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What is a Cryptocurrency Wallet?

Cryptocurrency Wallet safely stores the public as well as private keys, while interacting with various blockchain to allow users to transfer their cryptocurrency and keep track of the balance.

If you wish to invest in any cryptocurrency, you must store them in a digital Crypto wallet created using blockchain wallet development services.

A wallet could be in the form of hardware wallet or printed information in a document, as it stores only the military-grade cryptographically encoded keys used to access cryptocurrencies in either Hot Wallet or Cold Wallet.

Technically, a wallet can be compared to a ledger that contains records of balance and transactions, both have the blockchain technology as the underlying mechanism.

By mid-2018, as stated on a website, there were nearly 22 million bitcoin wallets created.

Coinbase, the popular cryptocurrency exchange reported having 13 million users spread over 32 countries.

Clearly, the popularity of the wallet is proportional to the use and transaction of cryptocurrencies.

Types of Crypto Wallet

There are several types of Cryptocurrency wallets depending on their usability and format.

  • Exchange wallets
  • Online wallet services
  • Desktop or device wallets
  • Hardware wallets (primary types)

Blockchain Wallet Development services are provided following the type of wallet requirement.

Exchange wallets are integrated into cryptocurrency exchanges and they generally have a transaction fee. Such wallets are mostly developed along with a crypto exchange software platform.

Online Wallets are made accessible via the internet. This type of wallet offers an account to the user. Users can log in into the account to use the wallet.

Desktop and Mobile Wallets are installed in a PC or a mobile device. Such wallets transform the device into a node.

Cold Storage, or Hardware Wallets, use USB or Bluetooth to communicate with the application wallet. A Paper-Wallet is also classified as a major type of wallet as it can record the cryptocurrency addresses and corresponding private keys.

Further Readings:

Oodles’ Cryptocurrency/Blockchain Wallet Development Services

Oodles Blockchain is among the leading blockchain wallet development service providers having extensive experience in developing various types of Blockchain applications.

Security, scalability, and integration are the benchmarks of wallets we develop.

We provide cryptocurrency/blockchain wallet development services as per the specific requirements of the enterprise or the business with adequate market research. Our team of skilled crypto and blockchain developers ensures the timely realization of the crypto and blockchain development projects. Our innovative approach effectively handles the common roadblocks to development by ensuring

  • Transparency
  • Quality
  • Cost-effective solutions

Our Technology Expertise

Steem                       Stellar                         MultiChain                      Hyperledger

 

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