You may wonder how to store digital currency (crypto currency). You put it in your wallet – no, not joking, sounds like one but it really isn’t. Many people are considering crypto currency because they believe using it is safer, saves-time, and is economical.
But there are people that are confused by crypto currency and don’t have a clue what to with this digital asset if they had any. They are confused between virtual and digital currencies.
Paper currency is the traditional currency that we all have in our pockets and is what has been used for a long time. Digital currency was introduced to make trading and transaction simply time-saving. Because it is not issued by any central authority, anyone can store and create digital currency.
Ways to manage
There are many ways to get digital currency, a person can purchase it from the places that have digital currency or exchange various currencies – example changing bitcoin to Coinbase – which is a company where you can exchange real money for bitcoins. After buying, one then can store the coins in: diffent bitcoin wallet types are
- Desktop wallet
- Mobile wallet
- Web wallet
These wallets are the way to keep digital currency safe and secure. Also, one can use a wallet connecting crypto economy to real life where you can make transactions, save or spend on product much easier and secure.
Digital currency used in real life
The confusing part for some people about crypto currency is when you use a digital currency to buy something in real life. This is because crypto or digital currencies are mainly used outside the existing governmental and banking institutions and are exchanged over the internet.
This decentralized, alternative is just in the early stage of development, and many believed they have potential that is unique. This is because they can challenge the existing systems of currency and payments.
As of June, of this year, the total market capitalization of crypto currencies was reported to be larger than USD 100 billion and record high daily volume is larger than USD 6 million.
In September of 2018 many say there will be over 1100 digital currencies in existence.