Ordinary Online Wallets Versus Blockchain Based Bitcoin Marketplaces


Bitcoin wallets can offer different features and for those who are new to this concept, they might find it a little overwhelming when making a choice. However the main points to consider are privacy, security and functionality.

Important features of an online wallet

Both privacy and security aspects are usually taken care of by the wallet application as well as any network that offers transactions in Bitcoin. As these are based on the blockchain technology, it helps to make any transaction involving Bitcoin secure. Every transaction is recorded and is immutable, which helps to bolster and enforce consecutive actions. Hence a wallet acts as a bank where every transaction gets recorded in a passbook of its own.  Security also involves certain standard login requirements and authentication measures. Besides requiring users to sign up with a strong password, the wallets also feature color coded addresses, two or three factor authentication and so forth.

Privacy of wallets refers to safety of personal information of users. It is best to sign up for an online wallet that does not seek personal information from the users. Most reliable Bitcoin wallets do not seek private information of users and that is a criterion that one should look out for when they are signing up for a Bitcoin wallet. An ideal wallet is one that generates new public keys for every transaction and a manual one touch address for the users. When you receive new coins into new public keys you create more security, privacy and pseudo anonymity for everyone who is on the network.

Functionality is another factor for online best Bitcoin wallets. These include features like importing or exporting of private keys, acceptance of different kinds of crypto currencies and so forth.

This is one of the aspects that make a difference when it comes to choosing an online wallet feature to a blockchain based marketplace.

What Bitcoin marketplaces offer

A digital marketplace for Bitcoin or any other crypto currency usually offers all features of an online wallet and much more. Many are designed to offer all the services of an online as well as offline wallet as well offer other features. Among wallet aspects, there are different modes of payment that are accepted. These comprise of bank transfers, credit card payments, acceptance of gift card codes and others. A Bitcoin marketplace also has the unique features of offering a peer to peer network facility. This marketplace helps users or buyers to connect with thousands of sellers. Hence there are more options for buyers and all this occurs on a validated and secure network. Many marketplaces also have trading or exchange features that allow users to convert crypto to fiat currencies or exchange between different crypto currencies.

With the above points discussed one can decide as to whether they wish to sign up for an online or offline wallet or opt for an account at a digital Bitcoin marketplace that offers a wallet on the go along with other useful features. The main points regarding reliability and security should be checked first before making a choice.