All about blockchain wallet and its massive success in 2020

Blockchain wallet is a digital wallet used to manage cryptocurrencies like Bitcoins and other altcoins. 

If you want to engage in the cryptocurrency business, then you need to have a digital wallet to store your bitcoins and other assets for easy transactions. 

Blockchain wallet is just like your virtual bank, where you store your assets for transactions. The importance of having a blockchain wallet is similar to the importance of having an account with a bank.

The blockchain wallet not only allows users to send and receive cryptocurrencies but also helps to manage your balances. To get hold of a blockchain wallet, all you need to do is create an account on the wallet’s website and explore its amazing benefits.

How secure are they?     

To gain high security of your crypto wallet, try not to store all your crypto assets in one digital wallet. It is also advisable that you backup both your wallet and your private keys. 

If your wallet is hacked and has not been backed up,  then you will end up losing the keys and all of your currencies connected to it. So before choosing a blockchain wallet, understand that there is an element of risk involved and how you can reduce this risk. 

How blockchain wallet hits a massive success globally?

The number of blockchain wallets has doubled over the last two years, reaching more than 47 million users globally in 2020. 

A statistical report revealed that in 2016 there were nearly 11 million blockchain wallets in the world. By the end of 2017, the number of users has grown immensely by 95% and reached 21.15 million globally. 

The remarkable rising trend continued in the last two years with the number of blockchain wallets jumping over 44.5 million at the end of 2019. 

With all these statistical data, it is believed that the blockchain wallet users will be doubled every year in the near future. 

Over to you

The blockchain wallet development is at the top of the head these days. Due to its spectacular features, it has become very famous for electronic payments and transactions.

Published by Katrin Kunze

blockchain and crypto trader

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