Introduction of digital wallets – Part one

digital wallets

Table of Contents




Preface:

Digital wallets are one of the key tools in digital currency transactions and investments that are becoming more widespread today. You may also be wondering how these wallets work and what their purpose is to maintain and even build. Continue and Join with us to introduce some of the best digital wallets in addition to answering these questions.

Introduction to digital currency wallets

What is a digital wallet?

A wallet is a software that holds public and private keys associated with the Chinese blockchain. These keys are used to send and receive digital data in the Chinese blockchain and track digital currency account balances. If you want to use Bitcoin or any other digital currency, be sure to go for one wallet You will need digital.

How do these wallets work?

Millions of people around the world use digital wallets, but there is a lot of confusion about these wallets in the digital currency community. Unlike regular wallets, digital wallets do not contain any amount of physical currency. In fact, digital currencies are not stored anywhere physically. All information about their existence and transactions is stored on the blockchain.

Comprehensive guide to digital wallets: Bitcoin, Atrium and other digital currencies

Digital currency wallets are usually software that holds your public and private keys and is actually the interface between you and Blockchain Are different; Therefore, the user can check the amount of currency available, send or receive money and perform other related operations. When someone sends you bitcoins or any other digital currency, they are actually transferring ownership of those currencies to your wallet. In order to send digital currency, the private keys stored in your wallet must match the public addresses associated with your currency. In the meantime, there is no physical transfer of currencies. The transaction is done as a report of the transaction on the Chinese block and you see it in the change of your digital currency account in your wallet.

Different types of digital wallets

There are several types of wallets with different methods of storing and accessing digital currencies. Wallets can be categorized into three categories: software, hardware, and paper. The type of software can also be in the form of applications on your computer and laptops (desktop), mobile phone, or online.

Desktop: In this type, you can use it by downloading the wallet and installing it on your computer and laptop. These wallets can only run from a specific system, which is the system that downloaded it. These types of wallets have high security, but if your computer is infected or hacked, there is a possibility of losing funds.

Online: These wallets run online and you can access your wallet from any device and anywhere. Although these wallets are easy to access, your private keys are stored online and by third-party applications, thus protecting against theft and hacker attacks.

Mobile: Wallets that run on your mobile phones are very useful and can be used anywhere, including shops. These applications are usually designed to be smaller and easier to use than desktop models because space on mobile phones is more limited.

Hardware: These wallets differ from software examples in that they hold individuals’ private keys in a hardware context. These wallets receive transaction information online, but the information is stored offline, which increases their security.

Hardware wallets are compatible with web-based user interfaces and also support many digital currencies, depending on the type of currency and the user interface you use. Users can easily transfer their currency and receive a confirmation by connecting the device to an Internet-connected computer and entering a password. Digital wallets, while keeping you safe offline, also provide easy currency transfer.

Paper: These wallets are easy to use and give you extremely high security. From the name of these wallets, it can be assumed that they are your private keys that are printed on paper, but these wallets are actually software that is used to securely produce multiple keys and print them on paper. These types of wallets are also very easy to use. The transfer of different currencies to your paper wallet is done through public addresses that Paper wallets have been marked. In addition, if you want to spend these currencies, all you have to do is transfer them from the paper wallet to the software wallet. This so-called “wipe” can be done manually by entering digital keys or scanning the Q-code on the wallet.

Are wallets digitally secure?

The security of these wallets has different ratings. Their level of security depends on the type of wallet used and your service provider. A web server is less secure than offline examples. Online wallets are exposed to a wider range of risks that, due to their online nature, can become a good prey for hackers. Offline wallets, however, are not hacked by hackers because they have limited internet access and are not affiliated with any third-party developers.

Although the experience has shown that online wallets are more vulnerable to hacker attacks, it is necessary to consider appropriate security measures for all wallets. Remember, regardless of the wallet used, losing your private keys means losing your money. However, if you send your money to the wrong person or are hacked, there is no way to claim money loss and return the transaction. Therefore, you must be very careful.

Support your wallet. Keep only a small amount of the currencies you use daily online. Keep most of them in a very secure environment on your computer or mobile phone. Options for backing up offline cash registers or paper wallets or USBs can be done in ways such as Legernano; This will protect your wallet from potential computer malfunctions and recover your wallet if it occurs. Although this will not deter stubborn hackers; In fact, by choosing online wallets, you run the risk of being hacked all the time.

Update your software. Always provide the most secure environment available to you by updating your software. Keep not only your wallet up to date but also your computer and mobile phone systems.

Security layers Add more. The more layers, the better. Using long and complex passwords and ensuring that money transfers from your address require a password can be additional solutions to increase the security of digital currencies. Using high-profile wallets with the ability to authenticate in two steps and requesting an additional password while running the software are other measures to increase security. You may also want to use “multi-signature” wallets such as “Armory” and “Copy” wallets. Despite this feature, for each transaction, another user or even several other users must confirm the transaction.

Ability to use multiple currencies or just one?

