Crypto wallets are a kind of wallets that keep your private keys or passwords that give you access to all kinds of cryptocurrencies with safety and accessibility only for you, allowing only you to send and receive any cryptocurrencies such as BTC, ETH, BNB, HIVE and so on. They are available in many forms: hardware wallets such as the Ledger Nano (like a USB drive) to mobile applications such as Trust Wallet, and Coinbase Wallet, which make using cryptocurrencies as easy as mainstream FIAT currencies with a credit card anywhere. Why are crypto wallets so important? Unlike a physical wallet holding actual cash, crypto wallets technically don’t store your cryptos but give security to your cryptos. Your cryptocurrencies are always live on the respective blockchain which can only be accessed using your private key which is linked to your wallet. And your wallet then becomes the door to open a transaction and if you lose your private keys or passwords or key phrases, you will lose access to your funds forever and those will be stuck in the blockchain forever. That’s why it’s important to keep your wallets (hardware, software) safe. In a conventional banking system, there is a central authority for any currency but in crypto, you are the authority for your own crypto. And you have not paid the high maintenance cost for your funds for crypto and here comes the personal freedom of the funds and safety is ensured by the owner. Also, the cryptos are safe from any kind of inflation with the truly decentralized mechanism at least with BTC as other currencies are not as decentralized as BTC.
The recent filing for the "CRYPTO WALLET" by the banking giant JPMorgan Chase & Co. which is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware, is a good steps forwarding the cryptos among the common people. According to the required trademark statement of use document, the J.P. Morgan Wallet’s identified purpose is to facilitate digital currency exchange.
Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network; financial exchange of virtual currencies; cryptocurrency payment processing; credit and cash card payment processing services; charge card and credit card payment processing services…
Undoubtedly, this can uplift the crypto sphere a little bit from the crucial moment when the sphere is bleeding due to the FTX collapse and the Grayscale FUDS! This crypto wallet is going to compete with Coinbase, GEMINI, and other wallets such as Trust Wallets, Metamasks, and so on. And such competitions are needed for the evolution of the space.
Amidst so much bad news and happenings, last week's crypto sphere has seen some positive news which is very significant. The G-20 meeting last week was held in Indonesia where the world's leading countries attended and President Biden raise the question of the international regulation for crypto is necessary to reduce the tremendous fraudulent activities in the sphere. This necessity is also outlined in the official briefing from the WHITE OUSE.
We can expect some positive momentum with such news and the common people can be attracted to hear about cryptos from global leaders. A few years earlier, cryptos were just a secret thing for the mass media and now they are discussing the FTX and this is a clear sign that the sphere is growing and people are interested in space.
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The CBDC FUDS is still fueling up!
But the story could be fine if it stops here but it is not ending here as the ongoing FUD from the CBDCs is there from the conventional economic models to destroy the crypto sphere! A Central Bank Digital Currency is a version of an existing fiat currency in digital form that mimics the cryptocurrencies like BTC, ETH, HIVE, and many others. The People's Republic of China has already implemented its DIGITAL YUAN which has been implemented for the public testing in several cities around China. And more than 90 countries, including the U.S., are either looking into creating a CBDC in the upcoming future. And so the upcoming path for the Cryptos will not be smooth as we expect, especially with the recent breaking of mass trust through the LUNA and FTX collapse that triggered a lot of negativity in the sphere!
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We hope the future of the cryptos will overcome any situation to shine more brightly than ever. I hope you learn something new from my post. Any suggestions or ideas are welcome in the comment sections. Thanks a lot for your time and attention. Have a good day!
