Have you ever heard that cryptocurrencies are “stored” in wallets? Well, that’s incorrect.
Funds are stored in a blockchain: a distributed, decentralized ledger, which is the foundation of the cryptocurrency ecosystem. Wallets, on the other hand, contain important data that allow the user to access these funds, directly inside the blockchain and, if properly managed, ensure that they are stored securely.
The storage of cryptocurrency assets is the most important part of the job for any investor. So, the choice of storage should be approached very responsibly. One of the most popular choices is a software wallet.
It is almost the most common method of storing cryptocurrency, which implies multi-platforms, quick access to their funds, and relative safety. It should be understood that each software wallet, in one way or another, is tied to its physical medium, and its loss, in most cases, will lead to the irrevocable loss of funds.
Blockchain Wallet is definitely a very popular software wallet. It allows users to store as well as manage their cryptocurrencies. Blockchain Wallet is maintained by Blockchain, a software company founded by Peter Smith and Nicolas Cary. This wallet allows users to make transfers in cryptocurrency and convert them into currency.
It has a number of pros and cons, such as
PROS:
– Support for a mobile app, with a well-designed UI/IX;
– Support for the web interface;
– Support for leading cryptocurrencies;
– Open source code freely available.
CONS:
– In case, if intruders manage to get access to the user’s mail, they can easily withdraw all the money stored in the wallet;
– No desktop version of the wallet;
– Storage of keys on developer side.
Thus, Blockchain Wallet is the most popular place to store funds, however, the level of security leaves much to be desired. Blockchain allows users to store funds in relative safety and aims for convenience as much as possible. This option may be considered if the user is not going to keep large sums of money, and is new to the crypto-space, for whom simplicity of functionality is important.