In addition to Bitcoin, which is currently the most famous and popular digital currency in the world, there are hundreds of other digital currencies They also exist with unique ecosystems and structures. If you want to use other digital currencies as well, the good news is that you do not have to use a separate wallet for each. Instead, simply use a wallet that can support multiple currencies; These wallets allow you to use multiple digital currencies with one wallet.

Is there a charge for transactions?

There is no clear and complete answer to this question.

In general, transactions are a small part of the transaction received in traditional banking. Fees are sometimes received as processing fees for specific transactions on the network, while some transactions do not include any fees. It is also possible to create your own fee. For example, for a 226-byte transaction, you will be charged a fee of up to 12 cents. In some cases, if you choose a lower fee, your transaction may be done with less priority and you will have to wait for hours and maybe days to confirm your transaction. If you need your transaction done quickly, you need to increase the amount of commission you want to pay.

Of course these days Bitcoin transactions have increased a lot And the network fee is significant in its kind.

Are digital wallets anonymous?

Both yes and no. You are known by your usernames on your wallet. You do not have to enter your original information, and all your transactions will be publicly and permanently recorded on the blockchain with the same information entered. Your name or street name will not be recorded on the blockchain, but information related to your wallet address can be traced in a variety of ways. There are ways to increase your anonymity, but you can never completely hide your identity. Recently, projects called Dark Volt have promised users to conduct their transactions in the Chinese block anonymously. This project does this using QuinnMix methods and using anonymous addresses.

Which digital wallet is the best option?

  • An incomplete list of these wallets at your disposal. Before choosing one of these wallets, determine your purpose for using them.
  • Do you need to buy digital currencies every day or do you just want to buy and keep them?
  • Do you want to use one currency or several currencies?
  • Do you need access to your wallet everywhere?
  • Take some time to determine your needs and then choose the right wallet for you.

Introducing famous wallets

Bread Wallet

Comprehensive guide to digital wallets: Bitcoin, Atrium and other digital currencies

Brad Volt is a digital wallet Bitcoin In which bitcoin transfer is simply sending an e-mail. You can download this wallet from Google Play or the App Store. Board Volt is just a single-user client, and only bitcoins can be received and sent, which means that it allows full control over all user assets. In general, the Volt board, with its simple user interface, light, and safe design, speed and ease of use, and continuous improvement, can be suitable for more novice and experienced users.

Strengths:

  • Convenient privacy and high security
  • Suitable for novice users
  • Simple and fast
  • The program is open-source and free.

weak points:

  • No desktop and web-based version
  • Lack of additional capabilities
  • Relying on the Internet to receive and send information.

Download Bread Wallet

Mycelium

More professional Bitcoin users will never find a better program than Mycelium. It runs on Android and iOS, giving users complete control over bitcoin receipts and transmissions. With the very high security of this program, no third party can touch your bitcoins! The security of this program, along with features such as memory without the need for the Internet and backup in the form of encrypted PDFs, strong QR code scanner, an embedded market in the program, as well as the possibility of secure conversation among other users, has made it one of the best programs on the market.

Strengths:

  • high security
  • privacy
  • Diverse capabilities
  • Open source and free

weak points:

  • No desktop and web-based version
  • Rely on the Internet to receive and send information
  • Novice users can not use it.

Download Mycelium

Exodus

Exodus is a new and lesser-known example that can only be installed on desktop versions. With this program, bitcoin, ether, light coin, Dodge Quinn, And exchanged the dash easily and in a very beautiful user environment. Exodus also offers a very simple way to back up your wallet. One of the best features of this wallet is the conversion of bitcoins to other currencies and vice versa. This is done without leaving the program.

Strengths:

  • Proper security
  • Suitable for beginners
  • Simple
  • Supports several different currencies
  • Open source and free
  • Ability to exchange currencies within the application.

weak points:

  • Requires internet
  • Lack of mobile and web-based versions.

Download Exodus

Copay

This app is made by BitPay and is one of the best wallets on the market. If you are looking for performance, Copy is one of the easiest applications with a beautiful user interface that you can use on your desktop, mobile phone, or online. One of the important features of this software is the support of multi-signature capability, which has made this program one of the best in relation to corporate businesses. In general, copying is a program that everyone can use. Sufficiently suitable for newcomers and also has many tools for professionals.

Strengths:

  • Proper security
  • Multi-signature capability
  • Run-on multiple platforms
  • Multiple memory
  • Suitable for beginners
  • Open source and free

weak points:

  • low speed 
  • Restrictions on members

Download Copay

Jaxx

Jacks is a user-friendly application that supports Ether, Atraclassic, Dash, DAO, REP, ZeeCash, Rootstock, and Bitcoin currencies. This app is designed specifically for the great Bitcoin and Atrium experience and has been released for a wide range of devices with different platforms. Jax can be installed on Windows, Linux, Chrome, Firefox OS, Android, and iOS;

Jacks also connect to websites through Firefox and Chrome extensions. Jax enables exchanges between Bitcoin, Ether, and DAO with the Shift feature; You can also import Atrium from paper wallets. With all the different features, Jacks has become one of the best programs for using several different currencies.

