An Ultimate Guide to Blockchain Wallets

Digital currency frenzy refuses to die down. More and more individuals and industries are adopting Bitcoins and Altcoins. While buying and selling virtual currency is pretty straightforward, there is much ambiguity about Cryptocurrency wallets.

Blockchain wallet development is considered an important aspect of the blockchain industry that offers ease of exchange funds to users. Blockchain wallets can be defined as virtual or digital wallets that can be used to store bitcoins or cryptocurrencies.

Generally, blockchain wallets are like bank lockers for cryptocurrencies. They show users the account balance, ICO Tokens, Bitcoins, or other essential digital payment solutions.

Cutting long story short, Blockchain Wallet is one kind of software program that stores the unique identity of digital currencies. Blockchain wallet supports the transfer of funds between different parties by offering them top-notch security.

How do Blockchain Wallets work?

Cryptocurrency wallets reflect your account balance- your Bitcoins, your ICO tokens, and any other digital assets you own. These wallets for cryptocurrency work like a bank locker. We don’t share our locker with others and we keep our locker keys safe. This should be safeguarded and not shared with untrusted entities. A public key is also generated. This has to be shared with people who wish to transfer your crypto. When a person sends you crypto, he will include the private key of his Bitcoins and the public key of your wallet. Thereafter transactions can be completed and new Bitcoins can reach your account.

With this covered, let’s head towards understanding the benefits of blockchain wallets.

Why think about Cryptocurrency Wallets?

Cryptocurrency wallets never run out of space. You can store a vast number of cryptocurrencies in one place. These digital wallets let you hold and operate with multiple currencies in an organized manner.

These wallets even have a notes accessory where you can jot down any special remarks about a particular transaction or Bitcoin to help you recall later. So, blockchain wallets are not just currency keepers, they are auditors and trackers too. They have a nifty balance checker that tells you instantly how much balance is available, where and when the last transaction occurred, etc.

Ways to secure a blockchain wallet

Securing a blockchain wallet with private keys and public blockchain addresses is quite a common thing. Apart from this, there are several other important security features that will strengthen a blockchain wallet’s security:

Password Protection
A strong password is a vital requirement to secure a blockchain wallet.
Two Way Authentication
Blockchain wallets should support a two-step verification process for securing user access.
Email Verification

Ensure that the blockchain wallet offers an email verification feature for payment confirmation. This feature can be activated at the time of setting up the blockchain wallet.

Single or Multiple-Currency Wallet?

Lastly, the security that a multiple-currency wallet provides is unbeatable. Storing altcoins in crypto exchanges is not a smart move. Since crypto coins are not Insurance-proof, they are extremely susceptible to hack attacks. Trusting third-party exchanges with your accounts is bound to have repercussions. Hence, investing in setting up a multiple-currency crypto wallet will give an immense peace of mind.

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