When you start to store cryptocurrency, you need what is called a Blockchain Wallet. What is a Blockchain Wallet you ask? A wallet is a “fold-over” leather-bound pouch that you will use to store your cash, credit cards, and the picture of your first extravagant car that you plan to buy when your bitcoin goes up to $200k each.
Blockchain Wallet: What is It?
The Blockchain is the new database of the future and the platform that cryptocurrency needs to have a wallet to exchange, utilize, and redeem. It is a virtual environment that operates like that wallet in your hip pocket, only in the data world.
If you are looking for the best way to upload cash or fiat into cryptocurrency, we use the blockchain wallet associated with COINBASE. Our suggestion is to set it up, for it is the best way to learn more. You get $10 in BTC just for joining.
There are several wallets you can use – all with set purposes and resources with blockchain cryptocurrency, and the growing future that is in store for us all.
Coinbase now offers Staked Coins, and the option to “Stake” or hold your coins for gains. When you agree to lock them where you ‘STAKE THEM”, this means you will not sell or transfer them. They are STAKED so they hold the value of the COIN itself. When you do this, you get an APY or Annual Percentage Yield just as you would get with a Bond or Savings Account. These range from 0.01 to sometimes 25% or more. The ones that Coinbase supports generally prove to be safer. But remember, the risk is always a part of investments and that includes staking.
Staked Coins have the ability to gain rewards, usually in additional coins as the staking is occurring. It is similar to a bank bond or Certificate of Deposit and they use it to create and leverage the creation of additional Crypto Coins.
How Blockchain Wallets Work
Blockchain wallets have private and public keys. When you create a blockchain wallet, you get a public key and a private key, which are associated with your wallet. Let’s use your email as an example. When you want to receive emails from someone, you give him your email address.
Giving a person your email address does not mean that someone will be able to send out emails from your account. They would have to know your account password to do that. Blockchain wallets use a similar process. They use a public key and a private key together. A public key is similar to your email address; you can give it to anyone. When you generate a wallet, it generates a public key, and you can share the public key with anyone in order to receive funds.
The private key is top secret. It is similar to your email password. It should not get hacked and you should not disclose it to anyone. You use this private key to spend your funds. If someone gets a hold of your private key, it is highly possible that your account is compromised, and you just might end up losing all of the cryptocurrency deposits in your account.
Wallet Features
Knowing how the wallet works is very important, and now that you know how it works, you should know about the features. Some of the important features and listed below:
- It is easy to use. It is just like other software or wallets you use for your everyday transactions.
- Highly secure. It’s just a matter of securing your private key.
- It allows instant transactions across geographies. They are barrier-free, without intermediaries.
- Low transaction fees. Transferring funds cost less than traditional banks.
- Allows transactions across multiple cryptocurrencies. This helps you do easy currency conversions.
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