A crypto wallet is an application built on blockchain technology where anyone can hold, send & receive cryptocurrencies
Cryptocurrencies are digital currencies created by mathematical algorithms to serve as a medium of exchange between users without the need for an intermediary, unlike the traditional bank system where the bank stands as an intermediary for all transactions.
Crypto wallets are similar to a wallet in which users store cash and credit cards, which is why it is called a wallet. However, in this case it is a digital wallet and is basically powered by blockchain technology.
Crypto wallets are digital applications that can run on personal computers (PCs) or mobile devices like phones or tablets. They connect to the blockchain network specific to the cryptocurrency of choice, and users need an internet connection to transact.
The world is experiencing a gradual transformation of the way money works and how it is transmitted from one person to another. In this case it is done digitally, hence the word digital currency.
What are the types of crypto wallet?
Basically, crypto wallets come in two types: custodial and noncustodial wallets.
The custodial wallets are the ones which the user keys are kept for you in custody wallets hosted by a third party. The company might provide advanced data security tools that businesses employ to safeguard and protect their data. Several Bitcoin exchanges provide their customers custody wallets.
On the other hand, noncustodial wallets are those in which it is the responsibility of the user to safeguard their keys. This group includes most mobile crypto wallets in the crypto space.
However, there are two major categories of wallets: hot and cold.
A hot wallet has access to the internet or a device with an internet connection, while a cold wallet has no connectivity. The three different wallet types are paper, hardware, and software.
Paper and hardware wallets are the safest wallets today, as they are not connected to the internet, as compared to software wallets, which are always connected to the internet.
What is the Klever K5 wallet?
The Klever Wallet was originally designed to solve two of the most critical problems in cryptocurrency today which include crypto security and user experience.
The new and improved version of the KleverChain wallet, K5, will bring both security around blockchain transactions as well as a simple and intuitive user experience to a whole new level for our users.
The new K5 Wallet is a simple, secure, and versatile self-custody crypto wallet that in the future will support all major blockchains.
This includes our infamous Klever Swap offering with 500+ trading pairs (coming soon), as well as an advanced Klever Browser that offers direct access to decentralized applications (dApps) compatible with Ethereum, Tron, Binance Smart Chain, Polygon, Kusama blockchains, and more.
How to transfer crypto to other users in K5?
The intuitive and simple user interface of the K5 wallet gives the users so much power from the comfort of their devices to carry out transactions seamlessly across the globe in a Klever way.
Users can simply transfer crypto to one another from the K5 wallet using either the home screen which has the send button, and this would take you to another interface where you can select the crypto you want to transfer to the recipient.
Alternatively, the user can use the balance button which is the 4th button from the left on the bottom of the screen and select the crypto to be transferred.
Next, the user is expected to input the amount of crypto to be sent and then confirm the transaction by using their biometric or pin confirmation.
Once this is done, a green confirmation screen will appear to notify the user that the transaction has been sent and the new balance is reflected on the user’s wallet.
The Klever team has built and deployed industry-leading products with hundreds of thousands of daily active users (DAUs) throughout the ecosystem.
This is our goal in making crypto simple and easy to use for everyone.