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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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