What is a blockchain wallet? Maybe that is best place to start. A wallet, as you know it today, is best described as that leather bound “fold-over” pouch you carry in your back pockets. You store your cash, credit cards, that photo of your first supercar, pics of you girl/boyfriend and definitely those special pictures of your children.
Well the blockchain works on the same principal as the leather wallet. However they are definitely not the same. This is the new blockchain wallet is actually a database of the future and platform that Cryptocurrencies reside in. It requires a digital wallet to exchange, utilize and redeem the Bitcoin. This is a virtual environment, that operates like that wallet in your back pocket, only in the data world.
We use the blockchain wallet with COINBASE (we suggest you set up – its the best way to learn more. You get $10 in BTC just for joining).
- From there, there are several other wallets. All with set purposes and resource within blockchain, cryptocurrency and the growing digital future in store for us all. Although, you may not have been aware, For years we have been trusting and utilizing Coinbase.
- Coinbase is now offering Staked Coins, and the option to “Stake” or hold your coins for gains. If you agree to “Stake you coins” you are agreeing not to sell or transfer them. When They are STAKED it holds the value of the COIN itself. For doing that, you are awarded a APY or Annual Percentage Yield. This works very similar to a Bond or a Saving Account you have at the bank. The ranges can go anywhere from 0 to infinity. The ones supported within Coinbase generally have proven to be less ridky. However, risk is always a factor with investments and that includes Coinbase and staking.
- Staked Coins are able to gain in rewards, usually in additional coin as the staking is occurring. Hold the Crypto and Usually, when you agree to Stake your coinbase, you receive additional Crypto Coins. It’s very Similar to a bank bond or Certificate on Deposit. Thus, allowing you to create leverage.
Since it cost nothing to be a part of this, you need to join. Everyone will receive education on best practices. We provide ongoing training on Blockchain, and Crypto Currencies. Since, The training is provided to you free of charge as a member of our online community.