‘Blockchain Wallet’- Storing Transactions- who should use , how?

‘Blockchain Wallet’- Storing Transactions- who should use , how?

  • Coinbase wallet is one of the best and secured wallets to start with.
  • Whereas some of the wallets like -Trust wallet were found to be less secure , because few of the account holder’s accounts were hacked .

A software that helps in managing  the transactions easily  and recording or storing  all the transactions related to cryptocurrencies exchanges is Blockchain Wallet. There are so many Crypto-currency wallets ;some of them are – Coinbase,Trust wallet,Ledger Nano X, etc.

According to one of the advisory , the best Crypto Currency wallets are Coin DCX and Wazir X in India.Talking about the easy , handy and trouble-free wallet, the more you find such wallets, the less secure they will be. So it is very important to have the right wallet for yourself, finding the best wallet for your crypto is challenging now-a-days.

Choose a wallet which is peaceful or harmonious with different operating systems.It is suggested to use an active working wallet so that in case of any trouble that occurs to your Wallet can be dealt with in a good time.Also choose the one that allows you to save your private keys offline and does not trouble in that .

And also remember to choose between Hot and Cold wallets. For day-to-day transactions you should choose a HOT wallet whereas if you hold your funds you should definitely go for the COLD wallet.

Types of Blockchain Wallet

Hot Wallet and Cold Wallet,these are the two types of wallets.If you are good in day-to-day transactions, you are more likely to use it on a daily basis: you can choose Hot Wallet. 

But if you are more likely to hold funds for days and don’t use it daily and can hold it for a while then you can go for the Cold Wallet.

How does it work? 

In blockchain wallet there are two main keys that are used- so connecting this process to the process of email. There are two keys-Public Keys and Private Keys.Like in E-mail you have your email address for the sending and receiving likewise the public key helpful in sending and receiving the funds related to the crypto-currency.

Private key is the secret password of that wallet, as the name itself suggests it is private in nature. Like an email password is a secret for all the users and we don’t share it with anyone.

In order to protect your wallet from theft and unrecoverable theft, then you should never share your private key with anyone, if you do so, you lose your key to enter your own account. Just like when you lock your own house and lose your own single key.

In this case you will get another but in the case of blockchain wallet it is difficult and you wouldn’t be able to recover.So basically public key is the one which can be shared with anyone for receiving the funds.

But you are never suggested to share your private keys with anyone.Now the question is why to use it? The reason is whenever we start a transaction process we may face trouble of delay in the payment process , though it is not necessary this situation may occur and it needs a secure and safe place for the transactions tracking on a daily basis.therefore you might need assistance for keeping your transaction safe and secured forever.