To understand what a blockchain wallet is, it’s helpful to start with the concept of a traditional wallet. This is the leather pouch that you use to store your cash, credit cards, and other important items. Similarly, a blockchain wallet is a virtual environment that allows you to exchange, utilize, and redeem cryptocurrencies.
In the world of blockchain, cryptocurrencies are stored and traded on a decentralized digital ledger. In order to access and use these currencies, you need a secure and reliable way to store and manage them. That’s where the blockchain wallet comes in – it acts as a digital equivalent to the physical wallet you carry around with you.
Just like a traditional wallet, a blockchain wallet allows you to access your funds whenever you need them. But instead of carrying around a physical wallet, you can access your cryptocurrencies through a secure online platform that is protected by advanced encryption and security protocols. This ensures that your funds are safe and secure at all times, while also providing you with the convenience and flexibility of a digital wallet.
Looking for the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set up – its the best way to learn more. You get $10 in BTC just for joining).
From there, there are several other wallets – all with set purposes and resource within blockchain, cryptocurrency and the growing digital future in store for us all.
Coinbase is now offering Staked Coins, and the option to “Stake” or hold your coins for gains. You agree to lock them, where you “STAKE THEM” meaning you will not sell or transfer them. They are STAKED so they hold the value of the COIN itself. For doing so, you get a APY or Annual Percentage Yield as you would with a Bond or Savings Account. These are ranging from 0.01 to sometimes 25{4c82e251a751358f063d78179d3f249c553a4af2463ac454ee03398d4eebea0e} or more. The ones supported within Coinbase generally have proven to be more safe. But risk is always involved with investments and that includes staking.
Staked Coins are able to gain in rewards, usually in additional coin as the staking is occurring. Similar to a bank bond or Certificate on Deposit. Used to create and leverage the creation of additional Crypto Coins.