This modern era, is undoubtedly the technology era is witnessing lot many advancements, of which Blockchain is one. Blockchain is one of the best and secure payment gateways.
The best thing about Blockchain wallets is that it delivers secure and fast online payments, making the payment process much easier. Owing the ease, fastness and security, Blockchain Wallets are becoming more demanding and this demand is on raise.
Using Blockchain wallet, user can be sure of the security of their cryptocurrency. These wallets are wrapped in an intuitive interface, but they have a complex operations at the back-end. This has resulted in the curiosity in knowing the actual working of these blockchain wallets.
Though the various options on these wallets is so simple, and just with the help of some simple process, complete and complicate payment transactions can be made smooth. Now, let us have an insight into the role of blockchain wallets in making safe payment transactions.
Before, we step into the working of the blockchain wallets, let us look into the types of blockchain wallets.
Types of Blockchain Wallets
- Software Wallets: This kind of software wallets need to be installed in your device, mobile or computer. With the help of this, user can avail control over bitcoin, but some user may find it difficult sometimes.
- Web/Hosted Wallets: These are mediated by third party, which is hosted online. The working of these wallets are similar to apps, so user find it easy to use. As it involves third party, user should check with the safety with their bitcoin.
- Hardware Wallets: With the help of some hardware tools like USB, user can store their private keys. The support for cryptocurrency using this type of wallets is made possible by having compatibility with several web interfaces. For using these wallets, user need to connect them to Internet-enabled devices and provide key for confirmation. Hardware wallets are safest as it offers offline storage of coins.
- Paper Wallets: Using software application, a pair of keys i.e., public and private are generated using software application and are printed for making the transaction possible. Paper wallets function with collaboration with software wallets for purchasing and sales of funds. For transferring currencies which has scanning QR code and for adding keys manually, sweeping process is used.
Security of Payments Using Blockchain Wallets
Blockchain wallets store public and private keys for the online transactions. These wallets validates the online payment by interacting with multiple blockchains, for the transfer of cryptocurrency. Now, let us understand how does it work
- Firstly let us understand the keys used, Public and Private. Public key is shared with the public and the private key is kept secret. These public and private keys are similar to that of lock and key concept, where lock is the private key and the key for it would be the public key. Though many people own it, but block gets opened only when the correct pair of public and private keys are used.
- After opening the locker, user can find the stored things inside. When the user uses these keys online, the stored currency is displayed as digital assets (ICO tokens, Bitcoins, etc.) in their wallets.
The main motto of these Blockchain Wallets is to simplify the exchange of cryptocurrency for users. The choice of the type of Blockchain used, mainly depends on the payment size and the frequency of transaction.
Now, let us understand the benefits of Blockchain in making secure online payments
- Easy installation:
As these blockchain wallets are much similar to the various apps found on app stores, user can find it easy in installing the blockchain wallet. User just need to choice the respective app store depending on their device type. The best part with these wallets is that it can be installed on both android and iOS.
- More Security:
With online transactions, one need to take utmost care about the security. Whenever, user is making an online transaction using ATM pin and password, there would be a risk of hacking, but with the help of Blockchain wallet, user can be sure of security of the transaction. Cryptocurrency transactions involve only the connected people, remaining do not have the access.
- No Government Authority Regulation
Usage of Blockchain wallet apps can be used freely in reality as there are no regulations on bitcoins. The decentralized process involved in this process allow the user neither to block nor reject the fund transfer. None has the authority to restrict the usage of blockchain wallet applications.
- Ease in fund transfer
Since the introduction of blockchain wallets, large number of users are adopting these wallets for safe and fast money transfers. The main reason owing this huge success of blockchains wallets is that it has eliminated dependency on the network for completing the transaction, thereby eliminating the processing fee. Now, with the help of these blockchain wallet apps, user can complete their payment process without any fee.
- No Impact of Inflation
Inflation, i.e., ups and downs in the product pricing and such will not affect the blockchain apps. Inflation, will effect the currency issued by government, but with respect to blockchain wallets, its bitcoin value which does not get effected by inflation. So, the user can stay insulated from the effects of inflation.
- Actual Reality of Blockchain wallet
The best thing about these blockchain wallets is that these can be operated by owners only. Owner should specify the address of the person who have to receive the money. The address will be in confused format like 6kiTKEbde854cCoTWQde for ensuring safety. This makes it possible for making infinite number of addresses. User can better understand the amount of money transferred to the particular person, once they start feel familiar with the system.
- No Bitcoin Blockchain download
Blockchain wallet apps are developed by various expert developers, whereas it can be used by various consumers, merchants, and organizations with confidence. The user need not download the transaction history in the form of blockchain on their mobile devices. Rather, the user’s blockchain wallet app will connect with the network automatically, allowing the management of bitcoins easily.
Undoubtedly, Blockchain wallet app development is the order to the day. It has become a very popular electronic payments and known for its safe transaction. As represented by Bitcoin wallet application, blockchain wallet development are famous for its safety. Also, there is no interruption of government in the execution of blockchain. For making smooth transactions via blockchain, then visit Blockchain wallet Development Company like FuGenX Technologies, a leading mobile app development company or Hire Blockchain developers.
FuGenX Technologies is best known as Blockchain Development Company, where it focuses on Blockchain App Development and deliver the best of the best.