REASON FOR WALLET TRACKING

Hello to everyone in this great community today and on this great platform at large. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

I welcome you all to yet another amazing week before us all in this new community, Indeed I am happy to be here finally. I want to believe that we all had a wonderful week and without stress. To God be praise for keeping us down to this point in time.

Today is another beautiful day and as such, I want us all to quickly talk about a particular topic which we started, and the title for today's lesson has been tagged REASON FOR WALLET TRACKING. We had an amazing discussion previously and today we will round up the discussion by talking briefly about the affirmation topic.

On that note, I urge you all to sit tight and relax while I do justice to the given discussion for the day. I wish you all a happy reading as I begin.

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The digital currency wallet is not a new thing to us as we have discussed that yesterday, but for the sake of those who weren't here yesterday, I will have to give a summary regarding the teaching of yesterday.

Wallet is indeed a digital safe that was built on the blockchain and this wallet assist users to store their digital currency in it. Without this wallet, there is no how a user could possess digital assets because, it is expedient that a user already possess a wallet before that user will think of getting certain digital assets of his or her choice.

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We equally talked about wallet tracking, where we got to understand the meaning of wallet tracking and we said that wallet tracking can be seen as a scenario whereby a wallet is being placed on surveillance. That is to say, the wallet activities are been monitored and that includes all assets that comes in and those going out.

Getting a detailed information regarding the activities of a wallet can still be regarded as wallet tracking. This is an act of getting the total information about a given wallet and that compromises all the transactions of such a wallet.

Now having said that, we will have to move straight down to the discussion of the day as soon as possible.

REASON FOR WALLET TRACKING

There are different reasons why a wallet is placed under tracking and some of these reasons are as follows.

IT UNCOVERS MARKET SENTIMENT

One of the reasons why we track wallet is that it reveals market sentiment. Here we get to see how individuals trade a particular asset and leaving all other assets because of how less they value the other assets and as such those assets not being traded are left out to diminish in price value.

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Here we get to see how some assets do well when compare to others as a result of high trading activities initiated by traders and whale in the digital market. So as such, wallets are tracked to see the type of assets traded by such wallets.

TRADING ATTITUDE OF WHALES

This point is talking about the the attitude of the digital currency whales regarding trading of certain assets. Now whales based in this context refers to strong holders of the digital currency. Their trading activities in the digital market dictate the price of certain assets.

For instance, someone who is having thousands and above worth of a given asset is regarded as a whale as though the individual possess so much of the said asset. Trading such asset in the digital market will greatly affect the price of that asset. If it is a sell trade, then we get to see the price of that asset falling down as the said whale let off the asset thereby selling it out.

We all know that the more an asset is seen in the market, the lesser the value of the said asset and vice-versa. And when such moves or actions are notice in the digital currency market, this will leave one no choice than to track the wallet in which that asset was let losed from.

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So the trading attitude regarding cryptocurrency whales prompts the action of tracking to see the location of which such asset is coming from. This will enable us to know how well whales either purchase or sell off digital assets in the digital market.

TO CHECKMATE SCAM ACTIVITIES

This is the most important aspect as to why we track wallets. The digital currency space has suffered and is still suffering a lot of harm as we get to see different scenarios regarding scam activities. Fraudsters now steal assets from a particular wallet to another different wallet and sometimes, it might be multiple wallets.

Noe the reason why we track wallet is to know and see the activities of the wallet. This has gone beyond just knowing where the assets went to but also when, and how. We get to see how the assets was moved and the location it was sent to.

With the wallet tracking, one can detect the wallet in which the assets are being transferred into and as a result of the wallet tracking, series of measures are put in place to checkmate basic information regarding the wallet from which the asset got move away and to which wallet the asset went into.

CONCLUSION

Wallet tracking has helped to a great extent to expose the wallet of which the assets was transferred to. Although, it may not be that easy to get the fraudster but there are ways of which one can minimize or curtail the level at which assets are being moved from a given wallets to another. Knowing the right measures to take in other to protect your assets is essential.

Tracking is all about getting the totality of all the information regarding the activities of a given wallet in question and this approach is used to detect or to track wallets, especially that are used to steal assets.

Thank you all for having me today. I hope this discussion was beneficial to you all. I look forward to seeing you all when next I am here.