Blockstream Wallet Review 2025 – Pros, Cons, Safety Revealed

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.

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.

• Bitcoin (BTC) Wallet: The core cryptocurrency supported for storage, sending, and receiving.
• Liquid Wallet: This includes L-BTC (Liquid Bitcoin), USDt (Tether on Liquid), and other tokens built on the Liquid sidechain, a bridged network developed by Blockstream. The Liquid ecosystem enables faster, privacy-focused transactions compared to standard Bitcoin, utilizing L-BTC — a bridged equivalent to Bitcoin that facilitates the issuance of new assets.

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 of broad-market wallet apps.

These features, when enabled, apply to all wallets in the app.

Liquid Network Integration

Blockstream spearheaded the Liquid Network, so Liquid assets like L-BTC and USDT are well-supported. This integration enables faster and more private transactions compared to standard Bitcoin transactions. Transaction finality on the Liquid Network is about two minutes, compared to 60 minutes when using the Bitcoin network.

The wallet also supports Lightning Network transactions; however, most of the tools are expected to focus on Bitcoin and Liquid Network usage.

Non-Custodial Storage

As a non-custodial wallet, the Blockstream Wallet gives users full control over their private keys and assets. Choose from two wallet setup options: non-custodial and multi-signature.

• With a fully non-custodial setup, you’ll only have one private key to manage transactions.
• Multi-sig Blockstream wallets use two keys to approve transactions. You always control one of these, but the other is tied to your Blockstream account.

By comparison, with a fully custodial wallet, the custodian holds the keys and controls access through a Web2 login or similar means. Diehard Bitcoin users may favor the single-key setup, but a multi-sig does provide better protection if someone else gets your private key or recovery phrase.

Additionally, Blockstream Wallet supports hardware wallets. Let’s discuss how that works next.

Hardware Wallet Compatibility

The Blockstream Wallet can be used in conjunction with Blockstream’s hardware wallets, such as the Jade and Jade Plus. Hardware wallets store the private keys offline, allowing the user to approve transactions as needed by briefly connecting the device to the Blockstream Wallet app.

This provides an additional layer of security for users who want to store their assets offline. However, as we discussed, the app also supports creating or importing wallets without hardware support. You can use the app for free, whereas hardware wallets require that you purchase the hardware device.

While support for Blockstream’s hardware wallets was expected, we were pleased to see that the wallet also supports specific wallets from Trezor and Ledger. These two brands were among the first to market in 2014 and remain popular to this day.

• Blockstream Jade devices can work via Bluetooth connection or QR codes, with the latter option providing a truly air-gapped solution. The hardware device never touches the internet.
• Compatible Trezor or Ledger devices connect via Bluetooth, providing convenient access, although less secure than an air-gapped solution.
• Watch-Only Addresses

You can also add additional external addresses without a private key. These might be wallets you manage elsewhere or known wallet addresses belonging to industry personalities.

Security – Is Blockstream Wallet Safe & Legit?

Already a well-respected hardware wallet maker, Blockstream’s commitment to the Bitcoin community shows in its software wallet. The company itself was co-founded by Adam Back, also known for creating proof of work (PoW) for Hashcash, a protocol designed to reduce email spam. Satoshi Nakamoto, Bitcoin’s inventor, later borrowed the concept for Bitcoin to provide a decentralized consensus network. Let’s explore the app’s background in more detail.

Company Background

Blockstream is a well-known company in the Bitcoin and blockchain space, founded in 2014 by Adam Back and others. The company has been involved in various Bitcoin-related projects, including the development of the Liquid Network. Adam Back himself invented the proof-of-work concept, which later became the method by which chains like Bitcoin, Litecoin, Dogecoin, and Ethereum secured their networks.

Blockstream’s headquarters are located in Victoria, British Columbia, Canada. The company also maintains additional locations in Quebec, Canada, as well as Mountain View, CA.

Open-Source Codebase

The Blockstream Wallet is open-source, meaning its code is publicly available for review. This allows the community to audit the code or even rebuild the app locally.

