How does your cryptocurrency wallet work?

in #feon4 years ago

A cryptocurrency wallet is just like a bank account which is used to store, receive and send your digital currency to another wallet account or use it for the shopping purpose. To be more specific, they are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. To be able to spend the cryptocurrency that was sent to you and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
One of the major advantages of FEON is that a customer doesn’t have to transfer his cryptocurrencies to the cryptobank he uses. The access to your wallet can be guaranteed only through smart contracts, which means that your digital currency will be always safe and customers’ security is a priority for FEON.
To find out more about FEON and how it works, go to www.feon.io.
Source: Blockgeeks
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