BlockchainPedia #6 | WALLET ADDRESS

in blockchain •  21 days ago 

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A lot has changed on how people access money. This has been made possible through banks and remittance platforms like PayPal. The transfer of assets are differentiated by virtual safe boxes called accounts; either bank or wallet accounts. These accounts hold the value of your assets in form of digits. There are two ways to access your assets:
i) Go to the bank with your identifications.
ii) Access the mobile banking platform or online platform, and insert your credentials; the PIN

In Blockchain, the bank account represents thewallet address.
We use wallet addresses to store our assets, in this case cryptocurrencies.
The wallet address holds the value of the asset.
The wallet address consists of the public and private key.
The public key is accessible to everyone to identify you, for example your National ID which is not much of a secret. And the private key represents your passcode or PIN that is your secret code when accessing your mobile banking.

This is a simple anecdote to understand what a wallet address is in Blockchain.

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