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

Updated on Wed, 10 Jan, 2024 at 5:19 PM

Bit2Me offers a free euro wallet and cryptocurrency wallet service. This means that we will store your coins free of charge.

Apart of sending or receiving cryptocurrencies through Bit2Me, you can also deposit EUROS into your EURO WALLET or withdraw to your SEPA bank account, you can buy, sell or exchange cryptocurrencies.

Euro Wallet: This wallet is used to store the deposits made by the client in Euros, or the amount of the cryptocurrencies sold or the balance of accumulated referrals once withdrawn.

Cryptocurrency: refers to any virtual currency currently supported by Bit2Me. We do not charge for transferring cryptocurrencies from one Bit2Me wallet to another Bit2Me wallet.

Cryptocurrency wallets are the bridge that allows us to manage our cryptocurrencies. A piece of software or hardware that allows us to make transactions through the blockchain network.

As bitcoin and other cryptocurrency systems are completely decentralized, there is no entity or body that controls them. This is why wallets play a very important role in this ecosystem.

They are a basic piece of infrastructure that allows us to make transactions with cryptocurrencies, we are able to cjheck our balance and all the transactions made and received. It also allows us to manage our funds with complete control over them. This means that there is no need of permission or authorization from any third party to perform a transaction.

Aparat of providing security and confidence for our transactions, wallets also allow to sign our transactions in the way that private keys do not leave the device.

What kind of transactions do the wallets support?

  • Purchase : buy cryptocurrencies from a traditional currency (euro...)
  • Sell : sell cryptocurrencies to a traditional currency (euro...)
  • Withdraw: send cryptocurrencies to an external wallet
  • Receive : receive cryptocurrencies from external wallet
  • Swap: exchange cryptocurrencies 
  • Bank transfer : transfer euros to a bank account

For more information:What is a cryptocurrency wallet?

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