Date:
10th Sep 2020
Author:
CryptoGT
Benefits of Using E-Wallets for Traders
Rapidly increasing payments through mobile devices and the rise of P2P payments globally are fuelling the growth of e-wallet transactions. The blockchain revolution has also pushed forward the importance of e-wallets.
Cryptocurrencies are intangible assets, and these wallets contain software programs that store the public and private keys of users, interacting with various blockchains to allow users to store, send, receive or conduct any type crypto transactions. These wallets form an integral part of holding and trading cryptocurrencies.
The rise in their usage is a strong indication of the growing demand for the digital asset class. According to Statista, the number of blockchain wallet users worldwide increased from less than 6.7 million in Q1 2016 to 47.14 million in Q1 2020.
However, given that there are various types of cryptocurrency wallets, why would you choose e-wallets? Here’s a look.
Cryptocurrencies are intangible assets, and these wallets contain software programs that store the public and private keys of users, interacting with various blockchains to allow users to store, send, receive or conduct any type crypto transactions. These wallets form an integral part of holding and trading cryptocurrencies.
The rise in their usage is a strong indication of the growing demand for the digital asset class. According to Statista, the number of blockchain wallet users worldwide increased from less than 6.7 million in Q1 2016 to 47.14 million in Q1 2020.
However, given that there are various types of cryptocurrency wallets, why would you choose e-wallets? Here’s a look.
In crypto transactions the private key can be seen as the most important password for accessing funds, linked to the public key, with special encryption standards. There have been instances of these keys being stolen through hacks in the past. In e-wallets, these keys are stored safely on a remote server or can be downloaded, in the form of an encrypted file on the user’s computer.
If third-party access to keys is a concern, multi-signature e-wallets can restrict single access rights to any particular individual. More than one signature is needed to sign any transaction, which secures funds.
If third-party access to keys is a concern, multi-signature e-wallets can restrict single access rights to any particular individual. More than one signature is needed to sign any transaction, which secures funds.
These wallets can not only be used to store multiple types of cryptocurrencies, but can be used on the go as well, which makes them the best choice for active trading. Since many kinds of cryptos can be stored in a single wallet, portfolio diversification becomes easy for traders. As long as the trader is connected to the internet, they can deposit, withdraw and look at their fund status from anywhere, on any device and any browser.
They can interact with multiple components of the blockchain system, to enable quick transactions. All these transactions are processed absolutely anonymously. The only available information is the user’s public key.
Many e-wallets also provide high interoperability in the market. Users can use these platforms to make payments in cryptocurrencies, outside the trading realm. This includes making online purchases, paying at local coffee shops and more.
Many e-wallets also provide high interoperability in the market. Users can use these platforms to make payments in cryptocurrencies, outside the trading realm. This includes making online purchases, paying at local coffee shops and more.
Since the e-wallets do not include the role of a third-party financial intermediary, like a bank, there are no commissions or fees involved in the transactions. This makes payments in cryptocurrencies much cheaper than fiat transactions.
Traders can easily transfer cryptos between two e-wallets or trading accounts to manage fund availability for open positions. However, there can be restrictions concerning the type of cryptocurrencies that can be transferred, mode of deposit and withdrawals and the number of accounts a trader is allowed to open. But, there are no maximum or minimum limits to these transfers, which facilitate ease of trading activities.
The process of registration is quick, and deposits and withdrawals can be processed 24/7. With an intuitive interface and rich features, e-wallets can be easily handled by new traders. Moreover, downloading e-wallets is easy and doesn’t require additional instalment of any other software.
With the ability to manage multiple cryptocurrencies and fast and easy transactions, e-wallets are one of the most important trading tools for crypto traders. To make them more secure, traders need to consider keeping their computer sanitised with antivirus software, ensuring regular wallet back-ups, keeping passwords complex and changing and storing them properly.
With the ability to manage multiple cryptocurrencies and fast and easy transactions, e-wallets are one of the most important trading tools for crypto traders. To make them more secure, traders need to consider keeping their computer sanitised with antivirus software, ensuring regular wallet back-ups, keeping passwords complex and changing and storing them properly.
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Cryptocurrency trading can be extremely risky and can lead to large and immediate financial losses. Crypto assets are highly volatile and can result in significant losses of your capital over a short period of time. Cryptocurrencies markets are unregulated services which are not governed by any specific regulatory framework. The provision of such services is not being directly provided by the Company but through licensed third parties.
CryptoGT does not provide its services to residents of various jurisdictions such as but not limited to the United States of America, North Korea and Cuba.
CryptoGT currently accepts only cryptocurrencies as method of deposit.
Cryptocurrency trading can be extremely risky and can lead to large and immediate financial losses. Crypto assets are highly volatile and can result in significant losses of your capital over a short period of time. Cryptocurrencies markets are unregulated services which are not governed by any specific regulatory framework. The provision of such services is not being directly provided by the Company but through licensed third parties.
CryptoGT does not provide its services to residents of various jurisdictions such as but not limited to the United States of America, North Korea and Cuba.
CryptoGT currently accepts only cryptocurrencies as method of deposit.