About Block.io

Established in 2015, Block.io is a wallet service that supports several cryptocurrencies. Users entrust the storage of their private keys to Block.io, resulting in some loss of control over their funds. However, Block.io employs robust security measures, including 256-bit AES cipher encryption and backups of encrypted data on four continents. The platform places a strong emphasis on availability and strives to minimize downtime. Currently, Block.io supports Bitcoin, Litecoin, and Dogecoin, with the latter being a unique advantage as few wallets offer Dogecoin support. Notably, Block.io does not support fiat currencies.

Wallet Features and Security

Block.io wallets are hierarchical deterministic, offering enhanced control and organization. However, the code is not open source, making it challenging to assess the platform's security rigor accurately. Nevertheless, Block.io wallets feature multi-signature functionality, and users can further fortify their accounts by enabling two-factor authentication (2FA). Withdrawals require at least two signatures, one from the user and the other from Block.io. Users can enable up to four signatures on their side, requiring a total of five signatures for a withdrawal transaction. Block.io does not charge additional fees for transactions; any fees incurred are solely related to network fees for Bitcoin, Litecoin, or Dogecoin.