Things one need to know before dealing with cryptocurrency wallet development

ByKatrin Kunze

The term cryptocurrency is gaining impetus in recent times.

Like any other currency, cryptocurrencies can be used to buy goods and services.

But unlike other currencies, cryptocurrencies are digital and use cryptography to provide secure online transactions.

Most individuals think that crypto wallets are merely the digital forms of a real, physical wallet, there is much more to the overall concept of cryptocurrency wallet that you should know about.

Basic facts that one needs to know before using cryptocurrency wallet. 

  • Quite contrary to the common notion, cryptocurrency wallets are not used for storing cryptocurrencies.
  • Rather, a typical cryptocurrency wallet is used for storing or saving the pair of public and private keys.
  • These keys provide access to the users to their respective digital data or belongings. 
  • These wallets are the combination of blockchain and IoT that enable communication via payment of things, which leads to building a smart society.
  • In the era of Blockchain and IoT, these are wallets that provide authentication and payments

Types of crypto wallets that are available in the digital market:

  • Web wallets
  • Desktop wallets
  • mobile wallets
  • Hardware wallets
  • Paper wallets.

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