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How does a wallet work? What kind of actions do the wallets support?

Updated on Wed, 2 Dec, 2020 at 9:31 AM

Cryptocurrency wallets are the bridge that allows us to manage our cryptocurrencies. A piece of software or hardware that allows us to complete operations of receiving and sending each cryptocurrency through Blockchain network.

As bitcoin and other cryptocurrency systems are completely decentralized, there is no institution or agency that controls them. That’s why wallets play a very important role in this ecosystem.

Wallets are a piece of essential infrastructure that allows us to operate with cryptocurrencies. We able to see and check our balances and all operations completed. It also allows us to manage our funds with absolute control over them. This means no permission or authorization is needed by a third party in order to complete an operation.

Apart of providing security and confidence when completing our operations, wallets also allow us to sign on our transactions with no need private keys to leave the device.

What kind of actions do the wallets support?

  • Purchase: buy cryptocurrencies by paying with traditional currency (euro ...)
  • Sale: sell cryptocurrencies to obtain traditional currency (euro ...)
  • Delivery: send cryptocurrencies to another wallet address
  • Receipt: receive cryptocurrencies from another address
  • Exchange: exchange cryptocurrencies between different wallet addresses
  • Transfer: transfer an amount to another account

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