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“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
The law of evolution stated by Charles Darwin a couple of decades back still holds true in the case of businesses that are fighting in the blood-thirsty competition to survive, grow, and prosper. This is why, increasingly, the businesses are gravitating towards the adoption of innovative technologies to stay and thrive in the game.
With unprecedented innovations and amazing use cases of mobile, wearable, AR, VR, AI, IoT, and pretty more, if you think technology evolution has reached a saturation level. You are absolutely wrong. The not-so-old kid on the tech block- blockchain technology is ready to take the world by storm.
Let’s understand what blockchain is:
Blockchain technology is actually a decentralized ledger that’s made up of blocks (or nodes) that are securely linked with each other through the cryptographic link to form a chain. In a distributed ledger, each block on the chain is distributed but not copied, and immutable in nature, but can be shared with no central authority.
The ingenious invention that’s transforming the universe is originally brought to the world by the pseudonym, Satoshi Nakamoto which is underlying technology behind cryptocurrency (Bitcoin). Later, the tech has evolved into something bigger and now, it has become a backbone of the several cryptocurrencies such as Litecoin, Ethereum, Dash and Ripple, etc.
What are cryptocurrencies?
Cryptocurrency is a digital currency that’s used to execute the financial transactions securely due to cryptography. Security, no central authority, immunity to changes, no bank or government regulation or control, and no third-party involvement are the biggest allures of the cryptocurrency. That’s the reason it’s emerged as a great alternative form of payment to cash, credit cards, and checks.
The payment through cryptocurrency has certainly gained an upper hand in the world economy, but still not reliable and convenient in the age of mobile wallet app development. This need led the creation of cryptocurrency wallet app development which is a highly secure, convenient, and reliable option for the financial transactions.
Take a quick glance at the Cryptocurrency Wallet Application Development:
The cryptocurrency wallet app shares a resemblance with the digital mobile wallets that enable transferring funds, making transactions, peer-to-peer sharing, and pretty more. This type of wallet use cryptocurrency like bitcoin as a digital currency to enable quick, easy, and secure financial transaction without having intermediaries in between. The smart contract securely validates the transaction between different parties based on the pre-defined set of conditions.
There are different types of cryptocurrency wallets such as mobile wallet, web wallet, a desktop wallet, and hardware wallet that works on the same concept but have different accessibility and utilities. These wallets are carving a distinctive niche in the market due to the easy access it provides to the users access the funds in the form of wallet app.
The role of Blockchain Technology In it:
The cryptocurrency wallet app is an independent part of the blockchain’s public network where the information regarding every transaction is recorded, and reviewed and tracked by the user at any point of time. The app allows the user to turn the cryptocurrency into real paper money through QR code scanning that can be used for money transfer or shopping (Just in a few countries).
The wallet app can be created, locked, blocked, or deleted anytime without requiring any kind of user registration through a financial institution, or government. The cryptocurrencies can be sold through banks in a few nations. The peer-to-peer mechanism is also available that facilitates transparent and secure transactions.
Most of the cryptocurrencies have their own apps while some prefer the users to use third-party apps to send and receive cryptocurrency in a secured fashion. It indicates the wallet apps allow the users to interact with different blockchains while conducting a transaction in digital currency.
Benefits of Cryptocurrency Wallet Application Development
The transaction becomes cheaper and faster
Either opening a bank account or creating a wallet app and conducting transactions require the users to visit the bank or financial institutions where the users are required to wait for some time and additional fees or charges is the part and parcel of the game. This is not the case with cryptocurrency as the user can create, setup and start using the wallet app in a matter of minutes with no additional questions to answer or fee to pay.
Additionally, there are some countries like Europe that allow users to buy anything using paper cryptocurrency with minimal charges involved. Therefore, with no broker or third-party involvement, the transaction becomes easy, inexpensive, and quick.
No centralized regulation
The cryptocurrency doesn’t play by rules because it’s not supported by national banks and not obliged to meet any nation’s regulation. Besides, maintaining and making transactions through cryptocurrency is not restricted by any of the state and bank presets, just the way they are imposed on national currency (bank monitors every transaction, impose high commission charges, restrict cash out on bank deposit or cash circulation, and more).
No government or bank has control over the cryptocurrency transactions that are done through wallets, which makes it decentralized.
It’s an international currency whose value remains same in every corner of the world, which means no matter where the users are, they can make transactions having one wallet with no issues of the current exchange rate. Moreover, trading or sending cryptocurrency abroad is as easier and faster as going to the neighborhood because there is no restriction on the transaction amount, no excessive commission for international transaction, and transactions can be accomplished in a couple of clicks.
Unmatched safety level
The cryptocurrency wallet has gone the extra mile to keep the transactions secure. With cryptography linking, public and private keys to conduct transactions and record immutability, the wallet gets protected against different ways of scamming. The wallets also allow the users to store data offline through cold keeping that makes it impossible to hack the data through the internet. The users can keep all the cryptocurrencies cold and just transfer the amount to address that needs an internet connection, which makes the wallet robust secure to use.
The great degree of anonymity
Cryptocurrency wallets are owned by the user who has created the account and no third-party has control over them. They are absolutely anonymous and transparent as the user can make endless transactions without revealing the name, phone number, or other details. The users can track only the last transactions and stay unaware of what the receiver did with the cryptocurrency.
Future implications of cryptocurrency wallet
The several advantages and enormous potential of the cryptocurrency wallet clear up the air that soon people stop looking at this wallet as exotic and unusual. Simplicity, speed, and convenience are the key factors due to which wallet is gaining major attention and wider adoption across the globe. It’s expected to continue in the years to come.
In the developed nations, the hardware-powered cryptocurrency wallets, ATMs for cryptocurrencies, and POS terminals for cryptocurrency in the shop are already getting used and leading players are also joining the race. Moreover, the investors, billionaires, and even some governments supporting the cryptocurrency wallet initiative.
It’s a sign, the great hype created around cryptocurrency wallet and blockchain will not burst like a balloon, it’s here to stay as a powerful digital financial transaction tool.