When you are about to enter into the cryptocurrency world, then it's imperative to be cognizant about the crypto wallet.
So What is Crypto Wallet?
When you are changing your dollars to pounds or from Yuan to INR you can rely on Forex market or claim from the bank. But what is the criteria to exchange digital currencies like Bitcoin, Lite coin, BTH or any other to FIAT currency?
Or how you can buy your very first cryptocurrency? Because there is no way for bank transactions here.
Fine. What happens after buying a cryptocurrency? Where do you store that?
These shots of questions might have sparked a clue regarding the crypto wallet.
So let's peer into this topic deep for better understanding. In case if you need any consultation regarding the cryptocurrency platform, feel free to reach us in Zodeak Technology - Crypto Exchange Script Development Company.
Crypto wallet is the software programmed wallet where you can store your private key, public key and your digital currency for the transactions and monitor their status.
Public Keys: Public key is your identity or wallet address, like username or account number. It will be like the combination of letters and numbers. By sharing this public key one can make crypto exchanges and a unique public key can be generated for every particular transaction.
Private Keys: Private key is like a password for your transaction, it shouldn't be shared with anyone. I repeat DON'T SHARE WITH ANYONE. Because when it gets shared they make use of your account and breach your amount.
Every user has a unique private and public address. This public and private key works in the hashed functions which ensures security.
Right now you may have a doubt regarding the cryptocurrency? Because when it is not a physical currency, how can it get stored?
A complicated idea, but let me try to explain in detail.
As blockchain is a decentralised platform every transaction in the blockchain gets stored in a public ledger and it is absolutely transparent; every person can see your last transactions, balance and other details, but cannot violate your currency.
So by storing the private and public keys and integrating the wallet to the blockchain one can manage transactions easily.
There are types of wallet to store your details based on your preference like
- Desktop wallet
- Mobile Wallet
- Web or online wallet
- Paper Wallet
- Hardware Wallet
There are many vendors who are developing this kind of wallet and incorporating it in the business. Wondering how? Check crypto wallet development services.
I hope I have majorly covered the basics of the crypto wallet. If you need details feel free to contact [email protected] or tap on Zodeak Technology's site above.