The first thing you need while investing in cryptocurrency is a Crypto wallet- software that keeps your private keys safe and lets you securely access the funds on the Blockchain network. Despite interacting with Blockchains, the wallet enables you to make investments through activities like sending/receiving, buying/purchasing, staking, and swapping crypto assets.
Every wallet has a unique identifier as the address that users require to send/receive their crypto funds. This address often poses challenges for users during crypto payments. Fortunately, a new solution as Chat Wallet has emerged, which offers a user-friendly interface and the ability to make payments using usernames instead of complex wallet addresses. Now, let’s get into both concepts and explore how the Chat Wallet is overcoming the challenges faced by traditional wallets using complex address systems.
Traditional Wallet Addresses- What Are The Challenges?
01. Hard To Memorize
To send crypto, you need to enter the wallet address; a long string of characters that is hard to memorize. This complexity makes it difficult to remember or share them accurately. One incorrect entry to the wallet address can result in the loss of funds forever.
02. Zero User-Friendliness
People who are new to the crypto world often find the use of wallet addresses non-userfriendly. The absence of simplicity and personalization in wallet addresses makes the payment process impersonal and confusing.
03. Multiple transfers, Multiple Addresses
Every Blockchain has a different wallet address, therefore if the user wants to transact on 40 Blockchains, the user requires 40 addresses. Moreover, the user needs to ask the person every time to share their wallet address for sending/receiving crypto, which makes the entire process not just complicated but time-consuming.
04. Dependency Upon Multiple Platforms
To exchange crypto assets, users often have to rely on multiple social media platforms to share their wallet addresses. This fragmentation is cumbersome and time-consuming.
05. Limited Transaction Details
When a user performs a crypto transaction using the wallet address it is challenging to track and verify payment details. Every time to check the payment record or confirm transaction status, users require to use blockchain explorers which is inconvenient and time-intensive.
Modern Day Chat & Pay Wallet: Addressing Traditional Challenges
Just like the name suggests, the Chat & Pay wallet enables anyone to make crypto payments in Chats. But how is it addressing the challenges that come with the traditional wallet? Let’s find out:
01. Map Multiple addresses for One Username
The modern-day chat wallet brings the concept of using a “Username” into the picture to make crypto payments. This username represents your Web 3 identity, marked to all wallet addresses. Therefore, instead of providing the wallet addresses, the user can just use a simple username and make a quick crypto transfer.
02. Eliminate the Dependency Upon third-party applications
The Chat wallet offers a built-in interface where users can easily chat, and send/receive crypto payments with a tap on the username. Therefore, rather than relying on complex wallet addresses, users can identify recipients with familiar and easy-to-understand usernames.
03. Simplified Crypto Transaction
While using the Username to make payments, users are no longer required to take the stress of copying and pasting long addresses or make errors during transactions.
04. Secure & Effortless Communication
As the wallet provides integrated chat functionality, users can communicate with each other within the app itself. Thus, they do not need to switch between multiple platforms to share wallet addresses or clarify payment details, sharing a more streamlined experience.
05. Quick Payment Verification
With the modern crypto wallet, users can check payment details directly within the app. So, there is no dependency upon external tools, and users have a more transparent and efficient medium of tracking payment records.
Try AnCrypto - Multi-Chain Chat & Pay Wallet: https://play.google.com/store/apps/details?id=com.ancryptoWallet
Take Away
The Chat wallet brings a more compelling solution for making crypto payments by introducing usernames and a built-in interface that simplifies the payment process. With the ability to chat, send crypto, and verify transactions within a single app, users can enjoy a more user-friendly, convenient, and secure experience. So when choosing between payments with chats or wallet addresses, choosing a platform that offers more security and convenience is always a good choice.