What is a blockchain wallet you ask? Well, it functions like your wallet you carry in your pocket or purse. It has your important “stuff”, such as your cash, pictures of the kids/grandkids, credit cards and “mad money”, you know what your mother made sure her daughters (you) had on their person when they went out on a date. That way you have money hidden away for when you need to call someone to rescue you.
Your blockchain wallet is based on the same principle. For example, it carries the important virtual “stuff”. It operates on the new database of the future and you carry your Cryptocurrencies in it. And because it functions like your wallet in your back pocket you can exchange, utilize and redeem your Cryptocurrencies as you need. Let me put it this way, the blockchain is a digital ledger of economic transactions tht cannot be corrupted. Transactions that can be programmed to record not just financial transactions but virtually everything of value The only difference is you are working in the virtual world.
WAIT – Let’s make that more simplified for you. Blockchain Details Broken Out in Simplicity:
- The blockchain is like a huge, global, decentralized spreadsheet.
- It keeps track of who sent how many coins/tokens/information sets to whom.
- In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
- It is stored and maintained by thousands of people or miners. Miners across the globe who have “special” computers.
- The blocks contained within the blockchain are made up of all the individual transactions sent and received. For instance all individual transactions sent from places like Coinbase, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
- for example, when you access your Cryptocurrency Balances on Coinbase,
- or any other Blockchain Wallet… or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you are seeing data on the blockchain, not in any one personal system
Want to find the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE. This is how we set up our blockchain wallet. You can learn the best ways to use it. Also, you get $10 in BTC just for joining!
Going forward, there are several other wallets – all with specific purposes and resources within blockchain, cryptocurrency and the ever growing and changing digital future that is in store for all of us.
Blockchain Wallet and Staked Coins
Coinbase is now offering Staked Coins. What this is, it is an option to “Stake” or hold your coins for gains. You agree to lock them, meaning you will not sell or transfer them. You are paid a APY or Annual Percentage Yield. This is as you would receive with a Bond or Savings Account. These APY range from 0.01% to 25% or more. As you know, there is always risk involved. The coins supported within Coinbase generally have proved to be more safe.
Your Staked Coins are able to gain in worth very similar to the bank bond or Certificate on Deposit. In other words, this is a way to create additional Crypto Coins.
It is probably safe to say that blockchain is Here To Stay. That is to say this is the new database of the future and platform that Cryptocurrencies reside in requires a wallet to exchange, utilize and redeem. You will find that this is a virtual environment, that operates like that wallet in your back pocket, only in the data world. The only question is how does a person get into this? Please do not feel you have to understand it completely to participate in it. Do you understand everything about your computer? I for one do not!! But having a basic knowledge of this technology will help.
A distributed database – let us explain the blockchain details even more:
In a simplified manner. Picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize whenever a secured and validated truth of any update is processed, its recorded. This network is designed to regularly update this spreadsheet. If you can grasp this concept, you have a basic description and understanding of blockchain. Some benefits to this process and function include:
- Information held on a blockchain exists as a shared, and continually validated and reconciled database.
- The blockchain database isn’t stored in any single location. this means the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- It is Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
In Conclusion, This can be a lot to take in. So we invite you to bookmark and come back for more information, or to review this information. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but growth and adventure for us all to witness. Maybe you will be like the thousands of others informed in our Online Community on blockchain details here. Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and fun to be had by us all.
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