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HomeBUSINESSWhat is this wallet and what is it for?

What is this wallet and what is it for?

While cryptocurrencies continue to grow in followers and investors, we must know some concepts associated with them. One of the most recurrent is the wallet, also known as a cryptocurrency wallet.

We invite you to discover what are the wallets of cryptocurrencieshow they work and which are the most recommended that you can use when carrying out transactions with these securities.

In this article we are going to explain in detail what they are, what they are for and how you can obtain one.

What are the wallets of cryptocurrencies

Physical money is kept in a wallet. You take what you need to make a payment and keep the rest there.

Cryptocurrencies have a peculiarity, they do not exist physicallythat is, neither Bitcoin, Dogecoin nor any of the more than 8,000 other coins are issued.

Therefore, a wallet cryptocurrency is a virtual place where you can store them, although this is not entirely true, but we will clarify it later.

Then, a wallet is nothing more than a digital accountso to perform operations with these values ​​you will need one.

Practically, any cryptocurrency has its own wallet, although there are others that are used with any of them, so you gain comfort and operability.

How does a cryptocurrency wallet work?

these wallets they have a very simple operationsince it consists of a public key, which is the one you provide when you want to receive a payment with a cryptocurrency.

If we make an analogy with a platform like PayPal; It’s similar to giving your email to someone who has to send you money. In a wallet, email is replaced by a public keywhich is a sequence of numbers and letters.

When a transaction is made in a virtual wallet, replicates to all computers involved making use of a private key, which will be recorded in all the blocks of the chain.

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In this way, it is impossible to make changes, which is why these transactions are so secure. On the other hand, the larger a virtual wallet, the more secure it will be, this is because your private key is registered in more blocks.

Therefore, a cryptocurrency wallet consists of the public key, which anyone can know and that identifies you, the private key, of which only you are aware, and that amount of values ​​that you have stored in different types of cryptocurrencies, it does not matter. whether they are Bitcoin, Litecoin or whatever you want.

cryptocurrencies are then connected to your public and private key. The cryptocurrency wallet then acts as a big ledger, since blockchain technology is nothing more than that, a huge database.

The different ways in which a wallet

how can be a digital walletThe wallets they can have different shapes. We start with the simplest, your public key written on a piece of paper.

It will be enough to consult it and send it to the contact you want to receive your cryptocurrencies. It must be said that it is free from any type of computer attack.

The rise of cell phones multitude of applications wallets that we can trust. They usually work quite well, and if you follow some basic security rules with your device, you won’t have any kind of problem.

You can also access your voucher through your computer’s browser, simply enter your username and password in order to access your wallet. It is even possible to find wallet applications for PC, whether you use the Windows system or it is a Mac.

Finally, we highlight the physical wallets. is a device similar in appearance to a USB stick and that you must connect to a computer to be able to use it.

They are very safe, but they have two drawbacks: on the one hand, their high price, and on the other, the possibility of losing the device.

These are the wallets of most used cryptocurrencies

different types of digital walletsYou can use any wallet you want, although many people who opt for the official one of the cryptocurrency itself. But that has the drawback, we must be managing several at the same time if we have our assets distributed, so having a single centralized wallet is always a good idea.

Among all of them, maybe highlight Coinbase as one of the most used due to the high security standards it employs. Both in its version for mobile devices and web browser, we find a very clean and easy-to-use interface.

Coinomi also points strong. It was founded in 2014, has 125 blockchain networks and 382 tokens. It can be used through a mobile application or from your own computer equipment. Like Coinbase, it is very intuitive to use.

now that you know which is a wallet of cryptocurrencies, it can be an interesting starting point to start using them and carry out your first transactions with them. This is not about the future or science fiction, millions of operations are carried out daily using these wallets.

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