A blockchain wallet is one of three pillars of the Blockchain Wallet Development Company 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.
Different types of Blockchain Wallet
Online web wallets
Online web wallets are maintained on the cloud by third parties. They require internet connectivity to work. Since private keys of these wallets are accessible via the cloud, online web wallets are the least secure choice. But large institutions that have multiple co-signatories for a wallet prefer these types of wallets. Coinbase, Bitgo, and Coinkite top the online wallet list.
Mobile wallets
Since handheld mobile devices are very popular, there are compatible mobile wallets available. Apart from their obvious portability, they have QR code compatibility that makes instant digital payments a breeze. Blockchain and Mycelium are reliable mobile wallets, designed for both iOS and Android users. For Blackberry mobile devices, the Bitcoin wallet is a good choice.
Desktop wallets
These are software programs that can be downloaded to a laptop or PC. These wallets work even when not connected to the net. Different types are available for different Operating Systems. Armory, Multibit, and mSigna are some recommended desktop wallets.
Paper wallets
As discussed, paper wallets store the private key and public address in QR form. This information can be printed out and sealed for greater safety. Paper wallets, though safe, are often prone to humidity and fire hazards.
Hardware wallets
Hardware wallets resemble a tinier version of flash drives. They are safe and easy to use. These cold storage devices are great for transferring private keys and can withstand hazards, unlike paper wallets. Trezor and Ledger HW.1 are popular hardware wallets these days.
Benefits of Blockchain Wallet Development
- Easy to use. It is just like any other software that you use for your day to day transaction
- Highly secured.
- It allows instant transactions across the globe, and these are borderless transactions without intermediates.
- Low transaction fees. The cost of the transaction fee is much lower than the traditional banks
- It allows transactions across multiple cryptocurrencies and also helps you to do easy currency conversion.
Conclusion
It is now clear that blockchain wallets are an integral part of using Cryptocurrency wallet development services. They are one of the basic infrastructure needs that makes it possible to send and receive funds through blockchain networks.
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