The world of cryptocurrency can be a confusing one, especially for those who have never dealt with it before. However, if you’re hoping to start using this digital currency for yourself, understanding it might not be as difficult as you think. Here, OWNR Wallet go through some of the basics of cryptocurrency and how you can get involved.
What is cryptocurrency?
Cryptocurrency is a virtual currency that uses cryptography to both secure and verify transactions, and to create new units of currency. Blockchain technology is used for cryptocurrency transactions. As it is a shared ledger it means that all data can be viewed by everyone in the network, and all transactions are completely transparent and trustworthy. With cryptocurrency, there is no central authority to record transactions and balances meaning that your assets are controlled by you alone and are safe from interference from third parties. To prevent double-spending, where the same amount is spent twice, transactions are confirmed by others in the network through solving cryptographic puzzles – this is called mining.
Each blockchain is made up of blocks of data which are secured in a chain using cryptographic principles. The data files for each transaction store the sender and recipient’s public keys and the amount of coins being sent. This is then signed off using the sender’s private key. Once the transaction has been approved and verified by miners, it is broadcasted to the network and from this point on it cannot be interfered with or reversed. The miners receive a reward in the form of the cryptocurrency they are working with. To find out more, or to download the app for yourself, visit ownrwallet.com.
What can cryptocurrency be used for?
There are a number of things that you can use cryptocurrency for. Perhaps the most obvious use is buying goods. Previously you may have struggled to find somewhere to spend cryptocurrency when it was still up and coming, but nowadays Bitcoin (the first and most popular cryptocurrency) is accepted by over 100,000 merchants, with many more waiting to join the list. These merchants include everything from large online retailers to local bars and restaurants, so there are plenty of possibilities on offer. It is more difficult to find places where you can spend other cryptocurrencies, such and Litecoin and Ethereum, but this is becoming more common. Plus, you can also exchange these coins for Bitcoin if required.
Of course, if you own a business you might like to start accepting cryptocurrency as a form of payment yourself. This could open up a new audience for you, and may attract people to your business who may not have used it otherwise. All you’d need to do is make customers aware of the fact that you accept cryptocurrency, and they can pay for goods using their virtual wallets.
Investing in cryptocurrency is another option, and you may be feeling enticed thanks to stories about people making millions through Bitcoin investments in particular. Although Bitcoin is often seen as a good place to start, it has actually seen a decrease in its share of the cryptocurrency market, so having a look at a range of different coins is definitely a good option. Plus, with crypto wallets like OWNR Wallet, you can manage a number of different currencies in one convenient place, meaning that controlling your assets is completely hassle-free.
How to manage cryptocurrency
The simplest way to manage your cryptocurrency is by using an all-inclusive app like OWNR Wallet. With OWNR Wallet, you can manage and control 11 different coins, including Bitcoin, Litecoin, and Ethereum, plus ERC 20 and Omni Layer tokens. All of your cryptocurrencies will be listed with their fiat currency conversion alongside them, and you can exchange, send, buy, and receive coins and tokens directly through the app. In fact, OWNR Wallet’s unique continuous token discovery option means that your tokens will appear automatically when they’re received by your wallet, meaning that no work is required from you.
There are a number of cryptocurrency wallets that still involve third parties, but by choosing OWNR Wallet you can ensure that only you have access to your assets. Your wallet will be protected by a seed phrase which no one else knows. This is made up of a combination of 12 to 24 random words that need to be entered in the correct sequence. You will be the only person that knows the correct phrase unless you share it with someone else, ensuring that you have complete control over your coins. This phrase can be protected further by a password of your choice, and you can even add a pin code, face ID, or touch ID once you’re in the app for an extra level of security.
Who are OWNR Wallet?
OWNR Wallet are a team of IT professionals with skills ranging from fintech and cyber security to cryptocurrency and marketing. Established in 2018, this Estonia-based team have created a multi-currency, multi-platform cryptocurrency wallet that simplifies the process and makes it a joy to use for everyone from business and traders to developers and beginners.