What is a crypto wallet?
A cryptowallet is a program or device (in the case of IP, it's pure software) that stores your users' private keys and allows you to interact with different blockchains to make transactions. Unlike a regular bank account, a crypto wallet does not store the cryptocurrency itself, but only the information needed to access it on the blockchain.
Today, you can find an incredible number of services that offer a crypto wallet as a service: please register, transfer or store one or more types of cryptocurrencies or tokens — all for you. However, you won't find any service that doesn't charge its own commission. This is not surprising, because every transaction in the blockchain requires a gas fee. In addition, "cryptowallet as a service" is a purely commercial project, the purpose of which is to benefit its owners. Y-API gives you the opportunity to become the owner of a crypto wallet and provide services to other users around the world.
Types of crypto wallets
There are several main types of crypto wallets, each of which has its own advantages and disadvantages:
- Software Wallets:
- Mobile wallets: Apps for smartphones (eg Trust Wallet).
- Desktop wallets: PC applications (eg Electrum).
- Hardware Wallets: Physical devices that store keys offline (eg Ledger Nano S, Trezor).
- Paper Wallets: Physical copies of private and public keys, usually in the form of QR codes.
- Web Wallets: Wallets accessible through a web browser (such as MetaMask).
With the help of Y-API, you can create software crypto wallets. The best option may be a solution accessed through the Telegram bot. It is practical and reliable, and also very convenient. The mechanism for saving private keys can be arbitrary.
How does a crypto wallet work?
A crypto wallet uses a pair of keys: public and private. The public key is used to receive cryptocurrency, and the private key is used to sign transactions and confirm ownership of assets. When you send cryptocurrency, the transaction is signed with your private key and sent to the blockchain for confirmation.
Crypto wallet security
Security is a critical aspect of any crypto wallet. We at Y-API took care of this and took all necessary measures to guarantee complete data security for our users. However, a lot also depends on the users themselves and their behavior, so here are some tips to keep your assets safe:
- Use two-factor authentication;
- Keep backup copies of your keys in a safe place;
- Avoid suspicious sites and programs;
- Keep your software up to date.
Advantages of Y-API
Our service offers ready-made solutions for quickly creating and managing your own crypto wallets for the following decentralized networks: Bitcoin, Ethereum, Litecoin, Tron and Binance Smart Chain. This means that you will not have any difficulties with BTC, ETH, LTS, TRX and BNB cryptocurrency transactions. However, if it is necessary to use another network, this solution can be created on the basis of IP in an individual order.
Using IP allows you to:
- Create your own crypto wallet in no time;
- Get full control over the service;
- Independently determine the commission for the provision of services;
- Appointment of individual commissions;
- Ability to rent wallets or create a multi-level wallet management system and dictate rules to partners from lower levels.
The crypto API provided by our service has been tested on many projects and is already benefiting our customers. We always meet our customers and offer the most favorable conditions for everyone with the sole purpose: that every business has conditions for development and maximum profit. So choose Y-API and let's develop your ideas together!