Review on Luno Wallet by Inioluwa Okedeji
Luno Wallet: A Centralized Cryptocurrency Wallet With A Simple Interface, Targeted At Developing Countries.
Luno wallet is one of the most easy to use and navigable cryptocurrency wallets that I know of. It's even more popular than the trust wallet in my localty, and apart from the fact that it supports popular digital currencies, this is mainly because the interface is simple and very easy to understand.
I know of someone with very little understanding about cryptocurrencies that owns and uses the luno wallet, he just buys an amount of cryptocurrency, hlods and sells off when the value of his assets increases. Although I'm sure he has aquaintances that puts him through in areas he doesn't fully understand.
Another reason why the luno wallet is more popular in my area is because it is very easy to convert digital currencies into fiat currencies and vice versa.
While reading about the Luno wallet I discovered that its main focus is reaching people in the developing countries of the world, no wonder the people in my localty find the features of the wallet very easy use because we're a developing country.
In the aspect of security, the Luno wallet has a lot of security measures in place that ensures that user assets are safe and secure as long as it is in the wallet.
The only thing of concern about the Luno wallet is the costly fees attached to transactions which to me directly conflicts their goal, because most people in these developing countries the wallet is aimed at are financially average individuals which will find it very difficult to afford such exorbitant fees. Although in case of transfering between a luno wallet account and another Luno wallet account there's no fee attached.
Another thing I recently discovered about the Luno wallet is that it is a centralized wallet and unlike most wallets that are decentralized and allow users to be in charge of their funds by providing security seeds and private keys, the Luno wallet is different. This discovery amazes me because cryptocurrencies are meant to be decentralized in nature but there are centralized wallets where decentralized digital currencies are stored in.
Pros
- Luno wallet has a simple and easy to navigate interface.
- It features conversion of fiat currencies into digital currencies and vice-versa.
- It requires no fee for transactions between two Luno wallet.
Cons
- Luno wallet is a centralized wallet which means users are not responsible for the security their assets.
- Transaction fees are very costly in the case of transfer between a luno wallet and a non-luno wallet.
- It supports only 5 digital currencies although these coins are the popular ones
