The world of crypto currency can seem daunting or confusing, but understanding it is important because then you will be able to capitalize on it. A key part of the crypto world is the e-wallet where the currency is stored, something JIFU is currently developing for users of JIFUcoin*. In this article we break down the most important components in order to help you understand it better.
As a user of crypto currency you must have a secure e-wallet to store your valuable coin. An e-wallet is a software/hardware based system that stores payment information, passwords, and crypto currency. How can someone store something that does not exist in one place, like crypto currency? Tokens are not stored in your wallet itself but on the blockchain and your wallet simply connects you to your address and gives you permission to send tokens from it.
The crypto e-wallet software keeps public and private keys securely, in order to prevent hackers or thieves from stealing your information and data. It is vastly important to choose a well developed e-wallet in order to have a high level of security, privacy, and to maintain balances. In order to use and invest crypto currency or to make a transaction, users must have an e-wallet.
As a crypto e-wallet user, you have two keys. One is a public key that is used to identify your account and can be searched on the blockchain. This is how users receive funds.
The other one is a private key and is essential because it is used to sign transactions and ensure that the user owns the related public key. The public and private keys must match in order for any transaction to be complete, and this is made possible by using a blockchain. A user’s private key must be kept secure by the owner and should NEVER be shared with anyone.
There are two main types of crypto e-wallets: hot wallets and cold wallets. Hot wallets can make transactions quickly because they are connected to the internet, though it has been said that they are less secure, depending on the security of a user’s internet connection.
On the other hand, cold wallets do not allow for quick transactions, but they are ideal for long term storage and tend to be more secure because they are not connected to the internet. A user’s private keys are stored in an offline environment (in hardware instead of software.)
JIFU has evolved into a disruptor within multiple industries by embracing the needs of the customer first and emphasizing exclusive value in multiple verticals. Be sure to follow JIFUcoin social media for exciting updates and tips.
*JIFUcoin is not available for purchase in the US, Columbia, and wherever prohibited by law.