Pros and Cons of Cryptocurrency & Currency Wallets Explained


Though cryptocurrencies are considered to be or recent origin, the growth story of these digital coins and currencies has been quite impressive. It all started with Bitcoin a few decades ago. Then came other names like Ethereum and a host of others. Today, there are more than 5,000 cryptocurrencies in circulation. As mentioned above, cryptocurrencies are digitalized form of payments and there is no exchange of any legal tender money as it happens in conventional transactions. However there are some advantages associated with cryptocurrencies. We will have a look at a few of them and more importantly, we also will look at another aspect of cryptocurrencies. We will be also looking at the world of cryptocurrency wallets. There are many of them around and they include names such as Tezbox, Tezbox web wallet and a few other variants from the same service provider. If you wish to trade in cryptocurrencies, you need to have a suitable wallet, without which it is not possible to move forward in the matter.

Advantage of Cryptocurrencies 

We are listing down some of the main advantages of cryptocurrencies.

  • To begin with they are total digitalized. Hence, it is extremely convenient and efficient. There is no need to go through the conventional sources of digitalized currency payments like credit cards, debit cards, etc.
  • It helps in making your transactions confidential. Though this is a bit controversial and a matter of debate and discussion, according to many this could be one of the biggest advantages of digitalized payments using cryptocurrency. Your transactions are always kept away from the outside world. This is because there is no physical movement of legal tender money and therefore no government or other authorities or even banks will be able to know about it.
  • You can also trade on cryptocurrencies and use them as an investment. These digital coins and currencies are traded in the open market and their values keep increasing and decreasing. Hence, you can buy when the market is low and sell when it is high. You can make profits in the bargain and in many cases the profits could be in thousands of dollars.

Why Do You Need Cryptocurrency Wallets? 

We also need to bear in mind that that cryptocurrency wallets are also extremely important and indispensable. The cryptocurrency dealing always happens in the form of a blockchain ledger. The ledger is unique for each and every cryptocurrency holder. Hence, the ledger needs to be updated and this is done with the help of the cryptocurrency wallets. These wallets also store the sign in details and passwords of the cryptocurrency owners in an encrypted form. This helps in giving total protection and security to the owners at all points in time.

Apart from the above, cryptocurrency wallets are also useful in checking the balances in ledger accounts while on the move or even from a stand-alone computer or laptop. It also could come in handy whenever there is a need to transfer cryptocurrencies from the ledger account to the wallets and then to the cryptocurrency debit cards.