Every crypto currency that is mined is associated with a wallet called the crypto wallet. Crypto wallet is a software that permits you to store two keys, namely public and private keys. This software eases the job of sending and receiving cryptocurrency at the click of a button.
Each blockchain is associated with a unique wallet and we can have multiple wallets within a single wallet software. When a new wallet is created within the wallet software, two sets of keys are generated. The public key as the name suggests, is used for public purposes. It acts as an address to send the cryptocurrency to your profile. The private key is private to the owner and must be kept confidential. It is like a virtual signature to enable cryptocurrency transactions to your account. The wallet is controlled with the private key. So, it’s essential that the private key is never shared with anyone. Public and private keys together help in making a crypto transaction happen.
Learn about crypto wallets
Hold on! crypto wallets don’t store cryptocurrencies. Crypto wallets aren’t like the wallet we use to store cash. The cryptocurrencies are stored in blockchain in a register. The cryptocurrency is only mapped to the respective wallets in the register inside blockchain, but they don’t reside inside the wallet. When a transaction happens, the currency is not transferred from one account to another rather, mapping of the crypto in the register changes from one account to another. So, the register maps the crypto to a new wallet.
Busting few questions about cryptocurrencies
A question may arise, can we store different cryptos currencies in the same wallet? Yes, it’s possible. The software is being developed in a way to adapt to multi-crypto environment. You need to install the wallet software on your machine. Then create multiple crypto wallets, which can hold keys of crypto belonging to different blockchains.
It is crucial to pick the best cryptocurrency wallet to make transactions happen with ease and have multiple crypto transactions happen from a single wallet software. You are not stuck! Head over to CryptoMeister and know the information about types of wallets and land at your smart decision.
Happy buying with crypto!
A lot of planning must be done to start your crypto mining game and learn more about bitcoins with CryptoMeister. There are several algorithms available, and you need to think of which algorithm you are going to mine and which currency you will be mining. Dealing with cryptocurrencies is not as easy as dealing with coding and running a business. From the setup phase, till the implementation phase and execution – there needs a lot of planning and backup plans. One needs to understand about cryptocurrencies in and out to play around bitcoins. One must also be ready to face failures if any. When the miner is given a puzzle, he needs to come up with a solution and those transactions will be wrapped up neatly in a block and pushed to the blockchain. The more the miners, the more secure the transactions are!