Monday, 31 July 2017

What is a Cryptocurrency Wallet?

Just as you need a wallet with cold, hard cash to make purchases with traditional money, you’ll need something similar to utilize cryptocurrencies. Where physical wallets can help you store physical money, digital wallets are where you store digital money — sort of.

A cryptocurrency wallet doesn’t actually store your virtual money. Instead, it stores an encrypted code called a private key. This private key, which is only known to you, coincides with a public key. The public key is what actually keeps track of how much cryptocurrency you have, as all cryptocurrency transactions, including purchases and transfers, are meticulously detailed.

There are many cryptocurrency wallets available to choose from. If you’re a beginner in the world of digital currency, it’s recommended that you stick with the official wallet of the cryptocurrency in which you’re dealing. For Bitcoin, that would be the Bitcoin Wallet, while Feathercoin’s wallet is called… you guessed it: Feathercoin Wallet. When you’re more experienced with using cryptocurrency, you can move to a third-party or universal wallet.Once you’ve established a wallet and filled it with some digital cash, you might wonder what else you can do with your new money. Just as you might with hard currency, one possibility is to start here

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