We could click on the accounts’ name to view their specific Recent Activity.

You will get all the funds of old wallet transferred into the new wallet under Imported Addresses label to the left column below transactions.


Click on Your Bitcoin Address, you will get your bitcoin address (always keep same). For security and privacy reason, we don’t recommend to use this address. Click on Receive button underneath My Wallet, you will get a new address for you to receive the payment, which is generated from the seed. Once the new address is funded, next time you click on Receive button, you will get another fresh new address. Remember to set Receive To account if you don’t want to mess up the payments from different sources. click receive

Once the transaction tx is shown up in the network, you will see it as light green at the top of the recent activity column, shown as below picture. light green

Click on the payment transaction, you will see the Transaction Details. The received amount is shown as light green, means the tx is pending. The system will estimate the confirmation time, which is the new feature. Bitcoin receivers will roughly know when the tx will get included in the network rather than tedious endless waiting. transaction detail

But the problem is that it will only mark the transactions as complete after three confirmations in the bitcoin network. From light green to dark green it will take at least 30 minutes, very long. As we, bitcoiners know that, once the transaction get one confirmation, we will be safe and could say we receive the bitcoin payment. We could click on Verify on Blockchain.Info to see the real time confirmation status of the transaction in the network. For small amount, one confirmation will be enough.


click on Send, you will get a popup window shown as the below left picture. You need to choose the sending account beside From, paste or scan an address or select a destination beside To. Then enter the amount you want to send beside BTC. It will be automatically calculated as the value of your preferred local currency for you reference. Mine is USD shown as the below picture. The system will calculate the required fees for you to get the transaction confirmed in the next two blocks (around 20 minutes) send transaction

Or you can click Advance Send below the window, you can manually set the transaction fee to get the transaction confirmed in one block for emergent situation, shown as the above right picture.

If you can wait for 20 minutes, just click Next Step to proceed. Then a popup window ask you to confirm the transaction. Be careful to check with the sending account and recipient address before click Send. Then the last step is to enter the second password to submit this transaction to the network. Any time you can go back to review it before submitting.

Then you can check the transaction’s status at the transaction feed of that sending account. This sending transaction is shown as red color. send transaction

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One comment

  1. I trade (that is, buy and sell bitcoins) anonymously from My last trade with LiviaCoins was completed in 30 minutes.

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