A blockchain wallet. Huh? What is that? Good question to start with. A wallet is a folding “pouch” of some material such as leather you store cash, credit cards, photos, receipts, etc into. This is what a wallet has been for decades. In the world of “cryptocurrency” you still have a wallet but it is a “virtual” wallet, one that is in the “cloud”.
A Virtual Database Record
This wallet is actually a virtual database record of your cryptocurrency. You also use it to exchange, utilize, and redeem cryptocurrency. The blockchain is actually a database where cryptocurrencies reside. Thus this is a virtual environment for the processing of cryptocurrency in the world of data.
Fiat
Cash in the Real World is paper bills and coins also referred to as “fiat”. Looking for the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set one up – its the best way to learn more. You get $10 in BTC(Bitcoin) just for joining).
From there, there are several other wallets – all with set purposes and resource within blockchain, cryptocurrency and the growing digital future in store for us all.
Staked Coins
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 25or 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
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, and is used to create and leverage the creation of additional Crypto Coins.