Because of the increasing advancement in technology, there have been various developments made in the economic sector. The multiple improvements made in the financial industry due to technology include introducing e-commerce and digital currency. These forms of advancements put in place were to help curb the previous problems that existed with the old ones. Digital currency is also known as cryptocurrency, which was put in place to tackle the issues associated with the old forms of currency. Cryptocurrency is a digital asset that acts as a medium of exchange (Ranch’s & Hileman, 2017). The digital assets are available in different forms, which vary in popularity and demand. The cryptocurrency is also available through different crypto wallets. Crypto wallets are devices, physical mediums, programs, or services whose main function is to store public and private keys for cryptocurrency transactions. In addition to storing these keys, crypto wallets also help in encrypting and signing information. In simple terms, cryptocurrency wallets are a representation of a bank where all transaction information is kept. This paper looks into cryptocurrency wallets.
Ledger Nano S
This cryptocurrency wallet is a USB-sized hardware wallet mainly used in Ethereum transactions. The USB can cater to many assets and always looks like a folding flash disk. The major advantage of Ledger Nano S is its wide application. The cryptocurrency wallet can be used in transactions involving different cryptocurrencies, including Bitcoin, Ethereum, Ethereum tokens, and another additional 30 types of different cryptocurrencies. The wallets work just like the normal flash drives, which need to be connected to a device before a transaction can be carried out.
The advantages of this cryptocurrency wallet are a wide range. The first advantage is that it can hold multiply apps used in cryptocurrency. The implication of this is that one can have a majority of apps used to trade cryptocurrency just in one place. The advantage of this is that when one fails, there is an option for another; thus, transactions are not delayed. Additionally, the wallets have reduced the risks of being hacked by software terrorists. This is because it is easier to hack the information available in software or the internet than hardware. The implication of this is that the transaction information of a person will always be safe. Lastly, the wallet can store more than 30 cryptocurrencies and work with a wide range of cryptocurrency software.
The wallet at times is known as the Rolls Royce cryptocurrency because of its advanced technology and security. The same company makes the wallet like Ledger Nano S wallet. This wallet’s major feature is being lightweight, making it easier for transportation and storage. Generally, the wallet looks like a mini iPad or tablet. The wallet can work with most cryptocurrencies and apps.
The disadvantage of this wallet is its cost. The wallet is expensive to acquire. Despite the high cost, the wallet is the best option for guaranteeing security to transaction information. This is it’s an advanced hardware technology that exists.