What is the wallet app?

As more and more people embrace the convenience of cashless and contactless payments, tech companies are making instant transfers and payments via smartphones easier.

Cash App

Cash App is one of these services and offers some unique features compared to other remittance options, including savings and investment options.

What is Cash App？

Cash App is a financial services platform. It offers peer！to！peer transfer services by Block Inc., allowing users to send and receive funds. This service can help you send utility shares to roommates, pay back a friend for coffee, split travel expenses, or do any other remittance task you want to compete with other Cash App users.

Cash App is no longer limited to remittances. It now also offers:

-Investing in stocks through Cash App Investing for users aged 13 and older.

-Options to buy and sell Bitcoin.

-Free tax filing with Cash App Taxes.

-Savings feature！ Cash App Savings.

How does Cash App work？

Cash App can be run on your smartphone (although some functions can be executed through a web browser). To use Cash App, you need to create an account. You can do this by visiting the website or downloading the app to your smartphone. Once you have an account, connect a funding source (such as a bank account or debit card), and you can send and receive funds with people you know and trust and explore other services the app offers.

YouTube Link：https://www.youtube.com/watch？v=2xLvy1dUAMo

Cash App Debit Card

A free debit card option is available. The “Cash Card” allows users to make transactions. Sutton Bank issues a card that is unique to users' Cash App accounts. It is not linked to a personal bank account or other debit cards.

Free ATM withdrawals with direct deposits. If you set up your account to receive direct deposits, there are no fees for ATM withdrawals. Otherwise, the fee for using an ATM with the Cash Card is $2.50. (Note: You cannot deposit cash at an ATM with the Cash Card; cash deposits can only be made at participating retailers.)

Savings are on offer with debit card usage. Users with the Cash Card can select offers in their accounts to save money when purchasing goods from specific vendors (e.g., deducting a certain amount from the total bill at a restaurant). Only one offer can be active at a time, but you can swap offers as needed.

Cash App Fees

Basic services do not incur any fees. Cash App does not charge monthly fees, remittance or receipt fees (unless you remit via credit card), dormancy fees, or foreign transaction fees.

Fees for credit card usage. Cash App charges a 3% fee for transactions made with associated credit cards. This is a fairly standard fee compared to other remittance apps; for example, Venmo also charges a 3% fee for remittances made with associated credit cards. To completely avoid this fee, remit using funds from your associated bank account or Cash App account.

Fees for instant deposits of Cash App funds into your bank account. You need to pay between 0.50% and 1.75% of the total transfer amount to transfer instantly. Depositing your Cash App funds into an associated account via standard transfer incurs no fees, and this takes one to three business days.

Refer to：nerdwallet.com

Cryptocurrency Wallet

What is a Cryptocurrency Wallet？

Practically, a cryptocurrency wallet is a device or program used to send and receive cryptocurrencies and digital assets. For those new to cryptocurrency, the term “wallet” might be a bit confusing. Physical wallets are used to store physical currencies, but cryptocurrency wallets do not store cryptocurrency assets inside them. How does that work？

Well, most people already have something similar in their physical wallets: a debit card. The debit card in your wallet isn't money, but it does give you access to your funds. This is similar to how cryptocurrency wallets work, with the main difference being that debit cards are controlled by centralized entities (banks), while no individual or organization controls cryptocurrency. This difference means that the operation of cryptocurrency wallets must be different from bank accounts.

How Cryptocurrency Wallets Work

Continuing with the analogy of a debit card mentioned earlier, a cryptocurrency wallet holds at least one “account” or sub！ wallet. We can think of this sub！ wallet as roughly equivalent to a debit card. For example, a debit card has associated information, including an account number and a password. Each “account” inside a cryptocurrency wallet also has associated information. Two key pieces of information for us are the public cryptographic address and the private key. The public address is equivalent to the account number on a debit card. The private key is somewhat like the password for a debit card; it allows access to the cryptocurrency associated with that public cryptographic address. The private key is a 256！ bit secret number. Here's an example: 108165236279178312660610114131826512483935470542850824183737259708197206310322 As you can see, this secret number is extremely complex and difficult to remember. One key function of a cryptocurrency wallet is to manage private keys. Private keys are rarely handled directly by people. Cryptocurrency wallets provide a way to write down this private key in a more human！ readable format is called a recovery phrase, secret phrase, or seed phrase. A recovery phrase is a list of words, usually between 12 and 24, that allows you to rebuild your cryptocurrency wallet and access your funds if your cryptocurrency wallet is destroyed.

