Cryptocurrency is just a buzzword; they are highly volatile, not as stable as the US dollar or EURO. There are many other such claims, but it has shown immense potential with its decentralized mechanism to conduct any transactions. This blockchain-enabled digital currency is secured with cryptography.
Just like any other currency, cryptocurrency is tradeable. Though it is not part of any existing trade exchanges, there are many cryptocurrency exchanges in which one can use it to buy or sell digital currencies. These digital currencies are created using programming languages, so it can only be stored digitally in a wallet. These wallets are called cryptocurrency wallets. Most of the exchanges create a cryptocurrency wallet as an in-built feature. Users can make use of this cold storage (software wallets) to perform quick transactions.
The digital currency wallets are quite different from the wallet we use. They store various combinations of public keys and private keys. The keys are used to access the cryptocurrency secured in the blockchain.
Public keys help to receive funds from others, and Private keys help send funds to others from one’s wallet. Exchanges create a cryptocurrency wallet that complements their business model. Different wallets have varying levels of security. Many startups are emerging in this domain, and still, this field is in the beginning stage. So there is a lot of scope for the one who can provide secure wallets that can handle multiple-currency.
To create a secure wallet, it is always necessary to find a cryptocurrency wallet development company. We all know that it is not easy to find the right one. Out of many development service providers, Blockchain App Factory is one of the leading white-label solution providers who can help you launch your wallet service or create a new wallet for your existing exchange.