What exactly is a blockchain wallet? Perhaps, that’s the ideal inquiry to kick things off. A wallet can be aptly defined as the leather-bound “fold-over” pouch where you safeguard your cash, credit cards, and even that snapshot of your envisioned first supercar (which you plan to acquire once your Bitcoin reaches $200k each).
In the realm of the blockchain, heralded as the new-age database and the habitat of cryptocurrencies, having a wallet is imperative for exchanging, leveraging, and redeeming assets. It functions as a digital space, mirroring the concept of the wallet in your back pocket, albeit within the digital landscape.
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Purposes of Blockchain Wallet
Subsequently, a variety of other wallets emerge. Each is designed with specific purposes and resources within the realms of blockchain, cryptocurrency, and the expanding digital landscape.
Coinbase now provides the option of Staked Coins, allowing you to “Stake” or retain your coins for potential gains. Then, by agreeing to lock them, or “STAKE THEM,” you commit to not selling or transferring the coins. Thus, ensuring they maintain the value of the underlying COIN. In return, you receive an Annual Percentage Yield (APY), akin to a Bond or Savings Account, ranging from 0.01 to sometimes 25% or more. Typically, those supported within Coinbase have demonstrated higher levels of safety. Although it’s essential to acknowledge the inherent risks associated with investments, including staking.
Staked Coins have the potential to accrue rewards, typically in the form of additional coins during the staking process. This process is akin to the concept of earning interest on a bank bond or Certificate of Deposit. Thus, contributing to the generation and leverage of additional Crypto Coins.
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