A blockchain wallet is a term that isn’t new to anyone who part of blockchain and cryptocurrency… in fact, a wallet is one of the most important aspects of blockchain and cryptocurrency. In this post, I will be sharing my knowledge and giving my opinion about blockchain wallets and also showing some examples of a wallet and also some important aspects of blockchain wallets.
But before go deep into the main topic of this post, I will like to briefly explain what blockchain wallets are and what they are all about. This is to lay the foundation for the main topics I will be talking about in this post.
A blockchain wallet is one of the most important aspects of blockchain and cryptocurrency. It is a term that isn’t new to anyone that is part of the cryptocurrency space. Like an everyday wallet that we use to keep money, a blockchain or cryptocurrency wallet have a similar purpose as it is used to store cryptocurrency – assets, coins and tokens. A blockchain wallet operates digitally and serves as a gateway that connects to the blockchain in order to access your cryptocurrency assets.
In most cases, what the blockchain wallet does is to provide the gateway to perform transactions on the blockchain network and also to access your cryptocurrency that is stored on the blockchain network using your keys. A blockchain wallet that gives you access to your keys means that you have full control of your cryptocurrency assets.
Whenever a blockchain wallet is mentioned, there are many types that come to mind and I will try to briefly touch on the main types of blockchain wallets… At the moment, there are mainly three categories of blockchain wallets that are popular and heavily used in the cryptocurrency space. There are; software wallets, hardware wallets and paper wallets.
Software Wallets: - Like the name software, it means it is a written program specifically for interacting and transacting with the blockchain network and storing cryptocurrency assets. Depending on the type of software wallets, it can be a multichain wallet which means that it can interact with multiple blockchain networks and also multiple cryptocurrency assets can be stored on it.
Software wallets are the most popular and common types of blockchain wallets because of most of it are easy and free to use. The different types of software wallets are web wallets, mobile wallets and desktop wallets. These types of wallets are not as secure as hardware wallets. In the next post, i will be talking about other different types of secure blockchain wallets that play a key role as far as blockchain and cryptocurrency is concerned.