Features of Crypto Wallets

Making traditional transactions between different bank accounts in your region is quite simple. However, it usually takes much more time when conducting financial transactions between international institutions. Even ten business days might not be enough. Especially if it involves a large amount of money. It also usually requires so much bureaucracy and time. Thanks to blockchain-based solutions, it can take several hours maximum today.

All the transactions are signed with a unique signature. Once a deal is initiated, components can’t be changed. It guarantees an entirely safe and reliable transaction between the sender to the recipient.

Cryptocurrency transactions are known for their complete anonymity. You can use these systems without providing previous credit history, unlike in traditional banking. Also, there is no need to provide any personal data to perform transactions. It allows building an additional layer of security while the standard systems might still be at risk.

To make electronic payments, you only need a wallet address, which is actually a long line of digits and numbers. It provides all the information about the transaction but doesn’t give any data about a recipient or a sender. So it is anonymous for both parties.

There are no risks of unauthorized access to the third party to the information about a transaction. All the data are provided by the combination of 2 digital keys (open and closed ones) that only the recipient and sender have.

It allows being more independent from the economic situation

Economic collapses happen in different countries sometimes. They influence the standard banking systems, and many investors may lose deposits. In comparison, cryptocurrencies are not affected by such situations since they have decentralized support. This factor fully protects Bitcoin owners from any political or economic crisis.

E-currency is not exposed to inflation

Inflation often affects traditional currency when a crisis comes. On the contrary, Bitcoin is not depreciated because the number of nominal currency units doesn’t exceed a specified amount of 21 million marks.