A blockchain based digital wallet is a digital wallet that allows you to store and manage your cryptocurrencies, such as Bitcoin, Ether, and others. You can use a blockchain based digital wallet to send and receive crypto-assets, convert them into your local currency, and check your balance and transaction history.
One example of a blockchain based digital wallet is Blockchain Wallet, which is a service provided by the company Blockchain.
To use a blockchain based digital wallet, you need to create an account with the wallet provider, such as Blockchain Wallet. You will need to provide an email address and a password, and verify your account. You will also get a Wallet ID, which is a unique identifier for your account. You can access your wallet online or through a mobile app.
To send crypto-assets from your wallet, you need the recipient’s receive address or QR code, which are codes that identify their wallet. You can enter the amount of crypto-assets you want to send and confirm the transaction. To receive crypto-assets, you can share your own receive address or QR code with the sender. You can also request a specific amount of crypto-assets from another party.
You can also buy, sell, and exchange crypto-assets using your blockchain based digital wallet. For example, Blockchain Wallet allows you to buy and sell Bitcoin across Europe and India, and exchange Bitcoin for Ether and vice versa through ShapeShift. You can also see the value of your crypto-assets in your chosen local currency.
A blockchain based digital wallet has some advantages and disadvantages compared to a traditional bank account. Some advantages are that you have more control over your funds, you can access them anytime and anywhere, and you can benefit from the innovation and growth of the crypto industry. Some disadvantages are that you are responsible for the security of your wallet, you may face higher fees and volatility, and you may not have legal protection or recourse in case of theft or loss.
Deloitte launches blockchain-based digital wallet for verification credentials