Payment platforms play an important role in running an eCommerce business. A customer can make a purchase and make payments within a few minutes using the preferred method. Making online payments not only transfers money but customer’s data as well. While it is great to have the ability to make quick payments, secure payment and user data safety are the real concerns. Most of the payment gateways are highly secure. So, you don’t have to worry much about data safety and secure payments. What about using the best payment gateway that is not only highly secure but also offers many other benefits including:
- Less intermediaries
- Greater safety
- High speed
- Low cost
- Anonymity
We are talking about the blockchain payment platform. Blockchain is the greatest modern technology that has completely changed the payment aspect of doing business and has the potential to change many other aspects. However, this technology is also a polarizing technology. This is the reason why some countries have banned blockchain-powered cryptocurrencies such as Bitcoin. However, there are many countries in which you can use Bitcoin and other cryptocurrencies to make payments, thanks to the blockchain technology. One thing is sure that it is highly secure. Moreover, when the transaction is completed fast, hackers don’t get enough time to play their games.
Blockchain wallet is a blockchain wallet app that allows users to transfer cryptocurrencies. A blockchain payment gateway is designed for secure and fast payments management. This is the reason why the demand for blockchain-powered payment platforms is high. If you have not used a blockchain payment gateway before, you definitely want to know more about it. In this article, you will learn about various blockchain wallets.
The following are the four types of blockchain or cryptocurrency wallets you can use:
- Software Wallets
- Web/Hosted Wallets
- Hardware Wallets
- Paper Wallets
Software Wallets
As the name implies, this wallet is a software. You can install it on your mobile device or computer. You get the complete control of the cryptocurrency you have. However, if you are a beginner, you might find it difficult to maintain your software wallet.
Web/Hosted Wallets
Typically a third party hosts a web/hosted wallet. This type of blockchain wallet looks very similar to apps/platforms. A web/hosted wallet is very easy to use. Though blockchain payment gateways are inherently secure, these wallets are hosted by third parties. So, you should also analyze the web/hosted blockchain wallet’s security. It is important to protect your Bitcoin or other cryptocurrencies you use.
Hardware Wallets
In this type of blockchain wallet, a private key is stored on a USB or other hardware device. You don’t have to worry about compatibility issues as you can easily use them with several web interfaces. These wallets support Bitcoin and many other cryptocurrencies. However, you need to connect this wallet to an internet-enabled device. This is the safest blockchain wallet as your coins are stored offline. Just enter your PIN and click Confirm.
Paper Wallets
This type of wallet uses a public and private key pair. A software application generates these keys. A transaction is possible when these keys are printed. You can use these wallets with software wallets to purchase and sell funds.
