Can you imagine collecting your salary in cryptocurrencies? You may be surprised, but this practice is already a fact in several countries. But did you know that for this and more it is essential to have a wallet?
If you want to buy or use cryptocurrencies you should know everything about this tool Why? Bitcoin, as well as other cryptos, are legal payment methods in Spain, USA, Sweden, Japan, Canada, Australia, Finland, etc.
This indicates an irreversible trend, where this virtual system will become more popular every day, representing new and better opportunities. From simple payments or receiving your salary to great business models.
What is a Wallet and what is it for?
How many mechanisms are there to save or store your money? Many, from a piggy bank to a bank account or a small wallet, but cryptocurrencies require a wallet.
This tool is essential to manage your cryptos; its name translated into Spanish means wallet or wallet. It is a software or hardware that provides access to various blockchains.
The idea is that you can send and receive your money efficiently and safely. In addition, it helps you visualize your balance or account statement using both public and private keys or addresses.With a wallet you will be able to know the status of your accounts and manage your cryptocurrencies efficiently. Click To Tweet
Each user has their own passwords and there are several kinds of wallet according to ease of use and security. We invite you to meet them shortly.
- “Banks” or Exchange Houses: Exchange houses act like a crypto bank, managing the assets. Its usefulness is found in the exchange between cryptocurrencies and fiat money.
- Online wallets: Also called hot wallets, they are websites that mobilize money between users independently. Everyone owns their own private keys without software installation.
- Wallet Apps: The software can be installed on your mobile device or computer to view the balance and manage your money. These applications allow the activation of an extra code to move your cryptocurrencies.
- Cold Wallets: They are very practical and have the particularity of operating without an internet connection, giving them high security. It is a hardware similar to a USB connection pendrive, hosting the private keys offline.
Recommendations for opening a Wallet
It is important that you learn what are the useful tools to manage and use your virtual money in a simple and functional way.
You already know all types of wallets, but do you know how to get yours? Keep reading and we will give you some excellent tips.
- Always try to use wallets of reliable origin, which enjoy a good reputation.
- Safety is paramount, so your choice should have advanced mechanisms that meet high standards. The KYC/AML identity verification process is useful for protecting your assets.
- Consider using long addresses or keys to avoid falling victim to scams.
- Try to store your cryptocurrencies in different wallets. Some on your desktop, some in wallet apps, etc.
Advantages and disadvantages of receiving your Salary in Cryptocurrencies
The economy of tomorrow points towards a digital environment. Therefore, receiving your salary in crypto assets is definitely a technological and financial advance.Very soon, you could receive your salary in cryptocurrencies, so it is essential to have a wallet for your transactions. Click To Tweet
In New Zealand, for example, a big step was taken towards the economy of the future. The payment of wages in the country has been regulated and legislated. This is one of many tests of progress, however, these actions possess risks and benefits.
Very volatile currency in the digital financial market
Cryptocurrencies are a really profitable asset in today’s market, but volatility can represent a negative aspect. By getting your payment in cryptocurrencies, the ups and downs of the price of the virtual currency would influence.
Cryptocurrencies do not respond to laws of any government or regulatory entity. This has made the acceptance of the virtual asset stronger throughout the world. Therefore, its price is influenced only by the law of supply and demand.
Direct access to currency exchange at competitive prices
This market is totally decentralized, there are no intermediaries and your negotiations are carried out directly. You can exchange your cryptos from your wallet for any type of currency in a competitive environment.
Manage your investments from stable platforms
It is important that you choose the right platform to manage your cryptocurrencies, they should offer you security and peace of mind. This way you can get away from major risks and carry out your transactions without problems.
Convert your salary into a universal currency
From your wallet you can exchange your cryptos (coming or not from your salary), to the currencies of your preference or local currency. This will help you save, maintain greater control over your finances and improve your quality of life.
What are the differences from a salary in local currency to a salary in Cryptocurrencies?
Do you think that a salary in crypto or in national currency will generate the same benefits? Not so, here we explain the main differences.
- Cryptos do not suffer devaluation. This implies an insurmountable profit compared to real money.
- Cryptocurrencies do not require an intermediary to legitimize a transaction.
- National or local currencies are public order, while cryptocurrency is decentralized and private.
Give quality and financial stability to your work
If you already have a wallet, then you are almost ready to start your crypto transactions. You just have to make sure you have a good ally that gives you the security you deserve and a really efficient environment.
If you want to save and get tangible returns, product of your work, it’s time to upgrade. An important factor of cryptocurrencies is that they are not in danger of inflation as is the case with local currencies.
This will protect you against the volatility of the markets, helping you take care of the value of your wealth. In addition, you will achieve that stability and tranquility that you require to change your standard of living.
You already know the importance of owning a wallet and its influence on your management in crypto assets. Remember that you must have trajectory platforms,committed to your safety.
Do you already know Ccoins? We are an all-in-one crypto marketplace ready to improve person-to-person trading. Our team is waiting for you.
In just 3 simple steps you will be able to exchange your cryptocurrencies in a stable and secure environment. Think about it, the future is in your actions, so it’s essential to make wise decisions.