Functions of the Bintex Wallet

chuksmy (48)in #bntx • 3 years ago

Introduction

Blockchain technology is expanding constantly and gaining strong traction in different industries, as it has various applications that are useful within these industries. However, the fintech industry seems to be where blockchain technology is changing the narrative. We have witnessed a trajectory alteration in the normal process of handling operations and services within the fintech industry since the introduction and adoption of blockchain technology. The rate of adoption of the financial technology industry in blockchain and cryptocurrency has come with a surge that nearly all their processes incorporate the technologies. Investors within fintech are adapting to the use of digital wallets and digital assets exchanges.

We witnessed how most people began to drift away from the use of the traditional banking system and they embraced the use of cryptocurrency and decentralized exchanges. However, we are presently noticing a steady and progressive shift from the use of these cryptocurrency exchanges to digital wallets. Most crypto users are getting familiar and acquainted with the use of digital wallets to perform all their necessary transactions and with the new design of wallets, developers are equipping with exchange functions. Another reason for this ongoing shift from cryptocurrency exchanges is the recent and continuous hacking of the exchanges. This leaves the assets of investors and traders vulnerable to cyber thefts, which may be a huge loss to them. Hence, digital wallets are gradually becoming the best alternative.

Besides the advanced level of security, privacy, and confidentiality enjoyed by traders using digital wallets, the autonomous control they have over their assets and financial records makes them want to discard the use of cryptocurrency exchanges immediately. Most people prefer when they are responsible for validating and verifying the transactions concerning their funds and using a digital wallet grants them that authority. Conversely, when using a cryptocurrency exchange, this authority of completing any transaction lies with the user and the exchange platform, sometimes even a third party. These shared responsibilities do not give users the feeling of being in charge of their assets, which is giving rise to a gradual shift.

Knowing this, the management team of BintexFutures is developing their wallet, the Bintex Wallet, to meet the needs and requirements of their users. The design of the wallet will incorporate unique functions that will be equivalent to performing transactions in a cryptocurrency exchange. The wallet features will be able to perform varied functions that will ensure that users’ information and assets are secure and that transactions are seamless and processed timely.

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The Bintex Wallet, which will be available and compatible with iOS and Android devices, will be capable of performing the following functions:

Storing Information

Transactions and exchanges in cryptocurrency require a vast resource of information and it is relevant to have a systematic approach to storing the information and transaction records. The Bintex Wallet will have the function of storing the assets of the user in a secure and protected way. Details of all trading transactions will also be stored on the wallet. Every credit received by the customer, as well as all the payments made will be recorded. The payment record will contain the name and address of the recipient, and the amount paid. Another important information that the Bintex wallet will store is the details of the user’s BintexPay card. Customers can have a vivid and comprehensive knowledge of transaction history through accessing the information on their wallets.

Cryptocurrency Transactions

Clients on the BintexFutures decentralized exchange can perform all transactions involving cryptocurrency using the Bintex wallet. The wallet has the currency pairings of different digital assets, even popular ones like Bitcoin and Ethereum, and thus allows users to buy and sell cryptocurrencies. Users can also use the wallet to make purchases and make payments using cryptocurrencies.

Bintex System Funding

For every transaction or exchange made on the wallet, there will a minimum fee charged for such activity. The wallet has the function of channeling the charges for transactions performed to the Bintex system. The wallet will convert this charge to a BNTX token and it will pay it to the system, which will allocate it to develop the system.

Trading Trends and Updates

Keeping up with the trends and recent updates on the cryptocurrency market and factors affecting trading is key to making profits in the industry. BintexFutures recognizes the need for its investors to earn profits from their trading, and they have integrated these updates as part of the functions of the wallet. Users can access cryptocurrency data and trading charts directly from their BintexPay wallet. This information available on the wallet will also comprise the total supply, circulating supply, and daily volume of each cryptocurrency. All this information will provide detailed and broad insight to users on every cryptocurrency saved in their wallets.

Loan Transactions

Clients will be able to access and perform loan financial transactions on the wallet. This function will provide information on accessing loans with crypto, as well as other payment plans.

The BintexPay wallet will also provide information on the BintexPay Card credit, the financial statement of the card, details of the card usage, and the payment cycle. The geo-location of each wallet user, with the card spending history, will also be available.

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