As we all know the fact that the global economy is moving towards an inevitable digital eco-system. With all the technological development everything from money transfer to investment is turning out to be paperless. And the newest and at the same time most promising type for digital payment is cryptocurrency. Many people may not know what these cryptocurrencies are all about. For such people here we are providing some basic and important information about cryptocurrencies. A cryptocurrency in simple words is a digital asset that is designed to work as a medium of exchange. These currencies do not exist in any physical form like dollar bills or any other legal forms of money. These currencies have an individual coin ownership records that are stored in a ledger form of a computerized database. Cryptocurrencies have secured strong transaction records using cryptography. These currencies are stored under individual cryptocurrency wallet, which is a device which stores the keys of private or public keys for these cryptocurrency transactions. Some well-known wallets like Atom Cosmos Wallet and Atom Cosmos web wallet have functioned well with cryptocurrencies and have gained a great popularity. Therefore through this article let us now look at some of the interesting facts about cryptocurrencies and cryptocurrency wallets.
What is a cryptocurrency and a cryptocurrency wallet?
Many of us may have heard about cryptocurrency, but may not what exactly cryptocurrency is all about. To make it simple, crytpocurrency is basically a digital asset that works as a medium of exchange for buying and selling things online. People who own this cryptocurrencies usually have their money saved in a cryptocurrency wallet. Through this wallets, they make payments and receive cryptocurrencies into the wallet. All the coins and cryptocurrencies a person holds is only held inside the cryptocurrency wallet. Some famous wallets like cosmostation wallet and also cosmostation web wallet have been useful to many people who use cryptocurrency for many years. A simple cryptocurrency wallet contains of pairs of private and also public cryptographic keys. These keys help in tracking the ownership and also help keeping a track record when receiving or spending these cryptocurrencies. A public key allows new people to make payments to the specified address derived, but a private key enables in sending the cryptocurrency from the specified address. Hence, a crytpocurrency wallet offers the functionality of encrypting or even signing an information. Signing may at times result in executing a contract or a cryptocurrency transaction. Therefore, a cryptocurrency is a digital payment methods used widely around the world.