Importance of a Cryptocurrency Wallet in Blockchain Applications
In this guide, we’re going to explain just how important having a cryptocurrency wallet is when it comes to blockchain applications (cryptocurrency and exchange platforms). With cryptocurrency being traded just as regularly as it has been in 2018 since the dreaded “fall of bitcoin” (which is still pretty well up there in worth mind you and doesn’t show any opportunity of going anywhere), so it’s important you have a way to keep it safe. A cryptocurrency wallet is like your own private bank that you have full control of. Sounds like a scary thought right? It doesn’t have to, and we’ll explain why.
Types of Wallets
There are two wallet types that are used more often than others, and that is online wallets and offline wallets. An online wallet is simply one that is on exchanges, or other websites that can hold our crypto information. This has some risks as anyone can end up accessing or hacking these websites, but many of them do have secure algorithms due to lessons learned in past attacks.
Offline wallets are storing your information yourself. Many people simply use their computers hard drives to store their bitcoin, but other more advanced traders out there have been able to incorporate things like paper wallets (keeping the keys written offline), external drives, thumb drives, and so much more. Even some coin mining machines have been able to incorporate their own offline mining software as well.
What Can My Wallets Hold?
Wallets are different in every application. Some are dedicated to only handling and holding one type of currency, while others have the ability to have many, or even all of them. For example, you have Bitcoin wallets (for bitcoin only), Ethereum and Monero wallets (for their respective altcoins only), universal cryptocurrency wallets that has any sort of limited cryptocurrencies for easy conversion, and then you have multi-currency wallets, which stores nearly any cryptocurrency out there, and allows it to be converted to higher market currencies.
Why You Need a Wallet
Well, for starters your cryptocurrency needs to be stored somewhere. While many online wallets have been available on various exchanges that have become affected by attack, you may be able to in the near future choose to have a wallet option that you can fully control on social media sites like Facebook for both private exchanges and even more security than ever before.
There’s a new sheriff in town when it comes to offering a secure solution on one of America’s most popular platforms: social media. Rubix is creating a legendary application cryptocurrency exchange that allows you to securely and privately trade back and forth between each other. Imagine if you can spend time trading with close friends and family members rather than having to ask for money all the time? Once it’s launched you’ll be able to., and even more so, you’ll be able to control exactly where the money goes and the most important part? Nobody has to know your information like they do on public exchanges.