Know about the Types of Cryptocurrency Wallets and its sub-categories The cryptocurrency marketplace is growing exponentially, with around 8000+ crypto coins in the Coinmarketcap. Soon the cryptocurrencies are ready to hit the mainstream payments in developed countries with their own digital coins. The cryptocurrencies are adorned for their transparency, traceability, decentralized, and security features by the community members. The limited supply of these digital coins makes it highly valuable, volatile, and manageable by the network members. Now, let’s dive into the basics of cryptocurrency and wallet applications. In this blog post, you will explore the basic butter and jam on cryptocurrencies and their types of wallet applications in the marketspace.
A kick-start on cryptocurrencies! Cryptocurrencies are digital currencies that are limited in supply, and the entries are recorded on the distributed ledger known as “Blockchain.” Every crypto transaction is verified and approved by the miner nodes of the blockchain network, making the transactions more transparent and secure. The cryptocurrencies interact with the blockchain network through an interface application known as a wallet. A Multi Cryptocurrency Wallet is an application that can be authenticated by private keys to enable access to perform transactions with the holding crypto assets. The cryptocurrency wallets allow users to send, receive and manage their crypto portfolio by interacting with blockchain network peers. Every crypto wallet consists of two major keys: Public and Private. Public keys are wallet addresses, and private keys are passcodes required for authentication of application. This is all about the basic jargon of the cryptocurrency and wallet application! Now, let’s dive into the types of cryptocurrency wallets!