Secure Key Management

At setup, the app forces users to verify their seed phrase before using the wallet. This step ensures you’ve copied it down somewhere before the app even displays a receiving address. In short, no bitcoins will reach your wallet until you have a backup. As with many other non-custodial wallets, secure backups remain the user’s responsibility.

Multi-Signature Support and 2FA

The wallet’s multi-signature feature requires two signatures to authorize a transaction. Additionally, the wallet supports two-factor authentication (2FA), which provides further protection against unauthorized access.

Regular Security Updates

Blockstream regularly updates the wallet to ensure its security remains intact. Although we couldn’t find any verified third-party audits, the code is open-source, allowing anyone to audit the code. Confirmed third-party audits carry more weight for closed-source software in which the user cannot view the code.

Proven History

The Blockstream Green wallet app was initially launched in 2015 as the GreenAddress wallet. Since acquiring the wallet, Blockstream has continued to modernize it, adding security features and support for newer protocols.

Privacy-Focused Features

Similar to competing wallets in the Bitcoin space, Blockstream Wallet offers TOR support and allows you to select a trusted Electrum server (including your own). However, the app lags in other privacy features, such as UTXO (unspent transaction output). Sparrow Wallet, for example, allows users to set aside specific UTXOs and refrain from spending them in other transactions, thereby enhancing privacy.

Blockstream Wallet Fees

Next in our Blockstream Wallet review, let’s discuss Blockstream Wallet fees and how to add BTC funds to your wallet.

Click on the green “+” icon at the bottom of the screen when logged into a specific wallet to top up your balance.

In-app purchases are handled through meld.io, which aggregates several third-party providers. Switching payment methods, for example, from debit to ACH, also changes the exchange rate after fees.

At the time of this writing, $100 = 0.0010475263215899999 BTC. We will use this to calculate the value received when purchasing $100 in Bitcoin through various third-party providers.

The table below shows the quotes we received versus the market price for Bitcoin.

As with most wallets, you can often purchase Bitcoin with lower fees elsewhere.

In addition to purchase fees, the Bitcoin network itself charges transaction fees based on the transaction data size, network congestion, and the market price of Bitcoin.

This is where UTXO management becomes relevant again. Blockstream’s Green Wallet does not support UTXO consolidation or set-asides for UTXOs.

This can result in higher transaction costs due to the larger data size of the transaction if a transaction requires multiple UTXOs. For many users, this may not be an issue as relatively few users consolidate UTXOs. However, it may be a pass-or-fail issue for frequent Bitcoin users.

Blockstream Wallet App User Experience

As a Bitcoin-focused wallet, the user experience for the Blockstream wallet app is streamlined. Where other wallets can become cluttered with ads, buttons, and menus, Blockstream offers a simple user experience. As a caveat, you won’t have access to in-app purchases, cross-chain swaps, or DeFi platforms as commonly found in competing apps.

Setup is relatively simple. Whether you choose a single-key or multi-signature wallet, the process starts the same way: create a seed phrase and verify it. You’ll set a PIN for each wallet you create, with the option to name each wallet as well.

If you choose a multi-signature wallet, this PIN provides a basic level of security. However, you can also use an authentication app, use biometric authentication, or opt for email, SMS, or phone call verification. Notably, you don’t need to provide a phone number or email address unless you choose one of those methods for 2FA.

Once you’re set up, navigation is easy, largely due to the app’s simplicity. Blockstream Wallet is built to send, receive, and provide secure storage. If your needs exceed those basic tasks, you’ll need a different wallet. However, if that meets your requirements, the app is well-suited to everyday use.

Both sending and receiving require just a few clicks. Open the appropriate wallet and click on “Send” or “Receive”. From there, you can scan a QR code, paste an address (send), or display a QR code along with the wallet address (receive).

How to Set Up a Blockstream Wallet Account

Setting up an account on Blockstream is a relatively simple process, and you should be up and running in a few minutes. Let’s do a quick walkthrough to understand the basics.

