By Published On: October 14th, 2020Categories: Education0 Comments

Digital wallets are virtual locations in a cryptocurrency network. They are what people use for storing, sending and receiving digital currencies such as Bitcoin or Dash. Digital wallets are presented through a software with a graphical interface, and provide many facilities and advantages that are well-received by all users of the new digital economy.

Types of wallets

  • Software Wallets: The original crypto wallet. There are wallets which are designed to store exclusively one currency, and others that offer the possibility of storing several types of currencies.

  • Desktop or PC wallet: This is the most widespread, it’s basically a program or software that is downloaded to the PC / Laptop (in some cases it’s executed 100% online through a web browser).

  • Hardware Wallets: They are basically electronic devices to store cryptocurrencies. They’re not very flexible to make payments, but they’re ideal to be used as a means of saving, since all you need is a USB cable to connect to the computer and access your hardware wallet while your cryptocurrency remains offline. This type of storage is known as “cold storage”.

  • Paper wallet: This is a printed document that contains the data that identifies that wallet on the blockchain. This is the public and private key corresponding to a an address of a specific cryptocurrency, these types of wallets are commonly used in cryptocurrency ATMs and online wallets.

  • Online wallets: These are wallet programs accessible through web browsers, generally using a username and password. There are also wallets found on an exchange platform such as binance and bittrex.

 

Wallet features and functionality

The wallets work in conjunction with the blockchain in cryptocurrencies that use this method. Each wallet works with two keys: public and private, an essential concept in asymmetric cryptography, allowing the user to be recognized within the blockchain through those two keys.

The public key is the one that the user can share in order to receive funds and gifts, an aspect that is very common today since it allows the help and collaboration of others anonymously and safely.

The private key is the one that the user chooses to access their wallet, allowing them to carry out a transaction to another wallet. it is mandatory for the user not to reveal that password.

In some cases, both keys are made up of a series of alphanumeric characters that are randomly generated. Due to their length and complexity, the keys are almost impossible to be easily memorized by the user. For this reason, a very important improvement was made on this key aspect of the security of digital currencies and it was the implementation of the Seed.

Other characteristics that are of great importance in relation to wallets are:

Seeds are a set of 12 words or more that are randomly generated, which allow the user to recover his wallet in case of any mishap that may occur. This feature is very common in wallets and was introduced by Bitcoin. It’s important that you always keep this seed phrase in a very safe place, since the words must be placed in their exact order when you want to restore your wallet.

Variety of addresses: Unlike bank accounts which are identified by an always unique number series, you can have several addresses associated with your digital wallet where you can receive Bitcoin, Ethereum, Dash, or any other cryptocurrency with which you want to perform transactions.

They don’t need an Internet connection. There are some wallets where an Internet connection is almost mandatory, however, there are cases where the connection isn’t essential. These are known as cold wallets.

How and where to use a wallet

Digital wallets are like a kind of credit or debit card, but in a digital version and you can store them in an application on your mobile device. As a security measure and to protect your transactions, your personal data and your card number are not stored. When the person want to use the wallet, it only have to enter the information of the wallet you want to send funds to.

Currently, there are many places where you can make payments with cryptocurrencies. To recognize them, we only have to locate the businesses that show the contactless or cryptocurrency symbol or that agree to make transactions through their app.

If there are Bitcoin and altcoin ATMs in your country, you can go with your wallet and sell or you can buy the different cryptocurrencies and have them sent to your wallet. You can send or receive the balance from anywhere in the world where you are, safely and quickly.

dash wallets

Dash wallets: Features and benefits

Dash, always providing top quality solutions to its users, offers its Dash wallet. Dash wallets provide features that are, without a doubt, of great help for anyone who wants to send, receive and store cryptocurrency on their devices.

Dash wallets are the first Dash apps for mobile devices and also the most secure if you use the Dash Core wallet! (Requires Android 4 or higher, and for iOS devices version 10.0 or higher).

  • Instant download

  • No registration, web service or cloud required! This wallet is decentralized and peer to peer.

  • Visualization of your Dash balance in DASH, mDASH and uDASH.

  • Transaction history reports.

  • Conversion to and from fiat currencies.

  • Sending and receiving Dash via NFC, QR codes or dashboard URL.

  • When not connected, you can still pay via Bluetooth.

  • System notification for coins received.

  • Sweep of paper wallets (for example, those used for cold storage).

  • App widget for Dash balance.

  • Login with username and password.

  • Access by PIN or fingerprint.

  • “Edge Secure” 2-factor authentication.

These Dash wallet characteristics make it the ideal wallet for all users who implement Dash for their daily lives.

Dash wallets and their impact in Venezuela

Dash has become a help for Venezuelans. The application of cryptocurrencies in their day to day lives has allowed them to fight against all the problems and difficulties that arise with inflation and the instability of the Venezuelan economy. Canceling a service using Dash as a payment method through the Dash wallet has facilitated the lives of many Venezuelans. Dash wallets even provide a solution for storing their income more securely compared to bank accounts and transferring payments in a safe and fast way.

It’s important to mention that an alliance has been made with KRIP Mobile so that the Dash wallet is a built-in application within the devices, helping the growth of Dash within the community in Venezuela.

Dash continues to grow unstoppably around the world. Its methods, innovations and advances make it, without a doubt, a cryptocurrency that distinguishes itself from the others. Dash wallets have positioned themselves as one of the most preferred and used by consumers around the world.

About the Author: Aldo

Venezuelan Teacher and Writer! I'm positive and strong. Tips graciously accepted: XoXNCV4jQ1QWp1g1c6cEsx4R7xKJKKaNmR

Dash Nation is always on the lookout for talented writers for news and blogs. If you wouldn’t mind sharing your talents with the movement towards financial freedom through Dash, please contact the team at go.dashnation@gmail.com.

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