Home Personal Finance and Investment tips How cryptocurrency wallet differs from the bank?

How cryptocurrency wallet differs from the bank?

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e-wallet-vs-bank ethereum

E-Wallet or Bank.

In example we used MyEtherWallet vs traditional bank. The differencies below:

  • The bank charge fees to manage your account and provide services, like refunding transactions when your card gets stolen.
  • The bank allows you to write a check or charge your debit card to send money, go online to check your balance, reset your password, and get a new debit card if you lose it.
  • The bank keeps track of your personal information, account passwords, balances, transactions and ultimately your money.
  • You have an account with the bank or exchange and they decide how much money you can send, where you can send it, and how long to hold on a suspicious deposit. All for a fee.
  • When you open an account with a bank or exchange, they create an account for you in their system.
  • When you create an account on i.e: MyEtherWallet you are generating a cryptographic set of numbers: your private key and your public key (address).(MyEtherWallet is an Interface)*
  • E-Wallet do not transmit, receive or store your private key, password, or other account information*
  • The handling of your keys happens entirely on your computer, inside your browser*
  • You are simply using our interface to interact directly with the blockchain*
  • If you send your private key to someone, they now have full control of your account.*
  • If you send your public key (address) to someone, they can send you ETH or tokens*
  • To recoup: E-Wallet isn’t a bank

* The following example was based on the MyEtherWallet so the other wallets may differ.

 

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NOTES: This and other articles are not investment advice. They are of an informative nature and are based on external analysis and we do not guarantee that the information is thoroughly checked by us. As required by the European Securities and Markets Authority (ESMA), binary and digital options trading is only available to clients qualified as professional clients.