Wallet

What is a wallet?

The electronic or e-wallet is a place where cryptocurrencies can be deposited. There are wallets that are compatible with a single currency and others where multiple currencies can be deposited. In practice, a wallet is a software that serves for containing cryptocurrencies and has the capacity to receive and send.

Hen one wants to send, for example, a bitcoin to another person, it will be done through the wallet, which will send the news of the transfer of the money to a node which then sends it to another node ad so forth, until the transaction will be included in a block and will remain definitively recorded in the blockchain. The transaction’s security will be guaranteed by the private key, which is a fairly long list of letters and numbers that the wallet makes available and which must not be given to anyone, since it could be used in bad faith with the idea of stealing the bitcoin that is deposited in the wallet.

If the key that has been typed in when making the transfer is deemed correct, the transaction is recorded in the blockchain’s public registry and deemed valid. The validation is made by the miner who has the job of making certain that no fraud is committed.

There are different types of wallets; the best known are those online, then there are the ones for cell phones, PC and physical wallets.


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What is a wallet?

What is a wallet?

The electronic or e-wallet is a place where cryptocurrencies can be deposited. There are wallets that are compatible with a single currency and others where multiple currencies can be deposited. In practice, a wallet is a software that serves for … Read more

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