Wallets Are Hub to Store Cryptocurrency and Tokens

Wallets Are Hub to Store Cryptocurrency and Tokens

December 16, 2018 Off Maheen Hernandez By Maheen Hernandez

Blockchain has transited from the research and development labs to the mainstream in 2018.  The mainstream acknowledged the idea of blockchain and cryptocurrency transactions. The cryptocurrency and blockchain concepts have transited from being just blockchain and cryptocurrency in “buzzword” concepts.  They have evolved into real-world applications with real results.

People are beginning tounderstand that cryptocurrency is more than a speculative currency.  They now know that the crypto is a lot more than just trading.  New asset classes have evolved like those that developed after the work done on Ethereum.

Bitcoin, the traditional cryptocurrency is here to stay with several people mining and securing the blockchain network without any crowd sales, Airdrop, or ICO.

Some tokens have some distribution patterns outside of the mining process. The value of these tokens are fungible as their source of value is tied by a common thread outside the market. These tokens are as well further broken down into different types of subgroups.  The value of these coins cansometimes be associated with a physical commodity like the Oil, like in thecase of Petro. Some tokens will have the value of intangible valuation like PAX, which has lined up the ranks like the USD Tether tokens.

Some tokens are one-time use tokens.  They come in their customized blockchain.  They record data and even disappear from the market.  In markets where a one-way exchange is a key, these tokens are very useful.  These tokens record data from the Internet of Things devices. For instance, there are thosethat are hybrid examples of cryptocurrency and a token.  The user will write the data on the Factom Blockchain as in the case of Factoids, and they are then gone away from the market, therefore, serve a one-time purpose.

Unique items are represented in digital assets that are non-fungible, such tokens have a lot of real-world value.  They are connected to real estate where the asset type is unique and converted to a token and is a kind of collector’s digital asset.

With so many different types of cryptocurrency and tokens available, they can be stored in secure locations.  These tokens are stored in crypto-based wallets. There are different types of wallets designed to hold different types of tokens. Everything crypto can thus be stored in the wallets. Some wallets allow you to create, store and trade the stored tokens too. All this happens while your tokens are stored in the wallet.  

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