What is a Blockchain Wallet
I would say that’s the simplest question to start with. All men, and some ladies, carry a wallet, that leather-bound “fold-over” pouch where you store your cash, credit cards, photos of the family, the kids, the grandkids, and that picture of your first supercar (the one you are going to purchase when your bitcoin goes to $200k each).
The term blockchain refers to a new database of the future which is a platform where Cryptocurrencies reside and this currency requires a wallet to be exchanged, utilized, and redeemed. The wallet is in a virtual environment although it operates much like that wallet in you carry around, only this is in the data world.
Trying to find the best way to exchange CASH or FIAT into Cryptocurrency? The blockchain wallet is used with COINBASE (we suggest you set this up – it’s the best way to learn more. You receive $10 in BTC just for joining).
More About The Wallet
There are several other types of wallets – each with set purposes and resources within the blockchain, that are used for cryptocurrency, and the growing digital future in store for us all.
Coinbase is now offering Stacked Coins, providing the option to “Stake” or hold onto your coins to accrue gains. In STACKing your coins you have agreed to lock them, where you have “STAKE THEM” thereby meaning you will not sell or transfer them. While your coins are STAKED they retain the value of the COIN itself. For doing so, you get an APY or Annual Percentage Yield as you would with a Bond or Savings Account. These are ranging from 0.01 to sometimes 25% or more. The STAKEs supported within Coinbase have proven to generally be safer. However, in investments risk is always involved and that includes staking.
Stacked Coins are able to gain in rewards, usually in additional coins as the staking is occurring. This is much like you holding onto a bank bond or Certificate of Deposit. These holdings are used in the creation and leverage of additional Crypto Coins.
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