A blockchain wallet, is a virtual version of (and has the same purpose as) the wallet carried in your pocket.
To secure their account, the wallet holder must first create his/her own user name, password, and two-step authentication. Then the owner of the wallet is able to buy, sell, transfer and store different kinds of cryptocurrency. Users are able to exchange crypto for their local currency blockchain wallet.
Common Blockchain Features:
- The function of the Blockchain Wallet or cryptocurrency wallet is to keep a record
- The wallet is easy to use
- Highly secure
- Instant global reach
- Low fees
- Transactions across multiple cryptocurrencies
- Public key allows you to receive cryptocurrency
- Private key confirms your ownership; Unlocks transactions
Types of Blockchain Wallets
- Desktop: The blockchain Wallet can be downloaded onto a pc or laptop; The only access is via the system that it is installed on.
- Online: An “Online” Wallet is Cloud-based and it’s Accessible from any device using a web browser; Private keys are saved online & they are managed by a third party.
- Mobile: The “Mobile” Wallet can be accessed anytime, anywhere. The purpose of the Optional QR codes is for ease of access & to transfer funds.
- Hardware: The Wallet is stored on an external hardware device that plugs into a system. It is less prone to malicious attacks
- Paper: A “Paper” Wallet is used to store large amounts of cryptocurrencies offline. A Printed paper version the safest type of blockchain wallet. It contains the public & private keys, and it is accessible with a QR code. It works online with the software wallet to the public address listed on the paper wallet
Managing Your Blockchain Wallet
In a staking process the cryptocurrency holder (voluntarily) takes part in validating transactions on the blockchain. The holder can then agree “to lock” or not sell or transfer his crypto. Staked Coins are able to gain in rewards, usually in additional coin as the staking is occurring. Similar to a bank bond or Certificate on Deposit. The goal is to create and leverage the creation of additional Crypto Coins. Still Investment related risk are always involved with staking, as well.
The holder of “staked crypto” gets an Annual Percentage Yield (APY) as you would with a Bond or Savings Account. These are ranging from 0.01 to sometimes 25{5acad3af9ff11f0f0a70001f57a1b8ce186d5ac564775a695c8136d09295219d} or more. Staked crypto However,