A cryptocurrency wallet is like a digital wallet that allow users to store, receive and send currencies between peers and between enterprises seamlessly and instantly. Usually a digital wallet is compatible for Bitcoin as most of cryptocurrencies have their own official wallet. However, today, a cryptocurrency wallet is developed to accept multiple crypto coin currencies. Cryptocurrency wallets give users the managing control of their money with a decentralized system of operation. This has started creating opportunities for cryptocurrency wallet development companies to develop cryptocurrency wallets and introduce it to the market bringing us to the cryptocurrency wallet trends 2019.
Types of Cryptocurrency Wallets To Look Out For In 2019
You should first know the types of cryptocurrency wallets that will be available for usage from 2019 onwards before you get exposed to the future of cryptocurrency wallets and its 2019 trends.
Among all the wallets mentioned below, custodial wallets, software wallets, hardware wallets, coin-specific wallets, network-specific wallets and paper wallets will have an increase in usage in 2019. This increase is due to the emergence of more users to make payments digitally and anonymously.
A cryptocurrency wallet that allows users to store and control their private encryption keys. Some of those private keys cannot be controlled directly and can be controlled by a third-party custodian. Thus, the name custodial wallet.
Software wallets are cryptocurrency wallets that can be accessed from any platform and any device. This wallet is completely software based, easy to understand and use. These are mobile wallets that can be accessed online.
Hardware wallets allow cryptocurrencies to be stored offline without the requirement of the cryptocurrency wallet to be connect to an internet. Usage of encrypted USB devices is a hardware wallet. This type of wallet can operate online to retrieve data or make transactions and be taken offline for security purposes.
This is the most commonly used cryptocurrency wallet. This wallet connects users directly to the coin’s client. These wallets or stored on a laptop or a desktop pc system. Similar to software wallets, they can be taken online as per need and similar to desktop, they can be taken offline as per need.
Cryptocurrency wallets that are web-based. There is no need to download a mobile application or any software. Users can use cryptocurrency wallets online with the help of virtual server.
Cryptocurrency wallets that are developed with customization and specifications compatible for specific coins accordingly are coin-specific wallets. For example, crypto coins specific for doughnut shop called as donut coins.
Crypto coins and tokens that can be accessed only according to the network is a network-specific wallet. It has the ability to hold and store multiple crypto coin and token types. In such type of wallets, crypto coins will pop-up only when users enter the appropriate network.
A cryptocurrency wallet that operates with the help of QR code providing access to both public as well as private key is a paper wallet. For example, users scan the QR code at a coffee shop and use crypto coins customized by the shop called coffee coins for payment.
Universal (or) Multi-coin wallet
A cryptocurrency wallet that holds every single asset of a crypto coin and has the ability to store and hold multiple addresses of multiple crypto tokens and coins. However as of today, there is no universal wallet that can accept all kinds of crypto coins but it is under development and can be expected around the fall period of 2019.
Cryptocurrency Wallet Trends To Make A Note of in 2019
Traction of new privacy protocols
Blockchain surveillance will now start to monitor transactions more increasingly than before. Thus, cryptocurrency wallets from 2019 onwards will have more than one privacy protocol to follow in order to restore lost funds of balance the imbalanced crypto wallet accounts.
Increase in building of decentralized credit networks
The growth of projects such as GEO Protocol, Nexo and Dharma Protocol has led to the growth of crypto credit networks and debt markets. 2018 was year of ETH acceptance by crypto wallets and 2019 will be a year of more ERC20s, BTC and acceptance of any such non-crypto assets. Facilitation and generation of collateralized loans is expected to scale up.
Replacement of (Initial Coin Offerings) ICOs with (Security Token Offerings) STOs
According to Bitcoin News by Kai Sedgwick, ICOs performed at their highest peak in 2018, sold for more than USD 2389 Million but around the year end, the total capital raised by ICOs fell to USD 65 Million. This is due to the rise of STOs because STOs has more economical usage in the long-term. Users can expect STO’s worth more than USD 1 billion to be launched by the year 2019.
Deployment of Non-Fungible Tokens (NFTs)
Trading of digital assets has increased since the birth of blockchain and crypto coins. This has led to increase in development of decentralized virtual projects. Thus, a new token called known as NFTs can be expected to be launched. This token will facilitate instant, quicker, authenticated and more secure trading of digital assets. Hence, digital gaming industry will accept more crypto coins as one of the payment options from 2019.
Crypto wallets may become authentication hubs for identity management
Cryptocurrency wallets are extending and expanding itself more and more for purposes beyond selling and buying. Crypto wallets are best-known for the identity authentication protocols they follow. Thus, PikcioChain crypto wallet believes that from 2019, every crypto wallet might be used as a hub for managing and securing various identities and not just for financial transactions.
Parting thoughts on cryptocurrency wallet trends
The world of mobile wallets is expected to be dominated by cryptocurrency wallets in 2019. According to Bitcoin news written by Kai Sedgwick, in 2017 USD 1648 Million was raised through crypto wallets and in 2018, more than USD 2578 Million was raised. This is expected and predicted to increase further in 2019. Also, according to a study conducted by Juniper Research, more than 2.1 billion users will be interested to use mobile wallet for financial transactions. This may as well be the right time to build your own crypto coin and cryptocurrency wallets as well as to start using available cryptocurrency wallets for financial transactions.