Blockchain wallet is a digital wallet which allows an user to manage bitcoin and ether. Blockchain Wallet as a service and product is provided by Blockchain, a software company that has been founded by Peter Smith and Nicolas Cary.
Wallets are very essential factors of investing and owning cryptocurrencies of any kind. Wallets in which digital currencies are stored are very similar to wallets in one’s hard, in-hand currencies, like dollars or euros. It’s just a digitised version of their respective bank accounts. Generally, they are used to buy and store their crypto, and send the crypto to others recipients.
Blockchain Wallet and its Advantages
E-wallets allow individuals to store cryptocurrencies. In the case of Blockchain Wallet, users can manage their balances of two cryptocurrencies: bitcoin and ether.
Creating an e-wallet with Blockchain Wallet does not involve any cost. Setting up the account is done online. Individuals must provide an email address and password that will be used to manage their accounts. The system will send an automated email requesting that the account be verified.
How does Blockchain Wallet work
A special address is generated every time any user makes a request. Users can also send bitcoin or ether when someone provides them with a unique address. The send/receive process is similar to sending or receiving funds through PayPal but uses cryptocurrency instead.
Other Crypto Wallets Apart from Blockchain
There are several other types of wallets, and the one that will best suit one’s needs depends on what they need from a wallet and the purpose of their cryptocurrency holdings.Different wallets types have their own advantages and disadvantages.
One should weigh the risks of every type depending on the needs like security, easy access and long term holding among various others.