How do cryptocurrency wallet work?

Good Morning,

How do cryptocurrency wallets work?

Contrary to popular belief, crypto wallet don’t truly store cryptocurrencies. Instead, they provide the tools required to interact with a blockchain. In other terms, these wallet can generate the necessary information to send and receive cryptocurrency via blockchain transactions. Among other things, such information consists of one or more pairs of public and private keys.

The wallet also includes a public address, which is an alphanumeric identifier that is generated based on the public and private keys. Such an address is, in essence, a specific “location” on the blockchain to which coins can be sent to. This means you can share your public address with others to receive funds, but you should never disclose your private key to anyone.

The private key gives access to your cryptocurrencies, regardless of which wallet you use. So even if your computer or smartphone gets compromised, you can still access your funds in another device – as long as you have the corresponding private key (or seed phrase). Note that the coins never truly leave the blockchain, they are just transferred from one address to another.

What is a crypto wallet? Who knows?

Hello everyone, 

Some of you guys maybe did not know about crypto wallet.
Look at the picture above, that a simple explaination about what is crypto wallet?
Hope this will help you guys to understand about crypto wallet.

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"All cryptocurrencies are blockchains, but all blockchains are not cryptocurrencies."

People nowadays always talked about blockchain and bitcoin everywhere. Actually, do you know what is a cryptocurrency?

What is Benefit of Bitcoin?

Good Morning Everyone,
What is Benefit of Bitcoin?

Benefit of Bitcoin

  • Decentralized ; Traditional money is controlled by banks and goverments which makes it a "centralized" currency. Having no banks in control makes sending and receiving money cheaper, faster and easier. 
  • No counterfeit money ; Paper currencies, credit cards, and checks can be counterfeit. If you've ever been a victim of fraud, you know how much this frustrate you. Bitcoin solves the Double Spend Problem which means criminals cannot create fake bitcoins. Counterfeiting is impossible. 
  • Limited supply ; Traditional money is created by governments in unlimited quantities. They print more constantly, which decreases the value over time. Bitcoin's supply is limited to 21 million coins and can never be more. It's designed to be scare so that it increase in value over time. 
  • Divisible ; Old fashioned money can be spent only in amounts as small as a single cent ( so up to 2 decimal places). Bitcoin can be spent in much smaller amounts, called Satoshis ( all the way up to 8 decimal places). This means that can be used even for tiny purchases.
  • Security ; There is a lot of money stored in Bitcoin, so it needs to be very secure. Bitcoin uses cryptography to securely send money. That's why Bitcoin is called a cryptocurrency. The code is so strong that tampering is virtually impossible. Since the first Bitcoin minted in 2009, it has never been hacked. It's designed so that nobody can hack your account, and its prevents the wrong person from receiving your money. 

Why does Cryptocurrency exist? Learn why cryptocurrency was created and why it is so valuable.