E-WALLETS AND THE BITCOIN
A digital or electronic wallet is a type of electronic card used for trading on a computer or smartphone.
Its utility is the same as a credit or debit card and needs to be linked to a person’s bank account in order to make payments.
An electronic wallet is a type of prepaid account in which the user can save their money for any future online transaction while password protected.
The use of the e-wallet is based on two elements, software and information. The software component stores personal information and provides data security and encryption.
The info item is a database of information provided by the user and includes the name, shipping address, payment method, amount to be paid, credit or debit card details, etc. (TheEconomicTimes, 2017).
Each user’s digital wallet is unique and can only be accessed by anyone who knows the passwords for that wallet.
Each user can send or receive bitcoin through his digital wallet, and selected stores (from cafes to real estate agencies) allow Bitcoin purchases of goods by simply entering the encoded address of the recipient’s digital wallet (Filip 2016). ).
As can be easily understood, the digital nature of Bitcoin is the ideal domain for using e-wallets. Digital wallets, which can even be combined with the use of Bitcoin, can take a variety of forms, such as the following (CoinDesk, 2015):
E-WALLETS AND THE BITCOIN
E-WALLETS AND THE BITCOIN
E-WALLETS AND THE BITCOIN
PC wallets: refers to installing software on the Bitcoin holder’s computer. The available software can be selected depending on the type of computer of the user.
Mobile wallets: refers to the use of mobile applications such as phones or tablets, which provides more flexibility and speed of payments compared to computer software.
Internet-based wallets: Internet-based wallets store the user’s private keys online on a computer controlled by someone else and connected to the Internet. There are many similar online services and some of them are associated with wallets for mobile and desktop computers and reproduce addresses between different devices that are in the user’s possession.