Why Web 3 Wallets are Important

Digital current might not be anything new in the grand scheme of things, but what we have seen over recent months is Cryptocurrency becoming much more mainstream. It isn’t just the fact that people know about Cryptocurrency now a days, but also that they are becoming curious about how they can get involved in owning their own digital currency and also how digital currency gets created in the first place. This means that terms like "Bitcoin" and "Blockchain technology" are ones that people are becoming much more familiar with. They might not know exactly what the terms mean but they seem like much less scary words than they once did. However, in all of this where do Web 3 Wallets fit in and why are they so important?

What Exactly is Web 3?

If you have any interest in Cryptocurrency trends and goings-on then the chances are you have already heard of Web 3 Wallets and the fact that they’re becoming considered necessary – even if you still aren’t quite sure exactly what one is. If you want to learn about web 3.0 wallet options you’ll find that there are plenty of sources of information online.

In simple terms, Web 3 Wallets are a way for people to be able to store their digital assets. If you buy Bitcoin or another digital currency then you need somewhere to store it – and a Web 3 Wallet is an option for you. The idea is that they give much more end-user control, meaning that people don’t have to rely on third-party apps for their digital currency storage. It isn’t just Cryptocurrency that they are used for other digital assets such as Non-fungible tokens (NFTs) and Decentralized Finance (Defi) can be stored here too. There are different reasons why people might use a Web 3 Wallet to host their blockchain application, but the fact that it works on a desktop browser is a massive bonus for many.

What Exactly Does It Mean?

When it comes to more traditional currencies, we’re all used to the concept that we need someone to store it. This could be via our bank and an online banking app, our own purse at home or even a good old-fashioned piggy bank. We know that when it comes to storing our money there are different options open to us and that they can all be used for different reasons.

Blockchain is the name of the process used to current store digital currency. It works in a similar way to online banking, although as we know the tracing of digital currency is much more low key. At the moment, if you want to do anything with this Cryptocurrency such as buy more or sell some, you need to go through a third-party service to do so.

That’s Where Web 3 Wallets Come In

Web 3 Wallets are a new way to process these transactions because your digital currency will be stored in your own wallet rather than stored elsewhere. It is designed to give users more control of their money rather than relying on a 3rd party app or website to carry out transactions for them. It also allows you to set up your wallet via a desktop rather than relying on your mobile phone, which is an option many people prefer.