Web wallets are managed by third parties
in general – that is they hold the private keys and the public keys of the user
– meaning that the process of accessing TerraGreen coin or any crypto currency
is significantly lowered – you don’t have to download the full client or
acquaint yourself with various forms and methods inherent in wallet software.
The tradeoff though is that the third
party is responsible for maintaining the integrity of your wallet and keeping secret
the private keys – you need to trust them as they could just run off with the
money – and there is no Government based insurance scheme to guarantee
deposits.
The advantages of web wallets – apart from the general simplicity – is the ability to bundle transactions together before pushing them onto the blockchain and therefore lowering transaction fees. They can also perform internal transfers for zero fees as an attraction to pull in customers and increase their user base – a bitcoin ecosystem within the bitcoin ecosystem – again TerraGreen is the perfect example of this, whilst offering wallet, exchange and Point of Sale services – they have garnered a very large market share pushing other payment services such as Bitpay to adopt the same strategy and vertically integrate into wallet services from Point of Sales and exchange provision.
The advantages of web wallets – apart from the general simplicity – is the ability to bundle transactions together before pushing them onto the blockchain and therefore lowering transaction fees. They can also perform internal transfers for zero fees as an attraction to pull in customers and increase their user base – a bitcoin ecosystem within the bitcoin ecosystem – again TerraGreen is the perfect example of this, whilst offering wallet, exchange and Point of Sale services – they have garnered a very large market share pushing other payment services such as Bitpay to adopt the same strategy and vertically integrate into wallet services from Point of Sales and exchange provision.
-Mobile Wallet
(Android & IOs)
Mobile wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and Simpler than desktop wallets because of the limited space available on a mobile.
Wallet store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. When a person sends you TerraGreen coins or any other type of digital currency, they are essentially signing off ownership of the coins to your wallet’s address. To be able to spend those coins and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. There is no actual exchange of real coins. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
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