A blockchain wallet: what is it? Perhaps the best place to start is with that question. The easiest way to define a wallet is as that leather-bound “fold-over” pouch that you keep your cash, credit cards, and that picture of your first supercar—the one you want to purchase once your bitcoin balance reaches $200k each.
The blockchain, however, is here to stay. A wallet is necessary for exchanging, using, and redeeming cryptocurrency on this platform, which is the new database of the future. In the data world, this virtual environment functions similarly to the wallet you carry in your back pocket, or purse.
Getting Started:
If you’re looking to get started by investing some cash (fiat), our community is utilizing COINBASE. In fact, when you make your fist trade, you will receive $20 in Bitcoin (BTC). Personally, I started with $50, and added $50, a month a few yeas ago. And now my investment is easily worth twice that amount. This is not financial advice, I’m stating this as an example. Visit COINBASE by following this link.
- There are numerous additional wallets. They all have specific goals and resources related to blockchain, cryptocurrencies, and the expanding digital future that awaits us all. We have been using and trusting COINBASE for many years.
- Staked Coins and the ability to “Stake,” or hold your coins for gains, are now available on Coinbase. You commit to locking them and “staking them,” which means you won’t sell or give them away. They own the value of the coin itself because they are STAKED. As with a bond or savings account, you receive an annual percentage yield, or APY, for doing this. These range from 0.01 to occasionally 25% or higher. In general, the ones that Coinbase supports have turned out to be safer. However, investing always carries some risk, and staking is no exception.
- Staked coins have the potential to increase in value, typically in the form of a higher value while the staking is in place. Like a Certificate of Deposit or a Bank Bond. We promise to keep our money in the account for a specified period of time, in order to receive a higher interest rate.
In our Online Community Zoom rooms, we discuss and provide training on topics like blockchain, cryptocurrencies, and more. For more, don’t forget to contact us! We will provide you with instruction and assistance during this amazing technological era.
