What is a Cryptocurrency Wallet?
The cryptocurrency wallet acts as an electronic wallet in order to store, transfer and receive cryptocurrencies with the help of Blockchain technology. Most of the Crypto wallet at present supports Bitcoin and Ethereum as both are highly used by the crypto community. The ICO operations by many companies has lead to the integration of many other cryptocurrencies also.
Benefits of Cryptocurrency Wallet
- Privacy of usage/ Anonymity
- Decentralized mode of transaction
- Trustworthiness as there will not be any central entity
- Fraudsters are avoided because of the strong of Cryptography
- Faster regulations of all transactions
- Inflation of fiat currency will have no impact
- The involvement of Both the public and private keys to carry out a transaction makes it more secure.
- Bitcoin is simpler than banks as there is no limit based on time and geography.
- No need for downloading the entire Blockchain on the phone.
- Tax free transactions
Know more about Cryptocurrency Wallet Development!
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