A digital wallet with Cryptocurrency stores currency eliminating physical form of currency rending your wallet more secured and stylish as well. It is smarter than the wallet your traditional as it does lot more than storing currency. Counting through your coins and notes and all the records of your transaction till the one you tipped at a restaurant will be the job of your wallet not you. The dynamic world of payments is pushing community financial institutions to consider taking a note from Digital Wallets and come up with new ways to keep digital offerings up to customer’s expectations.
Cryptocurrency itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allows you to send and receive coins, and also acts as a personal ledger of transactions.
The different offering of Cryptocurrency wallets
- Desktop: Wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded.
- Online: wallets run on the cloud and are accessible from any computing device in any location.Online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
- Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores.
- Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
Motivating factors to opt for digital wallets
- Convenience of traveling without physical cards
- A fast, seamless, user-friendly, and intuitive experience
- Promotional offers and discounts
- Security, reliability, and privacy