Technology has remarkably grown in the century that bank passbooks have vanished and the entire money transfers happen at our fingertips. From long queues of bill payments, the transaction has been revamped to mobile applications, saving our time and efforts.
Cryptocurrency, virtual currency is the boon to the fin-tech industry, but the underlying blockchain technology much more than altcoins. Blockchain technology can magically legitimate the entire industry process with decentralized and distributed features? Isn’t it interesting?
Let’s glance through blockchain, cryptocurrency, and its applications!
What is Blockchain?
Blockchain is the shared ledger that records the transactions in chronological order and is cryptographically secured. The nodes which are connected to the blockchain network have consensus data transactions that are stored in blocks. The blocks posses pre-hash, nounce, data and hash values.
The blockchain network uses the SHA-256 algorithm to secure data transactions that convert the input string into a 256-bit alphanumeric output value, that can’t be counterfeited. Another feature of the blockchain network is that there is no intervention of third parties for verification of transactions. The nodes which verify the transactions of a blockchain network are addressed as miners.
Now, let’s take a look at the top-notch cryptocurrency which is built on the blockchain network!
What are cryptocurrencies?
Cryptocurrency, a digital currency enables the peer-to-peer transfer across the globe without the intermediaries or central authorities. They are similar to a piece of code, that makes cryptocurrencies secure and impossible to counterfeit.
The cryptocurrency game started in 2009 with the evolution of BitCoin, which still now hangs at the first position in market value. Over the years 2810 cryptocurrencies have evolved!
Don’t we need a place to secure these cryptocurrencies? Yes, they are cryptocurrency wallets!
What is the cryptocurrency wallet app?
Cryptocurrency wallet apps are similar to our mobile banking apps in our smartphones. A cryptocurrency wallet is the only place at which you can figure out your digital currencies and it enables the user to send and receive crypto coins.
Cryptocurrency wallets are of three major types which comprise a software wallet, hardware wallet, paper wallet. A software wallet posses different categories such as desktop wallet, online wallet, and mobile wallet!
Initially, the cryptocurrency wallets were a headache that required separate wallets for different cryptocurrencies. Over the years, thanks to our developers who eased the managing of cryptocurrencies with a multi cryptocurrency wallet app that stores all the crypto coins under a single roof!
Let’s glide through the benefits of cryptocurrency wallet apps!
Benefits of cryptocurrency wallet apps
Cryptocurrency wallet apps paved the way for peer-to-peer transactions with no time and money across the globe. The crypto apps ruthlessly cuts-off the intermediary charges which are taken for every transaction across the globe. Just like our well-known PayPal app, crypto wallets enable global transactions without any fees.
Crypto wallets are completely owned by the user and it’s not just the word as like our mobile banking apps. Even though mobile banking apps are owned by us, the pin, password or authentication are stored in the third-party server, whereas crypto-wallets are completely owned by the user.
Global & Secure
Crypto coins are globally accepted and there are no flip-flops in market value. When the fiat money has greater fluctuations, the user can convert them to cryptocurrencies, to make their assets secure and stable.
The user holds private and public keys to ensure the security of digital assets in the crypto wallet. In order to manage your cryptocurrencies highly secure, you can take the help of cryptocurrency wallet development services!
It’s better to not try or play games with the highly-valued crypto wallets! Need some more discussion on the cryptocurrency, leave us your footsteps of interest in the comments page below!
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