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/ AnonymityDecentralized mode of transactionTrustworthiness as there will not be any central entityFraudsters are avoided because of the strong of CryptographyFaster regulations of all transactionsInflation of fiat currency will have no impactThe 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
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