Blockstream Green is one of the most popular hot wallet options to hold Bitcoin. In fact, Blockstream Green is one of the few wallets loved by Reddit users.
Why Blockstream Green?
- Blockstream Green is completely open-source and its source code has been reviewed by many developers.
- Available on all devices (iPhone, Android, Mac OS etc).
- The company is trusted by the Bitcoin community. The company is run by Dr Adam Back who worked with Satoshi and who many consider to be Satoshi himself.
- Has extra authentication features. It has 2FA authentication and a 2-of-2 account and 2-of-3 account authentication.
How can I create a Blockstream Green account?
- Download the Blockstream Green app.
- Open the app. (Select “Bitcoin” > “Create New Wallet”.)
- Select “Singlesig” or “Multisig Signing” depending on your preference regarding authentication. (We recommend Singlesig to be less reliant on Blockstream, although they do have precautions in place.)
- Write down the 12 or 24 words.
- Your account has been created!
What happens if Blockstream Green shut down?
This depends on the type of Bitcoin wallet you chose to set-up.
Singlesig
This is the recommended option. Singlesig basically means that you only need your 12 or 24 words seed to log into your account. If Blockstream Green shuts down, you will be able to use any wallet to access your Bitcoin.
Multisig
We do not recommend this option as it is reliant on Blockstream Green. If Blockstream Green were to shut down (or if 2FA was to not work for whatever reason), you would have to wait for 365 days till the 2FA expires.
This is called the timelock feature. There’s no other way around this and you will essentially be locked out of your Bitcoin for 365 days.
