When I was growing up neither blockchain wallet nor Cryptocurrency had ever been heard of. I remember when the internet did not exist. Makes me a dinosaur, I guess! Here is a great explanation for what it is now and future uses for blockchain wallets as planned. See here.
Blockchain wallet? You need one to purchase bitcoin. A blockchain wallet is a safe place where the crypto can be stored, managed and spent. When I first heard of this I thought of a regular wallet. I had not realized it is a digital wallet. This is the only place you can store, buy, trade or stake your Cryptocurrencies. However, only hot wallets can access the blockchain. There are several types of blockchain wallets in existence. Some of them are considered more secure because they store your private keys offline. Hence, the blockchain wallet prevents your Cryptocurrencies from disappearing, ie, someone going into your wallet and adjusting your balance. However, there is always risk involved. These wallets are often temptations to hackers. You must get the most secure wallet form a trusted blockchain wallet. So be sure to get the best wallet you can.
They are Here To Stay. As mentioned above, you need a digital wallet to keep your digital currency. Your digital currency is held in virtual reality. The value of crypto is not backed by anything and is very volatile. First thing to remember risk is always involved in investing.
Want to know the best way to upload CASH or FIAT into Cryptocurrency? There are several blockchain wallets. The one we recommend is COINBASE. (It is easy to set up and you receive a reward $10 in BTC for signing up.)
- There is a set number of Bitcoin to be mined. When the amount, 21 Million Bitcoin, is reached this will be the maximum amount in circulation and will never exceed this same amount again.
- Halving occurs every four years and reduces the amount (supply) of bitcoins entering the market. By reducing the amount of bitcoin in the market it could potentially lead to price appreciation.
BLOCKCHAIN WALLET RECOMMENDED
- When Coinbase holds your coins they are called “STAKED.” Your reward will be more cryptocurrency.
- Once you agree to have your coins held, STAKED, you will will not be able to sell or send them. In other words, you agree to have them held by Coinbase for a specified period of time. You will earn an APY, Annual Percentage Yield, just like a Certificate of Deposit. And, has a set time period for the Crypto to be held as STAKED. The APY rate ranges from 0.01 to 25 percent. The primary benefit of staking is earning “crypto.” Also, you will have to pay income tax on your STAKED coin as it is considered income upon receipt. See a good tax professional for answers.
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