What are wallets?
Wallet here refers to digital wallets and not the physical (usually leather) ones. Digital wallets do what your physical wallets do but they do more, and they are way cooler.
For instance, with your physical wallets, when you want to know how much you've got in it, you have to count through the remaining money in it, and it also doesn’t tell you when you last spend some money from it, or what you spent it on.
So, while your physical wallets are great for your Naira, you still have to do all the thinking and record keeping.
Digital wallets are apps which incorporates the features of your physical wallet and the sophistication & flexibility of the digital world. In summary, they are secure platforms used to send, receive and store digital currencies like Bitcoin and Ethereum.
What can you do with your wallet?
With digital wallets, you can:
1. Own and keep various digital currencies and assets
2. Have your assets and coins kept neatly in such a way that they never mix up.
3. Know your balance in real-time. You can easily keep up to date with your incoming and outgoing funds.
How does it work?
At this point, we will get a bit technical. Digital Wallets don't just store assets directly, but they store the private and public keys access to the assets. Private keys are like your PIN to access your bank account, while public keys are similar to your bank account number. Just like when we store our important documents and jewelry in safety deposit boxes, we can't afford to be careless with them lest they fall into the wrong hands. This is an excellent source of concern for individuals as being able to navigate the world of digital technology security in this age can be very tricky. That is where we come in.
Guava offers you a custodial wallet service which takes away most of your digital security worries along with its many technicalities. We have provided a platform which is fully secured according to industry best practices (you can read more about Guava Security here).
We make owning, storing and managing your assets easy for you by providing wallet service in which all you have to do is keep your password to your account secure. Because of this, the public key or your wallet address is what you give out when you want someone to send you digital currencies.