What is an electronic wallet?
Also known as “digital wallet” or e-wallet is basically a software-based system that reliably stores sensible information, data and passwords for a variety of payment methods and websites. With the usage of an electronic wallet, users can process purchases easily, quickly and, of course, safely, with near-field communications technology. It also allows customers to store funds, make transactions and track the payment history through a computer.[Ritorno a capo del testo]They do not require a bank account with a physical firm.
Because it’s so secure and fast, this technology is the main interface for using cryptocurrencies, which rely solely on this technology to maintain balances and make transactions; for example, Bitcoin.
Some of the useful features are: the possibility to create very complex passwords without the struggle to be forced to remember them, a safe storage for loyalty or fidelity cards and also coupons.
Electronic wallets can be used in tandem with mobile payments systems, which allow users to pay through their smartphones
Recently, Google combined its two essential payment streams (Android Pay and Google Wallet) into a single service called Google Pay. Apple on the other hand entered into a strategic partnership with Goldman Sachs to issue Apple credit cards and expand its ApplePay services.
Electronic wallets are a potential boon to companies to collect their users’ data as to know about their habits is to know how efficiently target them with marketing products ad hoc. Of course, the downside for customers can be a loss of privacy.
Now, what is a Blockchain Wallet?
Electronic wallets allow individuals to store cryptocurrencies and other digital assets. In the case of Blockchain Wallet, users can manage their balances of various cryptocurrencies such as the well-known Bitcoin and Ether as well as stellar, Tether, and Paxos Standard.
KEY TAKEAWAYS (from Investopedia)
Broadly speaking, a blockchain wallet is a digital wallet that allows users to store, manage, and trade their cryptocurrencies.
Blockchain Wallet is also the name of a specific wallet service provided by the company Blockchain. This is an E-wallet that allows individuals to store and transfer cryptocurrencies.
Blockchain Wallet users can manage their balances of Bitcoin, Ether, and other crypto assets.
Blockchain Wallet charges dynamic fees, meaning that the transaction fees can be different based on factors such as transaction size.
Blockchain Wallet has a number of security features to prevent theft, including by company insiders.
Creating an electronic wallet with Blockchain Wallet is free and it’s done online with the sole requirement of an email address and a password that the user will provide to manage the account after the system verifies it.
Once created, the user is provided with a Wallet ID (an unique identifier similar to a bank account number). Users can access their e-wallet by logging in the Blockchain website or through the installed app.
The interface shows the balance or the crypto-assets and the most recent transactions with the possibility of changing the local currency to see the value of the funds in their currency of choice.
How does it work?
Users can send a request to another party for a specific amount of bitcoin or other crypto-assets, and the system generates a unique address that can be sent to a third party or converted into a Quick Response code or QR code for short.
A different unique address is generated each time the user processes a request and provides an amount when it’s required from another user: the send-and-receive process is similar to sending or receiving funds through PayPal, for example, but instead of “normal” currency, it’s crypto.
Swapping: this practice is an easy way to switch out crypto without leaving the security of the Blockchain Wallet. Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction.
Blockchain Wallet only allows six crypto-assets for swapping: Bitcoin, Ethereum, Bitcoin Cash, Stellar Lumens, Tether, USD Digital, Wrapped-DGLD.
Blockchain Wallet Fees
Dynamic fees (this is the name process for Blockchain Wallet) are charged by transaction and can vary based on different factors: for example, the transaction size per se or the condition of the network at the time of the transaction. Only an amount of transactions can be processed within a block by the high-powered computers called miners, which typically process the transactions that have the highest fees first since it's financially advantageous to them.
Blockchain Wallet offers a priority fee, which could possibly get the transaction - processed within an hour - and a regular fee, which is cheaper but the transaction usually takes longer.
Fees can also be customized case by case, but if the customer sets the fee too low, the transfer or transaction could be delayed or even rejected.
Blockchain Wallet Security
Security is fundamental. That’s why there are several levels of security to protect the user’s funds from any attacker - including the company itself.
Passwords are one of the user’s protections, however the company cannot store this information or reset said password if lost, in order to prevent companies from stealing crypto. In case the password is lost or forgotten, the account can be only recovered with a mnemonic seed, which is a random string of English words that function similarly to a password following an industry standard (the wallets can be recovered even if the company goes out of business; this too is off-limits for the company.
Other (optional) security methods include two-factor authentication or IP whitelists to prevent log-ins from unfamiliar devices. It is also possible to block access through the Tor network, thereby preventing prospective hackers from disguising their IP addresses.
How to open an Electronic Wallet on your mobile device (for crypto)
STEP ONE: Download the app.
STEP TWO: Create an account
Unlike a hosted wallet, you don’t need to share any personal info to create a non-custodial wallet. Not even an email address.
STEP THREE: Remember your private key
It’s presented as a random 12-word phrase. Keep it in a secure location. If you lose or forget this 12-word phrase you won’t be able to access your crypto.
STEP FOUR: Transfer your crypto to the wallet
It’s not always possible to buy crypto using traditional currencies (like US dollars or Euros) with a non-custodial wallet, so you’ll need to transfer crypto into your non-custodial wallet from elsewhere.
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