What is the magic wallet? Well in short it is the blockchain wallet just with a different name that we chose to use for this article. The blockchain wallets is a wallet that allows you to digitally store digital money.
Think of an actual wallet that you use to store money or fiat in. It is basically the same thing. But to make things simple. A wallet is a leather “fold over” pouch that you use to store everyday cash, credit cards, and of course a photo of your first house (that you are going to buy when your crypto hits 200k each)
What Is Crytpo?
In short crypto or crypto currency is a form of digital money that we are going to be using to purchase items in the future and that we are doing right now as we speak. If you would like more in depth explanation on what crypto currency is GO HERE!
On the blockchain a digital wallet is used to exchange, utilize and redeem that digital money that you have earned. The blockchain wallet is very similar to the wallet in your back pocket. The only real difference is that the one in you pocket is physical. The wallet on the blockchain is virtual and is located on a SECURE database. If you are looking for more information on the blockchain and a more IN DEPTH explanation as to what it is please GO HERE!
Crytpo Wallet:
On that note, there are several other wallets. They are set with the same purposes and resources within the blockchain. Crypto and the digital future is what we are heading into and eventually is going to be a permanent thing that is not going to go away.
Coinbase is now offering “STAKED” coins. Staked coins are an optional thing that just like a CD (Certificate On Deposit) your can sit and hold your coins while they increase and grow in value. You will need to agree to be able to lock them where you will be staking them. Meaning that you will not SELL or TRANSFER them. These are staked so they hold the value of the coin itself. For doing this you will be getting APY or Annual Percentage Yield as you would with a CD or savings account. Now keep in mind that there are ALWAYS going to be risks when dealing with investments and that includes staking.
However, when it is all said and done. With staked coins you are able to gain in the rewards. Usually an additional coin as the staking is happening. Again similar to a bank bond or CD.
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