What Is A Crypto Wallet?
A cryptocurrency wallet is a secure digital wallet used for storing, sending and receiving digital currencies like Bitcoins.
To use cryptocurrency, you must use a crypto wallet. Some wallets are designed for a single cryptocurrency, some may be used for more than one coin, others you manage yourself, and some (such as those found on the exchange) will be custodial.
How do these wallets work?
Millions of people use crypto wallets, but they are not so aware of the principles of their operation. Unlike conventional wallets, digital wallets do not store money. In fact, currencies are not stored in a single location or exist in any physical form. All that exists are transaction records stored on a blockchain.
Cryptocurrency wallets are software or applications storing your public and private keys and interfaces with different blockchains so users can monitor their balance, send money, and perform other operations.
Although bitcoin is by far the most popular cryptocurrency, several more (AKA altcoins) have emerged, each with its individual infrastructure and ecosystem.
If you want to use different cryptocurrencies for your transactions, the good news is that you do not need to set up a separate wallet for each currency.
Instead of using a wallet supporting a single currency, it may be more convenient to set up a multi-currency wallet that allows you to use multiple currencies in the same wallet.
The AiBB wallet is a multi-currency wallet that serves the same purpose. You can send and receive various cryptocurrencies by using the same wallet.
Are these wallets secure?
Most of crypto wallets are secured to a varying degree. The level of security depends on the type of wallet you use (mobile, desktop, online, paper, hardware) and the service provider.
A web server is an inherently riskier environment for keeping your currency relative to offline. Online crypto wallets can expose users to potential vulnerabilities in the wallet platform, which could be exploited by hackers to steal your funds.
On the other hand, offline wallets cannot be hacked because they’re simply not connected to an online network and do not rely on third parties for security.
How can I get cryptocurrencies inside a crypto wallet?
First, acquire cryptocurrency. Go through an exchange in your country or ask an acquaintance to share. Purchased coins can then be sent to your encrypted wallet, such as AiBB, by specifying one of its addresses.
AiBB is a multi-protocol utility wallet combining the power of centralized and decentralized technology into a simple and secure mobile application. You will be able to store all your altcoins inside the smart wallet securely.
With features such as PIN lock, wallet backup, fingerprint recognition, and email verification, you can be sure your chips are safe.
Cryptocurrencies supported include:
SYS | BTC | LTC | ETH | AiBe | XRP | AiBx | EOS | WAV | BCHABC | XLM
The AiBB app is designed for the sole purpose of protecting your assets. With many more features to come, we can say that this one is certainly one of the best multi-currency crypto wallets in the market.