Blockchain Wallet: What Is Its Purpose and How Is It Used?
According to recent statistics, there are 64.43 million Blockchain Wallet users around the globe and this figure is growing speedily. Which indicates that people are already well-aware of its lucrativeness and utilizing it to its utmost potential. Do you know that you can bring about a good fortune with these, too? Even in 2021? You can achieve financial independence, irrespective of your age! If you want to know how then keep on reading, this article is for you!
Every now and then, you might have heard a lot of people talking about investing in Cryptocurrency or buying Bitcoins which is impossible without a Cryptocurrency Wallet. With each day passing, the Blockchain technology is becoming more and more prevalent in the financial sector. Let’s quickly take a gander at the term ‘ Blockchain. ‘
What is Blockchain?
It is a secure system responsible for documenting information in such a way that it is almost a no-win for hackers to get access to the data. Every transaction is added to the chain; these chains are continuously increasing because of the addition of more blocks to it. However, before hopping on to the wallets, let’s catch a glimpse of some of the ‘ electronic currencies ‘ to be kept in them.
Bitcoin and Ethereum
● Bitcoin is a form of digital currency which cannot be stored at the bank. If you want to keep your money outside the bank, buying bitcoins is the best option for you.
● Ethereum: another form of cryptocurrency. Unlike Bitcoins, it is used by megacorporations in devising far out programs. As Ethereum and Bitcoins are both cryptocurrencies, they are stored in hardware wallets.
Now that you’re familiar with the main terms, let us dive deep into the topic i.e. Blockchain Wallets. We’ve come up with the ultimate guide to Blockchain Wallets that’ll help you to opt the best one for you and gain profit maximisation.
What are Blockchain Wallets
It’s a modern and digital form of a wallet, also known as E-wallet, used to administer and keep Ethers and Bitcoins. It helps users in the transmittals of cryptocurrencies. Moreover, it is also used in converting the cryptocurrency back to the local one. Trading of cryptocurrency is impossible without possessing an E-wallet.
BLOCKCHAIN, a software firm, established by Peter Smith and Nicolas Cary distributes blockchain wallets.
How to set up and use a Blockchain Wallet
Account opening process is simple and totally free. The best part is that the procedure is done online. You should have your email id and remember its password. After entering these two, you will receive a confirmation email (with a link attached). Then comes the last step, you have to verify your account by clicking on the link.
And you are good to go! Getting a wallet is as easy as ABC. Afterwards, you will be given a Wallet ID (same as of account number in banks). To access your wallet, you need to log into your account from the official Blockchain website or via the mobile application.
Your current balance of Bitcoins and Ethers will be displayed on your wallet’s main interface. Likewise, your latest cash proceedings can also be seen here. You can also check the value of your digital currency in your local currency from the wallet.
If you need Bitcoins or Ethers, you can ask other users with your desired amount. Concurrently, the system will produce an exclusive address ( to be sent to third parties ) ; it is then changed into a QR Code – which keeps the financial data. To acquire this data, a digital device is required. Investopedia describes this procedure pretty much similar to Paypal transactions.
Buying and selling of Bitcoins is also done through these wallets. Here, you would be required to grant funds through your debit card or bank account. You can also interchange your Ethers with Bitcoins or your Bitcoins with Ethers, in accordance to the current rate of exchange. This process does not happen immediately as it requires some time to enter the swapping into the blockchain.
Types of fees:
● Blockchain wallets charge their users with ‘ Dynamic Fee ‘ which can be variable – depending on the size of transaction and the circumstances of the network at that time
● If you want a swift transfer, let’s say in one hour , then you will be charged with ‘ Priority Fee ‘
● On the contrary, ‘ Regular Fee ‘ is charged to those who are willing to wait more than an hour. All of these fees can be tailor-made, however, can result in cancellation of process if set very little
By now, we are confident that you have a crystal clear picture of Blockchain Wallets and their usage in your mind.
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