What
is Cryptocurrency?
Cryptocurrency is an internet-based
medium of exchange which used cryptographical functions to conduct a financial
transaction. Cryptocurrency leverage BlockchainTechnology to gain decentralization,
transparency, and immutability.
Cryptocurrencies can be sent directly between two parties via the use of private and public keys.
In
simple words, a Cryptocurrency uses digital files as
money. Usually, the files are created using the same method as cryptography. A
digital signature can be used to keep the transactions secure and let other
people check that transaction is real.
How
Secure is Cryptocurrency?
Cryptocurrencies
are usually built using blockchain
technology. Blockchain describes the way transactions are recorded into ‘blocks’ and time-stamped. It is fairly
complex, technical process, but the result is a digital ledger of
cryptocurrency transactions that’s hard for a hacker to tamper with.
Also, the transaction requires a
two-factor authentication process. For instance, you might be asked to enter a
username and password to start a transaction. Then, you might have to enter an
authentication code that’s sent via text to your cell phone.
BitGo
is a high-security multi-signature wallet, which protects your bitcoin from
theft and loss. BitGo cannot spend or freeze funds.
BitGo wallets are easy to use and offer advanced security features such as
spending limits and multi-user access. BitGo did not become this popular online
storing platform without an excellent set of features and services.
What
is Cryptocurrency Wallet?
You can imagine a wallet as
equivalent to a bank account, as plays it a similar role by enabling the users
to send, receive and store bitcoins and other cryptocurrencies. The wallet (a
software program) consist of flexible features that stores public and private
keys the make a crypto transaction. So newbie’s, if you want to use cryptocurrencies
you will need a place to store and use the cryptocurrencies.
Let’s talk about the powerful
strength of BitGo in detail:
Security
and Reliability
BitGo offers various layers of
protection for its users. First is the IP address and the second one is the
2-Factor authentication. You can also use iOS or Android devices as an
additional factor of login to protect your account from hacking attempts.
Bingo
Wallet Fees
The BitGo platform offers 2
different fee programs for users to select from. You have a “Pay As You Go” and “Business Accounts” options.
Accepted
Cryptocurrencies
Depending upon the chosen fee
program, the number of accepted cryptocurrencies varies too. Supported coins
are organized in this way. The first one
being, Pay As You Go: Bitcoin, Bitcoin Cash, Bitcoin Gold, and
Litecoin. The second one, Business Accounts: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, and Ripple.
Multi-Sig
Wallets
All wallets at BitGo require
multiple signatures for transactions to happen.
Thus, if you have an existing
exchange in which you want to integrate wallet, then it makes sense to hire the
right cryptocurrency wallet development company that assures you fully secure
and scalable wallet solution so that your users have a gala time trading cryptocurrencies.
If you want to hire the bestcryptocurrency wallet development company for your custom cryptocurrency wallet
development, connect with Codezeros.
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