What else can a Digital Wallet be used for_

What else can a Digital Wallet be used for?

If you’re wondering what else you can do with your digital wallet apart from holding crypto, the answer depends on your goals. For example, some people like the ease and convenience of cashback rewards that come with lots of crypto digital wallets, while others like the options it provides.

However, others will appreciate the flexibility of staking specific coins, which can be especially valuable when redeemed at a future time.

What is a Digital Wallet for Crypto?

Similar to a regular wallet that stores physical currency when you’re not using it, a cryptocurrency digital wallet is a place to keep your digital currency.

Each cryptocurrency has its wallet and can store that virtual currency, though some wallets support more than one currency. In addition, the wallet will generate your address (a string of letters and numbers), which you can use to send or receive money from others. 

When you send someone some cryptocurrency, a transaction record is added to the blockchain ledger. The wallet also allows you to control how much currency you have in store. Unlike banks, there’s no cap on the amount of crypto you can have on a digital wallet. That could lead to some big wins if the value of a particular cryptocurrency suddenly goes up.

Digital wallets for crypto have private keys that give users access to their coins. These keys are important since they help secure the crypto coins in your wallet. If you lose your private keys, you lose access to your crypto. Private keys also enable users to send and receive cryptocurrencies check their balance, and send and receive cryptocurrencies easily.

Crypto Digital Wallets: Are They Safe? Crypto digital wallets use advanced encryption to ensure that your funds are secure. And because digital wallets sit within your passcode-protected device, with payments often only possible via a PIN or two-factor authentication, they’re quite secure. On the other hand, hot digital wallets are vulnerable to hackers because they store your private keys online. As a result, only a physical hardware wallet can provide the most comprehensive protection for your digital assets. 

What Else Can a Digital Wallet Be Used For?

1. Earn staking rewards

Staking involves committing your crypto assets to support a blockchain network by confirming transactions. You are rewarded with new coins in return. So only need to lock up a certain amount of their coins in your digital wallet to earn rewards. The more crypto you pledge (stake), the more coins you earn. This is how staking can become rather profitable. Usually, this is happening as a part of staking pools, but some digital wallets can easily add your coins for staking. These wallets include Ledger, Exodus, Atomic Wallet, and Trust Wallet. 

Alternatively, you can stake your crypto on various exchanges and earn rewards. Numerous exchanges support staking, including Binance, Coinbase, Kraken, OKEx, KuCoin, Huobi, Bithumb, Poloniex, etc. Some Exchanges of them are even offering zero-fee staking for specific coins.

🔥 Best Crypto Staking Coins in 2022

2. Earn cashback

With a digital wallet, you may be able to stack rewards earned from purchases, promotions, or the platform itself. You can always earn cashback from a traditional rewards credit card, then use your rewards to buy more crypto yourself. Crypto.com, for instance, lets you earn 1 to 8% back in crypto rewards. So, you get rewarded on everyday purchases with crypto, which could potentially increase in value over time.

3. Send and receive crypto

Your digital wallet makes it easier to send and receive cryptocurrency to and from other people’s accounts, crypto exchanges, or digital marketplace. Coinbase Wallet, for instance, lets you add funds by loading fiat into the app from a debit card or other source to buy cryptocurrency. 

Coinbase, Trust Wallet, Atomic, and Exodus are fantastic places to start if you only want a location to store or send and receive cryptocurrency. These digital wallets provide you with complete control over your currencies without relying on a third party.

4. Manage your trades

Some digital wallets, like Trust Wallet, facilitate managing your crypto holdings. The mobile app is equipped with everything you need to trade currencies, insights on trading patterns, access to a total balance across all linked accounts, and view the balance available. 

Exchanges also offer digital wallets that support cryptocurrency trading, staking, making payments with cryptocurrency, and swapping. As a result, you can choose to buy, sell, and trade an extensive list of currencies and enjoy relatively low trading fees. In addition, you can quickly view your portfolio and a list of popular assets.

5. Store NFTs

Wallets can also be used to house digital valuables like NFTs that you may want to buy, sell, trade, or move to another wallet. MetaMask, for example, is an excellent NFT wallet. It may be adjusted to handle NFTs from other blockchains, such as Binance Smart Chain and Solana and ETH-based NFTs. MetaMask also makes it simple to create different addresses, allowing you to keep your NFTs separate from your BTC, or create a single address for each NFT you buy. In addition, it is equipped with a feature that allows you to switch currencies in order to purchase an NFT.  

Other digital wallets that offer storage for non-fungible tokens include Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet. 

Stake HI and Earn Daily Rewards in Your Wallet

If you find the proper project with big payouts, staking can be beneficial. If the project you chose is good and robust, its price will almost certainly climb, and you’ll be able to earn more and more coins through staking incentives. Staking cryptocurrency is a simple method that practically every project offers.  

HI is one of the leading cryptocurrencies you can stake to earn passive income in daily rewards. As a non-profit digital banking system, hi is the world’s first cross-platform financial service system based on chat tools—no need to install a separate application. Instead, you can stake and earn HI directly in the chatbox. To stake HI, simply head over to Telegram or WhatsApp to register. Alternatively, you can register on the website to purchase HI directly from the website.

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