Every Bitcoin user will need a good and secure Bitcoin wallet online to store their precious digital coins. Besides as a place to store Bitcoin, the digital wallet also has plenty of other functions such as to make payments or transfer money.
But if we take a look deeper, we can see that Bitcoin wallet actually plays a more important role than that. It also has helped solving some common cryptocurrency problems that have hindered it to be adopted as a mainstream currency. Even though not all digital wallets have provided boundary breaking service, some visionary Bitcoin wallet service has presented these following features that make cryptocurrency easier to use.
A Wallet for Various Cryptocurrency
One of the reasons why people don’t really like using cryptocurrency is because the wallet is not that convenient to use. One digital wallet can only be used for a certain cryptocurrency and it certainly will be a hassle for people who invest in various digital currencies.
Thankfully, some Bitcoin wallet services have taken this matter into consideration. As a result, we now can find Bitcoin wallet that can also be used to other cryptocurrencies like Ethereum for example. It gives people more freedom on choosing which digital coins they want to use, which in the end of the day, gives chances for more altcoins to rise in value.
Let the User Holds the Private Key
Private key is a secret code that allows the Bitcoin to be used. In the past, some wallets don’t show the private keys to the owner of the Bitcoin since the wallet service is only limited to storing the coin inside the wallet. However, due to popular demand and since more people have been using Bitcoin in financial transaction, many wallet service change their policy and give access to the owner to see their private key. As a result, the Bitcoin owner can freely use their Bitcoin for any transaction they see fit.
Convert Bitcoin Inside the Wallet
Another challenge in the world of cryptocurrency is the lack of convenient method to trade one digital coin into another. To solve this problem, some digital wallet services have provided means to enable the wallet to be a tool in cryptocurrency trading. The digital coins that want to be traded into another currency will be taken directly from the wallet. And then the coins that were just converted will be stored automatically inside the wallet. It doesn’t only allow safer trading but also faster process.
Even with all those improvements, we cannot ignore the fact that Bitcoin wallet is not perfect yet. As a matter of fact, if we want to stay true with the original spirit of Bitcoin and why this cryptocurrency is created in the very first place, wallet service should not have a place in Bitcoin environment. Bitcoin is created to cut third party intervention in financial transaction, but the wallet itself is actually a third party.
But it seems like Bitcoin users don’t really care about this fact because they need a secure place to store their Bitcoin. In fact, if Bitcoin wallet services can make more innovation, it is highly possible that cryptocurrency will be more mainstream in the near future.