What is a Mobile Wallet & How Does it Work?

You might have some mobile wallets installed in your Smartphone, and you can use such wallets to make an online and in-store payments.

A Crypto mobile wallet is similar to your existing fiat money wallet, and you can install it on your mobile to access your cryptocurrency.

It will store your payment records transactions data through your account APIs. But most of the wallets made for cryptocurrencies cannot store the transaction data, but you can use such a wallet to store your private keys.  

You can also use your crypto wallet to receive and send digital currencies, and you can download such wallets from your Play Store. You can store your private keys in your wallet and control your digital currencies or crypto assets through your mobile wallet. For example, if you have a mobile wallet for bitcoin, you can send or transfer your bitcoin to another wallet. 

Fiat currency wallet and a crypto wallet

In the case of  fiat currency wallet, you can store your currency in the form of a deposit in your bank account, and you can link your account with your mobile wallet to access your deposited funds. The funds can be easily transferred from your wallet to another bank account or mobile wallet. You can also buy goods and services using your fiat currency available in your bank account through your wallet. 

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But, with a mobile crypto wallet, you can store your private keys, and you can transfer or send your cryptocurrency to another crypto wallet. There is no bank involved as the custodian of your digital currency. 

Crypto wallets are protected with a seed phrase, and you can reset your wallet’s private keys. Many crypto wallets are available in the market, such as Abra, Coinomi, Jaxx Liberty, Electrum, Exodus, and Mycelium. You can also try the ethereum trader bot to buy bitcoin, as it is a safe platform and loved by many investors. 

Important things to know about crypto mobile wallets: 

You need to have a crypto wallet to manage and control your digital currencies. As a trader, you must have a wallet to make transactions with cryptocurrencies. You can access your wallet by entering your public and private keys, and you can send or receive cryptocurrencies through your wallets.

The public key acts as email ID while the private key is its password, hence must not be shared. How would you transfer funds through your crypto wallet? You can transfer your cryptocurrency to another account, and the receiver can see this fund in his account after matching his public key with his private key.

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The transactions made with cryptocurrency will be reflected on the blockchain, and it will change the balance of your wallet once you receive the funds. 

You can find three types of crypto wallets in the market: desktop wallets, mobile wallets, and web wallets.

You can do a research on the different cryptocurrencies and its trend before making a final call. You must check the transaction charges of these wallets because most of these mobile wallets charge a fee on your every transaction. 

How does it Work?

All transactions made through cryptocurrencies are stored in blocks in a public ledger, and it is known as blockchain technology.

You should know that you cannot store your cryptocurrency in your mobile wallet because all your coins will be stored in a blockchain, and you can access your coins through your wallet. You can send or receive such coins through your wallet. 

It is better to use the same crypto wallet to send or receive the funds. For example, if you have bitcoin and want to transfer your coin to another account, you must enter a receiver account that accepts Bitcoin Cash. 

To receive funds, you need to generate your public key, and you can find an option on your wallet to generate the address.

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You can just click on this option and copy the address, or you can send the QR code available on your wallet to receive the money from another user. You can share this QR with another user, and he or she can scan it on their crypto wallet to transfer the funds.