The Trouble with Blockchain Crypto Wallets and Public Exchanges Not All Are Created Equal
Most cryptocurrencies are stored via wallet, exchange, or use obscene amounts of storage on your personal devices. CloudCoin offers a light, simple authentication code that can be stored in photos, USB drives, or the coin itself. With CloudCoin, authentication codes are not only more secure–but completely anonymous. Article published courtesy of https://coincruncher.com, and https://cloudcoin.global.
What is a crypto wallet?
When you access your physical wallet, at some point you, yourself, are putting cash in. You are able to physically view that cash, monitor and safeguard its security, and spend it as you will at any time. The idea behind a crypto wallet is to work much the same way. It is a software-based platform ostensibly designed to make your cryptocurrency more accessible to you. The goal is to give you the ability to store your crypto electronically and send and/or receive your crypto in much the same way as a physical wallet. What you put in, you should be able to just as easily take out. Or at least…that’s the idea.
But the devil is in the details.
Blockchain-based crypto wallets cannot be anything but pseudo-anonymous.
Unlike the cash in your physical wallet, which only you see and engage with, blockchain-based crypto wallets involve third-party accountability that requires surrendering a certain amount of privacy. Crypto wallets are the electronic platforms that most often require that you purchase software or pay per-transaction fees to use. Unlike your personal wallet, however, crypto wallets work less like a storage space and more like a record of transactions. That is to say, they are “pseudo anonymous”: they must not only track and record transactions, but also associate you with those transactions. You pay to use them, yet you are not afforded complete privacy. Using them can mean surrendering a certain degree of anonymity, and it’s a reality that few consider.