Strengths:

  • high security
  • Supports multiple currencies
  • The connection between wallets on several different platforms
  • Very great support
  • High capabilities
  • Convenient, free user interface

weak points:

  • Not open text
  • Slow working when loading information

Download Jaxx

Armory

Comprehensive guide to digital wallets: Bitcoin, Atrium and other digital currencies

Armory is one of the best programs that have a high focus on security. This program has been able to provide many capabilities to users by using the open-source structure. These include offline storage, multi-signature capability, disposable print backups, multiple wallets with different user interfaces, anti-tracking encryption, key entry into the app, and transfer of keys from paper wallets. On the other hand, it takes time to get acquainted with all the potential features of this program, and Armory is only for users who have a high level of knowledge of computer issues.

Strengths:

  • Extraordinary security
  • Various capabilities, including multi-signature
  • Free

weak points:

  • Access only through the desktop client
  • Unsuitable for new users

Download Armory

Trezor

Trezor

One of the hardware wallets is Bitcoin, which has the ability to store significant amounts of this digital currency. Treasury can not be Virus Infected and private keys can never be removed; In other words, it is as safe as holding a banknote under your pillow. The treasury is open source and its contents can be viewed using the built-in display. This wallet can be run on Windows, iOS, and Linux based devices. One of the weaknesses of this wallet is the need to have it with you to send bitcoins. On the other hand, it is very suitable for investors who do not care much about selling their bitcoins and those investors who buy large amounts of bitcoins.

Strengths:

  • high security
  • No offline
  • Ease of use in the web environment
  • Internal display
  • open source
  • Suitable for beginners

weak points:

  • Price $ 99
  • The need to have the device with you when sending bitcoins

Ledger Nano

Ledger Nano

Ledger Nano Wallet is a hardware wallet with educational scheduling and multi-signature capability designed for those users who need more layers of security to protect their investment. This bitcoin wallet is not designed for use by ordinary users and has its own complexities. The nano lens is based on a USB device and is smaller than a flash memory card. This wallet weighs only 5.9 grams and is designed with dimensions of 39 by 13 by 4 mm.

Strengths:

  • The display is protected by steel guards
  • Support for different currencies
  • Third-party software can be run from the device
  • U2F support
  • The device can be disconnected from the computer during the recovery
  • Cheap price (something around $ 65).

weak points:

  • Not so advanced software
  • The inability of hidden user accounts
  • No password management program.

Green Address

This program is designed with a simple user interface for beginners. You can run the green address on desktop, Android, iOS, and Chrome. Features of this wallet include multi-signature, two-step authentication, backup of paper wallets, and instant transaction confirmation. One of its weaknesses is the approval of all payments, so you can not have complete control over your spending.

Strengths:

  • Extraordinary security
  • Implementable on different platforms
  • Multi-signature capability
  • Simple user interface
  • Open source and free.

weak points:

  • Being online
  • Normal privacy
  • Requires third party approval for payments.

Download Green Address

Blockchain.info (Blockchain. Info)

 

Blockchain is one of the most popular bitcoin wallets. The wallet can be accessed from any browser or mobile phone. This wallet also gives you two different layers. In connection with the browser version, users can use two-step authentication, and users of mobile versions can also use the PIN code to run the program. Although information must be passed through the company’s servers to verify transactions, no one can access them. In general, this program has come from the heart of the bitcoin community by a well-known company that can hold your currencies in the best way.

Strengths:

  • Proper security
  • Easy to use through the browser and mobile phones
  • Reputable manufacturer
  • Suitable for beginners and free.

weak points:

  • Being online
  • Poor privacy
  • Confirmations of third-party access to information are required
  • There are reports of service outages.

 

About KSRA

The Kavian Scientific Research Association (KSRA) is a non-profit research organization to provide research / educational services in December 2013. The members of the community had formed a virtual group on the Viber social network. The core of the Kavian Scientific Association was formed with these members as founders. These individuals, led by Professor Siavosh Kaviani, decided to launch a scientific / research association with an emphasis on education.

KSRA research association, as a non-profit research firm, is committed to providing research services in the field of knowledge. The main beneficiaries of this association are public or private knowledge-based companies, students, researchers, researchers, professors, universities, and industrial and semi-industrial centers around the world.

Our main services Based on Education for all Spectrum people in the world. We want to make an integration between researches and educations. We believe education is the main right of Human beings. So our services should be concentrated on inclusive education.

The KSRA team partners with local under-served communities around the world to improve the access to and quality of knowledge based on education, amplify and augment learning programs where they exist, and create new opportunities for e-learning where traditional education systems are lacking or non-existent.

Customer Perception Regards E-Wallets
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Professor Siavosh Kaviani was born in 1961 in Tehran. He had a professorship. He holds a Ph.D. in Software Engineering from the QL University of Software Development Methodology and an honorary Ph.D. from the University of Chelsea.

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Maryam Momeni was born in 1970 in Tehran. She holds a degree in Literature - German language from the Melli University of Tehran.

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