What is a blockchain wallet? Maybe that is best question to start with. A wallet is best described as that leather bound “fold-over” pouch you store your cash, credit cards, that photo of your first supercar (that you are going to buy when your bitcoin goes to $200k each).
To be sure, the blockchain is the new database of the future! And in a similar way to our physical money system and how we store it (like in our wallets), the Cryptocurrencies also require a wallet to reside in, to exchange, and to redeem. This is a virtual environment, that operates like that wallet in your back pocket, only in the data world.
What We Have Found
Looking for the best way to upload CASH or FIAT into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set up – its the best way to learn more. You get $10 in BTC just for joining).
When we get to this point, we find that there are several other wallets. And each one has a set purpose and resource within the blockchain, the cryptocurrency it holds, and the way it grows a digital future for us all.
Coinbase is now offering Staked Coins, and the option to “Stake” or hold your coins for gains. You agree to lock them, where you “STAKE THEM” meaning you will not sell or transfer them. They are STAKED so they hold the value of the COIN itself. For doing so, you get a APY or Annual Percentage Yield as you would with a Bond or Savings Account. These are ranging from 0.01 to sometimes 25% or more. Coinbase staking systems have proven to generally be more safe. But risk is always involved with investments and that includes staking.
Staked Coins are able to gain in rewards, usually in additional coin as the staking is occurring. Similar to a bank bond or Certificate on Deposit. Used to create and leverage the creation of additional Crypto Coins.
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