“Blockchain Wallet” (Blockchain.com) is a digital currency wallet for storing and managing Bitcoin and Ether. This wallet is offered by the blockchain company, whose headquarters is located in Luxembourg. This wallet allows users to transfer digital currency to other users and also return these currencies to the user’s local currency. In the rest of this article, we will have a closer look at this wallet, its working method, and its security coverage.
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How the blockchain wallet works
Digital currency wallets allow people to hold and manage digital currencies. With the blockchain wallet, users can manage their balance in two digital currencies: Bitcoin and Ether.
Creating a blockchain wallet is free and the registration process is done online. People can create accounts by providing an email address and password for account management, and the system sends them an automated email to confirm their account.
As soon as the wallet is created, a “Wallet ID” is provided to the user, which is a unique number just like a bank account. Wallet holders can access their wallet by logging into the blockchain website, or by downloading and accessing a mobile app.
The user interface of the blockchain wallet displays the current balance of the wallet, for both Bitcoin and Ether tokens, along with the most recent user transactions. The user can also click on their digital currency balance, which will show them the value of their digital currency balance in official or local currency.
Payment process in blockchain wallet
The way it works is that a user sends a request to another user for a certain amount of Bitcoin or Ether and the system creates a unique address that can be sent to a third party or as a “QR code” in Come. In this code, financial information is stored in a way that can be read by digital devices.
Each time a user makes a request, a unique address is generated. By getting this unique address from others, users can send Bitcoin or Ether. The process of sending and receiving is similar to transferring money through PayPal, only digital currency is used.
Blockchain wallet users can also convert Bitcoin and Ether. For this, users are pre-displayed a number that indicates how much digital currency they will receive according to the current exchange rate, and of course, these rates are determined based on the time the transaction is completed.
Exchanges are not represented in these wallets in real time, as it takes time to enter transactions into the blockchain of any cryptocurrency. Users can also buy bitcoins through the user interface, and this service is supported by powerful exchanges such as Coinify or SFOX.
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