What is a BLOCKCHAIN WALLET? Good question, maybe that is the best question to start with. A wallet is best described as where we keep our money, family pictures and ID in. It is usually in our purse or our back pocket. In this new era, the new database of the future and platform that Cryptocurrencies reside in requires a wallet to exchange, utilize and redeem. This is a virtual environment, that operates only in the data world.
Blockchain can be used to immutably record any number of data points. The data can be in the form of transactions, votes in elections, product inventories, state identifications, deeds to homes, and much more.
Bitcoin vs. Blockchain
Blockchain technology was first introduced in 1991 by two researchers who wanted to create a system where document timestamps could not be tampered with. But, it wasn’t until almost 20 years later that it launched in January of 2009 that blockchain had its first real-world application. The Bitcoin protocol is built on a blockchain. In a research paper introducing bitcoin, it’s creator referred to it as “a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
Looking for the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set up – its the best way to learn more. You get $10 in BTC just for joining).
- There are several other wallets. All with set purposes and resource within blockchain, cryptocurrency and the growing digital future in store for us all. For years we have been trusting and utilizing Coinbase.
- Coinbase is now offering Staked Coins, and the option to “Stake” or hold your coins for gains. You agree to lock them, where you “STAKE THEM” meaning you will not sell or transfer them. They are STAKED so they hold the value of the COIN itself. For doing so, you get a APY or Annual Percentage Yield as you would with a Bond or Savings Account. These are ranging from 0.01 to sometimes 25{e1a8886c063b2f60f31e181b2d5b444b3dfb1dc83fb1b84a97e292f4a272654f} or more. The ones supported within Coinbase generally have proven to be more safe. But risk is always involved with investments and that includes staking.
- Staked Coins are able to gain in rewards, usually in additional coin as the staking is occurring. Similar to a bank bond or Certificate on Deposit. Used to create and leverage the creation of additional Crypto Coins.
We cover and train on the Blockchain, Cryptocurrencies and More in our Online Community Zoom Rooms. Be sure to get in Contact With Us for more! We will provide education and support you in this incredible time of life with this technology.