What is a Virtual Wallet?

Hello hello my dear readers! Welcome to another week of exciting discoveries. It had been an awesome weekend for me as I was able to take a good rest and even visit the salon. My energy has been fully recharged and I am once again bouncing everywhere to take you farther here in our Journey to the Unknown.

This week, we will continue to know more about the technology of virtual currencies. We will also make comparisons of the old and the new markets for these currencies particularly the Virie Market. We will discover the other aspects that are necessary for us to know before we enter the cryptocurrency investment.

For today's episode, let's learn a little bit more about where these virtual currencies are stored. Just like where we store our cash, they are also stored in a wallet, a digital wallet for that matter. This wallet is also used for sending and receiving virtual currencies of any type (Bitcoin, Altcoin, Ehthereum and of course Virie and others). In order to use the virtual currency, you need to have a wallet.

In layman's terms, a virtual wallet is a software which are used to view cryptocurrency balances and make transactions. Each wallet can be used for specific cryptocurrencies and can contain one or more public address (specifics depend on the wallet). Public addresses are like cryptocurrency-specific account numbers, they are used to receive certain type of cryptocurrency.

A wallet lets you move funds around on the blockchain as long as you own the balance associated with an address. Essentially a wallet is like your online bank account platform and your address is like your account number. These said, the fact is, cryptocurrency itself is not actually “stored” in a wallet, it is stored on a coin’s blockchain. Your wallet is simply software designed to interact with the blockchain. For example, a Bitcoin wallet interacts with the Bitcoin blockchain, allowing Bitcoins to be moved between addresses.

So there you have it for the basic idea about the virtual wallet. Tomorrow we will make comparisons of the different types of wallets and in the following days, we will also discover the advantages of having a virtual wallet as well as how different is the Virie wallet from the rest.

In the meantime, please do hit the heart button and let's talk in the comment section. Ask me anything and I will do my best to give you the answers to the best of my knowledge. I will talk to you again tomorrow my dears. Je te reparlerai demain, mes chers! :)


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