Cryptocurrency has become the most discussed term in recent times. Its popularity and acceptance are evolving each day. Though there are many restrictions on using cryptocurrency in various countries or regions it is accepted by a significant majority.
The cryptocurrency ecosystem offers different services that extend from the ways to store, transfer or exchange the currencies. When enough attention is paid, you can keep your cryptocurrencies safe.
Cryptocurrencies can be stored, exchanged or transferred through wallets, which can be software or hardware wallet. Each wallet has its own advantages and disadvantages.
The traditional way of storing money in your bank accounts or your personal wallet has changed with the emergence of mobile wallets or such payment apps. One can store money in such wallets and can be used or spent with a few clicks. The same is the case with cryptocurrencies. Your cryptocurrencies can be stored and transferred and even exchanged through either a software wallet or hardware wallet.
Mobile wallet, a software application, has become an easier part when thinking about cryptocurrency transfer or exchange. A mobile wallet is just an application that can be downloaded into your mobile phone where you can store your cryptocurrencies.
Transforming smartphones into mobile wallets allows a user to transfer or exchange cryptocurrencies with ease. You may be handling multiple cryptocurrencies. At times you may find it difficult to handle your cryptocurrencies. But your mobile wallet allows you to store all your cryptocurrencies and make transactions.
A matching engine or trading engine will keep a record of all open orders in the market and initiates new transactions/trade. When two orders match with the required criteria the transaction becomes successful.
A trading engine has multiple types of orders that a user can assess. An order book will hold the list of buy orders and sell orders. When the set trade condition is met, the transaction is validated.
When a person places a sell order for 10 BTC and another person places a buy order for the same value or higher value, the order gets matched.
When a person sends a cryptocurrency to your account, he/she is actually transferring the ownership to you or your wallet.
A crypto wallet contains a private key and a public key.
Once the crypto coins/currencies are added into your account, you can spend the coins. It is possible only when the private key stored in your wallet is matching with the public address of the currency.
When the private and public key is matched, the balance in your wallet increase and the sender’s will decrease.
Real coins are not exchanged, the only digital transfer happens.
The built-in exchange allows making the crypto exchange easier. The users can exchange the funds within the app without paying any transaction fee. At the same time, when the exchange happens externally, the speed depends upon the transaction fee paid.
There is no separate account needed to make the exchange. The wallet itself can be the exchange to make cryptocurrency exchanges.
One-time-backup feature allows one to recover private keys and can restore the access to own coins.
One can store or transact any number of cryptocurrencies anytime and anywhere. At the same time, different cryptocurrencies can also be transacted.
Security is the main concern for any transaction and it may affect your cryptocurrencies and exchange. The features that ensure security is a must factor.
A multi-signature confirmation is assured, i.e, only, when 6 or a group of people need to authorize a transaction.
Fingerprint detection, face detection, App lock, etc. can be provided to ensure safer solutions.
Store your cryptocurrencies on the offline digital wallet, thereby preventing it from unauthorized access. The company can get the notification when the balance left in the wallet is at the minimum.
Transactions can be tracked or monitored by a group. This group will authorize the transactions.
During each exchange, each transaction, and at registration, OTP can be sent to users to verify the account/user.
When the software is updated regularly, the chance for hacking or such issues can be handled properly.
You can transfer or exchange any currency for the same fees. There are no limitations on the minimum and maximum amount you can transact.
According to the transaction fees paid, the time taken for an exchange or transfer varies. Higher the fees paid, higher will be the speed.
Users can enable or disable notifications and get any information about currency rates & market fluctuations.
Users can chat internally with the other users and also get the support to clear any doubt regarding wallet usage.
Giving multi-lingual support with native support for languages other than English let the customers feel free to make their transactions without much stress.
Users can promote the sale or exchange through social media platforms and can add or share news feeds.
Admin has no responsibility in verifying the customer identity. The authorized third-party will be doing the verification.
Advanced features help you monitor the price of cryptocurrencies and follow your favorite cryptocurrencies and get an alert on the prices.
The users will be getting an emergency alert when the circulated coin does not fall under the preconfigured limit. This will help the users to manage their transactions more safely.
The world is behind cryptocurrencies, expecting to transfer and exchange currencies with more advanced features. Mobile wallet is a good solution, still, many developers are trying to improve adding more features and solutions to what the users expect. New tokens and coins are added to the crypto market and the wallets should be built more secure and safe.
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