1) Download the Blockstream Wallet

Visit Blockstream’s official download page to find the download link. The website automatically detects your operating system and displays the appropriate version and sources. Install the app on your device, agree to the Terms of Service, and click on “Get Started”.

2) Set Up a New Wallet

Clicking “New Wallet” automatically creates a new seed phrase for the wallet. This seed phase generates the wallet’s private key, which controls your assets on the blockchain. You can choose a 12-word or 24-word phrase.

3) Backup Your Recovery Phrase

The seed phrase, also known as a recovery phrase, can be used to recover your wallet if your device is lost or damaged. During this step, the app displays your seed phrase (screenshots not available) and then asks you to confirm specific words within the recovery phrase. Once verified, store your recovery phrase safely offline.

Set a PIN at this stage as well. Select a PIN you can remember.

4) Choose a Wallet Type

Next, click “Create an Account” to select a wallet type. From here, you can choose SINGLESIG, in which you hold the only key, or MULTISIG, in which case Blockstream holds the second key. In a multisig wallet, all transactions require two-factor authentication (2FA), such as a PIN, SMS, or authenticator app code.

After you choose a wallet type, you’re ready to go. To add funds, you can use the in-app providers or send Bitcoin from another wallet, such as a custodial crypto exchange wallet. You can find your wallet address by clicking “Receive” while logged into the wallet account you want to use.

Is Blockstream the Best Crypto Wallet?

While Blockstream Wallet is well-suited for Bitcoin and Liquid Network transactions, many crypto investors hold a wide range of cryptocurrencies and digital assets. The app’s ease of use deserves kudos, but its limited blockchain support gives users a reason to look elsewhere.

Best Wallet solves this issue by providing a free crypto wallet that is both user-friendly for beginners and powerful enough for experienced users. The user-friendly app supports over 60 blockchains (including Bitcoin and Ethereum), offers cross-chain swaps, and features a growing list of capabilities.

• Support for more than 60 blockchains
• WalletConnect supports connecting to dApps
• Biometric security
• Multi-party computation (MPC) technology
• No Know Your Customer (KYC) requirements
• In-app purchases
• Fiat offramp

The Best Wallet team is also working on a rewards hub, advanced trading, and a staking aggregator to help you find the best yield opportunities.

If your crypto journey takes you to other chains besides Bitcoin, Best Wallet is worth considering. The app is easy to use yet powerful under the hood, with more features added regularly.

Visit Best Wallet

Customer Support

Click on the About icon on the main screen or open the hamburger menu within a wallet to access the help page. Here, you can find links to walkthroughs for various activities. Blockstream also provides videos, although some are quite old. Alternatively, you can also contact support to open a ticket.

Support tickets use your email address. A third option allows you to chat with Blockstream’s support team.

Blockstream Wallet reviews on Trustpilot show a mix of users, ranging from those who use Green Wallets to those who have purchased the company’s Jade wallets. An overall rating of 2.0 stars out of 5 stars suggests that the company may have some room for improvement. However, many cryptocurrency services have similarly low ratings on Trustpilot, making the 2-star rating the norm.

By contrast, the Blockstream Wallet reviews on Google Play and the App Store tell a different story. Google Play displays a 4.4-star rating out of 5 for the app. Similarly, user ratings on the App Store give the app a 4.8-star rating out of 5.

The Verdict

Blockstream Wallet is a solid choice for Bitcoin and Liquid Network enthusiasts. While it excels in security and ease of use, its limited blockchain support may not appeal to users with diverse crypto portfolios. If you’re looking for a wallet that supports multiple chains and is easy to use, consider an alternative like Best Wallet.

Visit Best Wallet

References

1. Tor Project | Anonymity Online (torproject.org)
2. How To Try Lightning on Green (blockstream.com)
3. Blockstream/green_android (github.com)
4. How does Blockstream Green’s 2FA multisig protection work? (blockstream.com)
5. A multi-platform, feature-rich Bitcoin and Liquid wallet. (blockstream.com)
6. Blockstream (trustpilot.com)
7. Green: Bitcoin Wallet (play.google.com)
8. Green: Bitcoin Wallet (apps.apple.com)