What is a blockchain wallet? A Blockchain Wallet is a Virtual Wallet for storing cryptocurrency. Think of the traditional wallet which is that leather bound trifold you store your cash, credit cards, photos, etc. This Virtual Wallet is a necessity in the virtual world for keeping cryptocurrency secure.
Blockchain has been around since 2008, however it’s initial concept was back in 1991. This database platform that Cryptocurrencies reside in requires a virtual wallet to trade and exchange, utilize and redeem. And the blockchain wallet is necessary to keep your crypto safe and secure, just like the wallet in your pocket or purse.
If you are a beginner looking for the best way to upload Cash to buy Cryptocurrency, then COINBASE is a good and safe way to start. Another secure one is Gemini.
- There are several other wallets you can set up. All have set purposes within blockchain and cryptocurrency. For years people have been trusting and utilizing Coinbase, and it is what we recommend.
- Coinbase is now offering Staked Coins, and the option to “Stake” or hold your coins for gains. This means You agree to lock them, “STAKE THEM”. When you “Stake” them you will not sell or transfer them. While they are STAKED they hold the value of the COIN itself. As a result, you get an Annual Percentage Yield (APY) as you would with a Bond or Savings Account. The ones supported within Coinbase generally have proven to be more safe. But risk is always involved with investments and that includes staking.
- Staked Coins are able to gain in rewards. Similar to a bank bond or Certificate on Deposit. This can create and leverage the creation of additional Cryptocurrency Coins. Not all coins allow “Staking”. However, when you do stake certain coins, the blockchain puts it to work and you earn rewards on those staked coins. It uses a concensus mechanism called “Proof Of Stake” and ensures all transactions are secured without a bank or some other payment processor in the transactions. When these transactions are verified then your coins earn rewards.
There is so much to learn about this technology. Come join us in our Online Community Zoom Rooms for more education regarding Blockchain and Cryptocurrencies. Be sure to get in Contact With Us for more! This new technology is our future so gaining knowledge about this is to your advantage.