With the 3commas wallet you can store, send, exchange, and buy cryptocurrency. Inside it, more than 45 main blockchains are available together with thousands of tokens, built-in strategies, and other useful options.
The Purpose of the Crypto Wallet
We store all our financial assets somewhere. Cash in different currencies can be kept in bank accounts, wallets, safes, piggy banks, or just under the pillow. It is clear that different storage locations help to solve different problems. For example, keeping a lot of money at home can be risky, and therefore, we trust the savings to the bank.
On the other hand, we spend money every day, on all sorts of small household expenses. Therefore, smaller amounts can be stored directly in a wallet or bag. Finally, we have small savings for a rainy day. They must be constantly available, so they are stored at home, not in a bank.
Things are about the same with cryptocurrency, for which, there are different crypto wallets. For example, with 3commas, all your cryptocurrency is going to stay in one place, where you can control it easily.
Also Read: 3 Best Books on Cryptocurrency Trading
What Is Inside the Crypto Wallet?
There is a widespread opinion that units of some kind of cryptocurrency are physically stored on crypto wallets. In reality, this is not entirely true. Classic cryptocurrency like bitcoin exists in the form of a register of transactions, where every new transfer of bitcoins refers to the previous transfer, the one that resulted in BTC being received by the owner. This technology of accounting and recording information is called a blockchain.
Therefore, strictly speaking, there is no cryptocurrency on your wallet — there is a record that you received it from someone. Also, the wallet is a password storage option. It is like a regular stock trading app. We enter a password there and perform actions with funds, but they are stored on a brokerage account and only on it.