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.
A number of questions abound- What is blockchain wallet actually? Are cryptocurrency wallets safe? Are they anonymous? Which cryptocurrency wallet is the best, and so on?
This blog will act as your one-stop guide to blockchain wallets, where you will get familiar with a no-jargon account of cryptocurrency wallets, their benefits, and much more.
What is Blockchain wallet?
A simplest answer to what is blockchain wallet, as mentioned in our Entrepreneur’s guide to blockchain, is one of three pillars of the Blockchain industry which holds the private and public keys of all bitcoins in your possession. They are not physical pocket wallets and neither do they hold any real coins or currency. They are software programs that hold the unique address of your digital currency. They not only store your Cryptocurrency but also transact them using blockchain transactions. It allows you to interface with various blockchains in the system and holds your bitcoin balance. It’s almost like a PayTM wallet, except it doesn’t hold any physical currency. If you wish to purchase or spend Bitcoins, you need a Bitcoin or multi-currency wallet of some type.
Learn more about What is a blockchain wallet here.