Before going directly into details about Blockchain Wallet, let us have an in-depth insight on the fundamentals of what is Bitcoin? Or in general, what are Cryptocurrency and Blockchain?
Table of Contents
In layman’s terms, Cryptocurrency is also known as a digital currency and is further secured by cryptography. Due to this, it is almost impossible to duplicate or counterfeit and thus, makes it one of the most secure currencies in the mode of transactions. Most of the cryptocurrencies are decentralized networks that are based on some form of blockchain. Standing in 2021, there are over hundreds of cryptos; among them are the mainstream Bitcoin, Bitcoin profit Cash, Ether, Litecoin, etc. Due to their market values, these cryptocurrencies are also often used as investment assets by people.
Now, let us talk about our primary topic here, Blockchain Wallets. Blockchain wallets are provided by a company named blockchain, the software company founded by Peter Smitch and Nicholas Carry. This Blockchain wallet is used for the transaction of cryptocurrencies along with their conversion in other currencies as well as into centralized currency.
GETTING STARTED WITH BLOCKCHAIN WALLET
The foremost thing is getting your Blockchain wallet. Now, getting one blockchain e-wallet is easy, and creating an e-wallet with blockchain is free of cost. The setup is done online, and the individual signing up for it must make sure to provide his email along with passwords of choice. The password should be secure enough and unique as well. As soon as the registration is done, the user will be asked to verify their email, which can be done via generated links and sent to their emails. After confirming it, the user can log in back into the blockchain website through an e-wallet ID which is a unique ID similar to any bank account number. And lastly, you can access your e-wallet using any web or mobile app.
WORKING WITH BLOCKCHAIN WALLET
Now, since your wallet has been created, you can now buy cryptocurrencies and sell them whenever you want. You can also use these currencies for transactions, and to make it even faster and safer, the wallet also generates QR codes for payments. The transactions are similar to those done via other transaction applications such as PayPal but with the difference that instead of centralized money, transactions are done via cryptocurrencies, without involving third parties.
Although getting your e-wallet is quite seamless nowadays, your e-wallet provider may require small transaction fees on every amount you send or receive. And since the transactions are recorded on public ledgers, every byte of info can be accessed by you once transactions are completed. In addition to this, many centralized financial institutions are also offering a native exchange of crypto and central currency, thus, exchanges can also be made with debit or credit cards.
If you found this article informative, be sure to check out our other notable works on blockchain, Bitcoin, and cryptos in general. However, we would like to remind you that this website or the author does not endorse Bitcoin or cryptos neither advises on your financial decisions. Information presented in this article should be treated as supplementary sources to your existing knowledge in cryptocurrencies. Thanks for tuning in, and we will catch you in the next one!