Why You May Want to Use a Blockchain Wallet


If you keep up with financial trends, you've surely heard a great deal lately about Bitcoins, cryptocurrencies and Blockchain. Many people find these topics interesting but don't really know how to get involved and actually benefit from these developments. A Blockchain wallet is a tool that makes it easy for you to become an active participant in the exciting new world of Bitcoins.

What are Digital Currencies?

Digital, electronic or cryptocurrencies are a type of currency that can be exchanged via the internet. While Bitcoin is the best-known digital currency, there are many others as well, including Ether, Dogecoin, Litecoin and many others. As cryptocurrencies get more popular, it's likely that many new types will be introduced in the near future. Here are a few benefits of digital currency.

Why Blockchain Wallet?

  • Decentralized - As opposed to traditional currencies that are controlled by banks or governments, digital currencies run on a peer-to-peer basis. Among other things, this means that a central authority can't arbitrarily devalue or confiscate the currency.
  • Lower Fees - Because these currencies are not controlled by a centralized organization, there are lower transaction fees to use them. People who mine Bitcoins and other digital currencies are compensated by the network. However, there are certain fees for using third-party services that handle digital wallets.
  • Better Security - Compared to credit cards and other traditional online transactions, it's much harder to steal information, commit fraud or steal someone's identity using cryptocurrency. With a credit card purchase, a scammer can reverse charges and access a person's entire line of credit. With digital currency, each transaction is completely unique and secure.
  • Wide Access - Digital currencies make it easy for anyone with internet access to give and receive funds. Potentially, people all around the world who don't have credit cards or even bank accounts can use this type of currency.

A digital wallet provides users with a convenient and secure way to conduct transactions with Bitcoins and other digital currencies. Digital wallets are equally valued by geeks and everyday users for the convenience and security they provide. If someone wants to pay you in Bitcoins for a product or service, they simply deposit the funds into your digital wallet. This provides you with a secure way to store Bitcoins until you want to use them.

There are currently more than 20 million digital wallets in existence and that number is sure to rise in the near future. There have already been more than 100 million transactions using this technology, which is mind-boggling considering how relatively new it is. It's completely free to set up a Blockchain wallet and actually quite a bit simpler than opening a bank account or other type of traditional financial account.

As this technology gets more popular, Blockchain software developers will become more in demand. Find a partner to help you fill your gaps with the right people. Learn more about how Cohesion can help you with your IT staffing needs.

John OwensComment