Refer to：https://www.bitcoin.com/

Because the recovery phrase is equivalent to the private key, you should never share these words with anyone or store them in plaintext on your computer or online. Although the recovery phrase improves upon the private key, it still has many shortcomings. Since you should not store your recovery phrase in plaintext (unencrypted) on a computer, for most people, the best solution is to write it down on paper. However, this poses problems because securely storing a piece of paper can be difficult. Additionally, if you use a multi！ coin wallet (like the Bitcoin.com Wallet app), you will have different recovery phrases for each different blockchain supported by the wallet. Storing all these recovery phrases on paper can quickly become cumbersome. Therefore, the Bitcoin.com Wallet integrates a “cloud backup” system. Here, you can create a single custom password and use it to unlock all your private keys, which are stored in encrypted form in your Google or iCloud account.

Types of Cryptocurrency Wallets

They can be divided into custodial, non-custodial, hot, and cold.

In traditional finance, a custodian is an intermediary that tracks client assets and provides protection for them. However, this does not mean that clients or other entities acting on their behalf cannot manage directly.

In the world of cryptocurrency, things are more streamlined. Custodial wallets are wallets registered with a third！ party services (such as cryptocurrency exchanges). Such wallets can be easily managed through a web interface, and passwords can be quickly retrieved, but the exchanges still know your identity and can access your assets—after all, they hold the private keys, not you. In less orthodox cases, a custodian's funds may be frozen by a court order, or lost due to their network being hacked. As a result, by choosing such a wallet, you sacrifice anonymity and security in exchange for convenience. However, this does not mean that the solution is ineffective or completely insecure.

You can manage your funds with multiple currencies on the same exchange and may have better exchange rates and other valuable tools. Alternatively, if you want to store a large amount of money in your wallet, you can consider not storing all coins in one place, but choose several solutions.

You are directly responsible for your non-custodial wallet. Only you can access the private keys and mnemonics generated by algorithms. On the one hand, hacker attacks are much more complicated. However, if you forget your access password and mnemonic, no one can help you: the funds will remain in the blockchain. Nothing will be done to them, but access to them will be permanently lost. If you want to securely store cryptocurrencies, or at least part of them, without interacting with thirds！ party entities, then this is the option you should use.

Refer to：b2broker.com

Cold Wallet

A cold wallet or hardware wallet is a physical device with a screen and buttons, such as a hard drive or flash drive. This type of wallet “stays on your desk” and is completely disconnected from the internet most of the time. It only needs to be connected to a computer and the internet after transactions are confirmed, and hackers have almost no time to crack it. Additionally, cold wallets provide complete protection, such as a chosen PIN, confirmation for each operation, additional encryption, and so on. In other words, if you think your cryptocurrencies are very valuable, this is exactly how they should be stored.

Hot Wallet

Assuming you don't have too many cryptocurrency assets yet. If you don't consider them an important part of your savings and you're not worried about losing them, you can simply start using a hot wallet to explore this ecosystem. How is this type of cryptocurrency wallet implemented？ You can download these software applications for free and install them on your computer or smartphone. Unlike cold wallets, cybercriminals have more comprehensive attack options because they are constantly connected to the internet. The principle of trust also applies here. It's always best to choose verified open！source solutions.

With the global cryptocurrency market growing at an extremely rapid pace, secure storage of cryptocurrencies has become a key component and cornerstone for its healthy and sustainable development. Cryptocurrency wallets are software wallets that store cryptocurrencies, so it is crucial to choose carefully when selecting cryptocurrency wallet software. If you accidentally choose wallet software with poor security, it is easy to encounter coin loss or theft events, and your assets will have no guarantee.

Here are 10 well-known cryptocurrency wallets for reference:

Refer to：https://www.business2community.com/zh！cn/cryptocurrency/best！crypto！wallet#/

Frequently Asked Questions

What is a wallet app？

A wallet app is a mobile application used to digitize and manage financial information and assets such as credit cards, debit cards, tickets, and coupons.

How do wallet apps work？

They help users make payments and access stored information by securely storing encrypted information and authorizing transactions using authentication.

What features do wallet apps provide？

They offer digital payments, integration with membership plans, ticket and boarding pass storage, expense tracking, and security features, among others.

Are wallet apps secure？

Wallet apps prioritize security and use measures like encryption and biometric authentication to protect user information.

Which devices and platforms support wallet apps？

Wallet apps can be used on iOS and Android platforms, and users can download them from official app stores.