Blockchain and cryptocurrencies have come to show us a new world that developed a new concept of what money means. Of course, when we think of crypto, the first name that comes to mind is Bitcoin, but we have seen many different cryptocurrencies developed through the last years, as well as other options. Our financial world is changing from altcoins to well-known coins such as Ethereum, Ripple, Litecoin, and many others.
Cryptocurrency has gained more space in the market during the last few years. However, even though the traditional financial system was forced to introduce tools to offer the users the option to access their coins. The truth is that there are more than eight thousand different virtual coins in the actual market, and the value is up to over a trillion. If you own a business, it is a good opportunity to modernize your services and add cryptocurrency.
Nevertheless, you need to know a few things and acquire certain concepts in order to do it right.
What is a wallet, and why do you need one?
Crypto wallets are the places where you will store your cryptocurrency. It is called a wallet because its function is to keep your money —crypto in this case— just as the physical wallets. Through a wallet, you will be able to do transactions, send and receive cryptocurrency, pay and buy, and maintain your cryptocurrency securely. Crypto wallet users usually are backed by a private key and a public key; these two elements are the most important regarding wallets.
- A private key is a personal password you receive and will take care of as if it were your life.
- The public key is nothing but the address of your wallet. It is much like your bank account.
As you may have guessed, the public key will be the one you’ll share, but not the private one.
Types of wallets
There are two kinds of wallets: hot and cold.
- Cold wallets consist of hardware or a physical device to store the cryptocurrency. The crypto is safely in your hands, and you are the only one responsible for its safety.
- Hot crypto wallets are on the internet, and you should take more steps to secure your cryptocurrency, as the risks are higher than with a cold wallet.
And here is where we give you some advice about the security and privacy of your cryptocurrency. Pay attention!
The security and privacy of your crypto
Secure your wallet is something you can easily do if you have the right information and if you work with the correct providers. But there is also a crypto wallet development company for you if what you need is to design your own wallet and integrate it into your business. They not only offer the right tools but also carry on all the installation and integration processes. However, it would help if you used a reliable provider to be safe.
Use a crypto wallet development company
Have you thought of having your own wallet? PTPWallet is one of the most reputable companies and the crypto wallet development company that can help your business to:
- Create apps and web-based software to customize your needs
- Ensure the KYC requirements
- Monitor the customer requests and respond on your behalf
- Avoid using third-party environments
- Have complete security and privacy
- Pay and receive crypto and integrate it with e-commerces and platforms
If you are looking for a reliable crypto wallet development company and a way to use it to optimize your businesses with the new world finances, try PTPWallet to launch your own crypto wallet.