A blockchain wallet is a secure tool that allows you to store, send, and receive cryptocurrency. A wallet is best described as that leather-bound “fold-over” pouch you store your cash, credit cards, and that photo of your first supercar (that you are going to buy when your bitcoin goes to $200k each).
How a Blockchain Wallet Works
Well, the blockchain—the new database of the future and platform that Cryptocurrencies reside in—requires a wallet to exchange, utilize, and redeem. This is a virtual environment that operates like that wallet in your back pocket, only in the data world.
Looking for the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set it up—it’s the best way to learn more). You get $10 in BTC just for joining.
From there, there are several other wallets—all with set purposes and resources within blockchain, cryptocurrency, and the growing digital future in store for us all.
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 an APY, or Annual Percentage Yield, as you would with a bond or savings account. These are ranging from 0.01 to sometimes more. The ones supported within Coinbase generally have proven to be safer. But risk is always involved with investments, and that includes staking.
Staked Coins are able to gain rewards, usually in additional coins, as the staking is occurring. Similar to a bank bond or certificate of deposit. Used to create and leverage the creation of additional Crypto Coins.