Cryptocurrencies and blockchain have become a trending topic for lots of people. The whole world has followed the incredible rise of Bitcoin, the emergence of new cryptocurrencies brought people’s attention. However, there remain topics that still raise questions. These include the cryptocurrency wallet.
We all know that a regular wallet is needed to store money and bank cards. At the same time, everyone knows the principle of cryptocurrencies and blockchain: transaction data is recorded in the blockchain, and everything is open and accessible.
Then the question arises: why do we need a cryptocurrency wallet if it does not store anything? What crypto wallets are convenient to use? These answers and many more are covered in this article.
Cryptocurrency Wallet: The Basics
Let’s imagine you want to start investing in cryptocurrencies or just to make money in crypto. To do this, you need to know how and where to store this asset.
If you take the general concept of a cryptocurrency wallet, it acts as a well-known wallet for storing money. That is, it provides you with assets in the case of buying or exchanging your funds. At the same time, there are important differences in the way cryptocurrency wallet works.
StormGain cryptocurrency wallet
While a crypto wallet gives you the ability to manage your funds, it doesn’t actually store cryptocurrency. A cryptocurrency wallet is a graphical shell for interacting with the blockchain in which your transactions are directly recorded.
Imagine a web browser. It is necessary for the convenience of working with the Internet, and the wallet is necessary to work with the blockchain. Thus, the wallet can generate the necessary information to receive and send money in the blockchain (e.g., a private or public key).
For example, consider StormGain crypto wallet, an online multicurrency wallet that provides security, management, and control over your funds anytime, anywhere. With StormGain cryptocurrency wallet you have control over multiple cryptos in just one wallet. To easily access the StormGain crypto wallet only an internet connection is needed. From any point of the world, StormGain users are free to trade and store their crypto.
A cryptocurrency wallet has its own address written as an alphanumeric identifier in the blockchain. This address is generated from the private and public crypto keys.
The address can be used to send and receive money. The public key can be called a wallet address, which is needed to transfer cryptocurrency from another owner. A private key gives access to the wallet’s assets. If someone sends you funds, they need to know the public key, while you should only know the private key.
The basis of Cryptocurrency Transactions
Whereas you can get paper money at an ATM, put it in a bank account, or store it at home, in the case of cryptocurrencies, it does not exist physically but only as a record in a blockchain.
To transfer, receive or exchange money, you need a cryptocurrency wallet. Thus, you need to choose a reliable wallet, such as StormGain crypto wallet, which brings you free access not just to store but to trade multiple cryptocurrency assets.
Disclaimer: This is a paid post and should not be treated as news/advice