Cryptocurrency wallets - Blockchain wallets - Part 04
Hello friends,
I hope you all are well. Today I am going to talk to you about blockchain wallets. This is my 4th article on Cryptocurrency wallets as a whole.
Blockchain wallets are a specialized type of crypto wallet that can deal with various cryptocurrencies such as ethereum, bitcoin, BNB, i.e. send and receive assets as well as store them. Cryptocurrencies are gaining popularity compared to fiat currencies as many people are now more knowledgeable about cryptocurrencies than before. So blockchain wallets are the most suitable type of wallets for dealing with cryptocurrencies.
What are these blockchain wallets?
You may remember that I talked about cold wallets and hot wallets in the previous article. So those hot wallets and cold wallets are the two subtypes of blockchain wallets. In this way, blockchain wallets are classified into hot and cold wallets based on private keys.
Blockchain-type wallets can be accessed from web devices and mobile devices, and users can conduct their transactions safely without the intervention of a third party. Therefore, blockchain wallets have become one of the most popular types of wallets among users who use many cryptocurrencies.
Some of examples of blockchain wallets are, Guarda Wallet, Exodus Wallet, Coinbase wallet and Electrum wallets etc...
The impact of private keys and public keys on blockchain wallets.
I mentioned above that blockchain wallets are classified based on private keys. When creating a blockchain wallet, users receive a public key and a private key associated with the wallet. It is through this public key that can get cryptocurrencies from others. And the private key is used to send assets.
The public key is displayed to everyone, but a private key should not be displayed that way. It should be kept safe. Because all transactions in Cryptocurrencies are controlled through private keys.
This is the function of a blockchain wallet. This is simple. Can be easily used by any user. It is also safe to trade with cryptocurrencies.
Advantages of blockchain wallets
• These blockchain wallets are easy to use for daily traders for their trading and users who store cryptocurrencies for a long time. That is ease of use.
• Due to the reduction of transaction fees to be paid when transferring funds, users are increasingly turning to such wallets.
• In terms of security, it is at a high level.
• Transactions can be done without intermediaries. Therefore, the time taken for transactions and obstacles are reduced.
• It allows users to transact with different cryptocurrencies and helps in converting currencies easily.
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