CHAPTER 2 — All About Currency
According to Investopedia: "A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later. Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons."
Cryptocurrency is not held in a typical bank, although many banks and investment firms own or hold various cryptocurrencies. Some banks and investment firms are now allowing customers to hold cryptocurrency in their financial portfolios.
Currently, cryptocurrencies are held in DIGITAL WALLETS. Digital wallets may hold some, but not all types of cryptocurrencies. These wallets generally track the current value of the cryptocurrencies for easy reference. Many people have multiple digital wallets, which can be confusing.
A digital wallet has a PRIVATE KEY that you must NEVER share with anyone else but keep that TWELVE-WORD private key somewhere safe. If you lost it, your account is all but impossible to recover. You can use this private key to connect other computers to your wallet. Do not store your private key on your phone or other media that may one day get hacked. If anyone gets your private key, they can access and take your cryptocurrency. There is little hope of getting the cryptocurrency back.
There are thumb drives that can be used to store your cryptocurrency in connection to these services. The advantage is that no one can access your account without the thumb drive and your private key. If you lose the thumb drive, it is useless to anyone else. And you can always replace the thumb drive as long as you have your private key
The PUBLIC KEY is shareable with others so one person can send or receive cryptocurrency with another person. There is no risk in sharing your public key with others. The QR code is able to be scanned by another mobile phone camera to obtain the public code without keying in a complicated public code as seen in the image to the right.
The primary digital wallet for XTROPTIONS.Gold is Freewallet. Another wallet is Cryptocounter.io. One of the goals for Phase Two is to get listed on more digital wallets, and to increase the various cryptocurrencies that can be traded.
These wallets allow anyone to SEND or Receive various types of cryptocurrencies to and from their wallet. To send and receive transfers you only need the QR code or the public key that you can share with others