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Review on Blockchain Wallet by Yenkelys Barcenas

A useful, easy and reliable alternative for digital transactions in Latin America

Cryptocurrencies have become a financial medium for commercial transactions of the new times, replacing the common currency and offering more and better benefits to all types of users, allowing them to achieve a greater commercial reach and the security of their movements. As with traditional currency, is necessary to have an account or storage space, a cryptographic wallet, which acts as a safeguard account, which the user can protect and manage himself, without need to any third party or institution. That is why wallets play a fundamental role in this ecosystem. They represent the basic piece that allows you to operate with cryptocurrencies, make balance inquiries, exchange operations with absolute control and without authorization from a third person or associated institution.

One of these wallets is the Blockchain, one of the technology that gave life to Bitcoin, and that is designed as a distributed database to carry out operations and transactions similar to that carried out by ordinary banking users, offering guarantees about the security in situations of danger due to theft or cloning, which makes it one of the safest and most reliable wallets in the digital market. It belongs to the group of online wallets, in which cryptocurrencies can be sent and received in a totally secure way thanks to the value chain and its encryption system, making it one of the most popular wallets today, known for being extremely intuitive and easy to use.

Due to the little economic development that Latin American countries show, the flow of money is subject to constant fluctuations, thanks to a process of deterioration of infrastructures and irregularities in financial processes, which have caused the cryptocurrency to be incorporated in systematic way to the economic movement of these countries, highlighting the inclusion of new commercial actors with ventures directed mainly in food areas, medicine and currently, fast and safe delivery services, these situations suggest that Latin America will not take many time to adopt this technology.

Blockchain technology initially conceived as a cryptocurrency ledger is beginning to be used in sectors such as food to control the origin of food or raw materials. Venezuela is the second Latin American country that makes bitcoin transactions the most, however it does not use this wallet even, but its early inclusion will not be difficult, due to its ease, popularity and functionality. The main exponents and precursors of the digital market ensure that in the near future their applications will be multiple and will include from common commercial sectors to political and government sectors to display and manage data or public accounts in real time. The universe of digital wallets is just beginning and the blockchain is occupying one of the best places in this space.

Pros & cons

  • Its block storage system allows the storage and handling of data in an organized and chronological manner.
  • This wallet has been generated security in the industries.
  • There is a risk of losing money if the user loses their private key.
  • The little knowledge that many users have about virtual wallets and cryptocurrency.