Cryptocurrency wallet is a software functionality enabling users to earn, maintain and transfer virtual currencies. Unlike currently existing banks or pocket wallets that stock real currencies, cryptocurrencies can only be listed as transactions on the blockchain technology. If a cryptocurrency is transferred to the wallet, it means that the possession of the currency is signed off to a dedicated wallet’s address.
To utilize the fund, the private key of the wallet must match the public address of the currency it is assigned to.
To maintain a secure user account.
To access all the readily available user addresses.
To be able to scan and process paper cryptocurrencies.
To instantly view the updated cryptocurrency value.
To send and accept cryptocurrencies in a single click.
To join as a merchant and to browse other cryptocurrency merchants.
To protect the user accounts with password and PIN.
To completely avoid chargebacks.
A security measure that automatically logs out user from their account.
Cryptocurrency wallet that primarily requires web access to function is called hot wallet or web wallet.
Cryptocurrency wallet which is highly functional and can be accessed seamlessly on any mobile device is called mobile wallet. It is completely internet based.
It is a really effective cold storage method of cryptocurrencies. Safer than mobile and web wallet.
Highly secured than the web wallet and are easier to work with than paper wallets. They handle fork better than others.