Digital money transactions are a prominent virtual industry. This type of money is only available on the internet. Neither is it backed by banks nor is it safe. However, the security for digital money is sophisticated. So, where is digital money stored? In today’s blog, we are going to talk about the digital wallet. It is commonly known as the Blockchain Wallet.
What Is The Blockchain Wallet?
As noted, everything happens in the digital world. The blockchain wallet is hence, a digital wallet. Bitcoin users can manage their money with the wallet. Do You Know What Blockchain Technology Is? Well, before understanding the function of the wallet. Let us first look into the blockchain itself. Blockchain is a technology that can identify, track, and share information. It transfers information about online transactions to other computers. As per 2018 statistics, there are more than 25 million users around the world.
What Makes blockchain So Unique?
To understand the blockchain, we will dive into its functions.
Functions Or Uses Of Blockchain Wallet
Blockchain users can check and manage balances using the wallet. This e-wallet can store up to two digital transactions; bitcoin and ether. A user can create a blockchain for free of cost. The security of the account is through an e-mail address and password. The entire process is verified online. The account enables a wallet-ID to users. The ID contains account details similar to that of a bank. The ID allows users to access the blockchain website by logging in. The blockchain wallet has an interface that displays the current balance of the user. All recent transactions are also covered here. Blockchain users can also send requests to other parties. The offer is for generating more bitcoin. Encryption of a QR code takes place for the transaction. Blockchain users always generate a unique address. It ensures authenticity for credit or debit transactions.
The wallet further enables users to exchange bitcoin with ethers. A statement of the exchange rate determines the value. It also calculates the time for the transaction to complete.
Note: Blockchain currency takes more time to transact into the wallet.
The wallet’s interface also enables users to sell and buy. Therefore, users benefit when in need of bitcoins and vice versa. A blockchain user can make purchases from a bank or a credit or debit card. The former will deduct a small payment fee. Moreover, the transaction requires more time. The latter, however, provided quick access to bitcoin. The demerit of it lies in its hefty deduction fee.
Blockchain Wallet Security
The wallet comes with high-level security. The security has three levels.
It prevents users from losing their accounts. It is verified using an e-mail address and a long password.
It keeps other users from gaining access to other wallets. The user, therefore, adds their phone number for a One-Time-Password.
This level enables authentic users to block bluff accounts or requests.
Types Of Blockchain Wallets –
The type of wallet depends on how frequent the user is. Therefore use a proper system for seamless transactions.