What is a cryptocurrency wallet like TU Wallet and how does it work? Features, advantages and examples
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In a market and world where the value of cryptocurrencies is growing exponentially and their adoption is spreading to all areas of life, it is important to become familiar with how a cryptocurrency digital wallet works and how to manage these digital assets. To give you an idea, according to The Block’s Data Dashboard statistics, the volume of cryptocurrency exchanges reached $1.1 trillion in December 2023, with millions of users adopting these technologies as an alternative to traditional financial systems.
For many users, entering this world can be complicated. Cryptocurrencies represent a disruptive scenario compared to traditional payment methods, which sometimes creates uncertainty and confusion. This is where tools like TU Wallet make a difference, because it offers a simple and accessible solution to manage cryptoassets easily and efficiently.
What is a crypto wallet and how do they work?
It is in this context that cryptocurrency wallets, also known as wallets, emerge. These tools, which function as a digital wallet for cryptocurrencies, facilitate access to and management of cryptoassets. Crypto wallets allow storing and managing digital assets, and are necessary for anyone who wants to be part of the cryptocurrency world.
A virtual cryptocurrency wallet, although often compared to a bank account, operates in a decentralized manner and gives users full control over their funds. There are two key elements to how it works: the public key, which acts as your “address” for receiving assets (like an IBAN), and the private key, which ensures exclusive access to your funds (the access PIN).
The transaction process is simple. When someone sends you cryptocurrencies, they are registered in the blockchain to leave evidence of the transaction, but only you can access them with your private key. This model eliminates the need for intermediaries (such as a central bank), but demands greater responsibility on the part of the user to protect their credentials.
And if all this sounds complicated to you, which sometimes it can be, don’t worry. This is where applications like TU Wallet come in, an app that allows you to manage your cryptocurrencies and euros from the same place in a simple way, helping you to get closer to the crypto world.
TU Wallet: the app to manage your cryptocurrency portfolio
Developed by Telefónica Innovación Digital and in collaboration with Bit2Me, TU Wallet is a cryptocurrency wallet, an easy-to-use app and an accessible solution for those looking to manage cryptoassets with ease. This digital cryptocurrency wallet offers a selection of cryptos such as Bitcoin, Ethereum, Cardano, Solana, USD Coin and USDT.
An innovative aspect of Wallet is its simplicity. The app is designed with users with no previous cryptocurrency experience in mind, making it even easier to transition into the crypto world. For example, you can send money using the recipient’s phone number, without having to deal with the complicated addresses of traditional wallets.
In addition, Wallet integrates the Bit2Me Card, a virtual card in collaboration with Mastercard, which allows you to make payments with cryptocurrencies both in physical and online stores. This makes Wallet a versatile and practical tool, suitable for both everyday transactions and cryptoasset management.
In summary, the functionalities it has are:
- Cash-in: load the wallet from your bank account. No hassle.
- Cash-out: withdraw money to your bank account whenever you want.
- Instant sending: send cryptos to other numbers, directly from the address book (the other person must be a Wallet user, invite him/her!).
- Online payments: make purchases with the card online, anywhere MasterCard is accepted.
- Crypto exchange: convert your euros into cryptocurrencies, or vice versa!
- Receive cryptos from other wallets: copy the public address of each euro or cryptocurrency pocket, it is the unique code you need to receive money securely.
How to start using YOUR Wallet?
Getting started with Wallet is really easy. After downloading the app from Google Play or App Store, you just need to register and complete a verification process. Once activated, you will be able to top up funds from your bank card or account and convert them into the cryptocurrency of your choice. The user experience, the simplicity of the processes is what makes Wallet a perfect app for all people.
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Investing in cryptoassets is not regulated, it may not be suitable for retail investors and lose the entire amount invested. It is important to read and understand the risks of this investment which are explained in detail at this location wallet.tu.com/advertising.
Soy un periodista altamente versátil en el campo de la comunicación y el marketing, con un enfoque en la creación de contenido atractivo. Actualmente, formo parte del equipo de Marketing de Producto de Telefónica Innovación Digital (TID).
