What are the advantages of crypto wallet versus a physical wallet?

Jackl87

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

I would say that crypto wallet also has it's downsides. You need to be very careful with your data or all your funds can be lost. Just imagine you lose your Phone and some IT savvy dude finds it and then somehow manages to access your crypto wallet, you would lose all of your funds then because i would guess most people have all of their wallets connected to their phone which means all of your crypto value could be gone at once. In contrast to that you only have a relatively small amount of cash in your wallet which you need for your daily life.

tsaroz

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The only pros of hardware wallet I can think of is security against some risks.
With multiple of services that provide multi level security and 2 or more keys to use the coins, the need for hardware wallet are decreasing. And if you don't have a backup of your coins in hardware wallet, a physical damage could lock you out of your coins. And creating an online backup would again make the use worthless. You can have multiple copies in hardware but they would be difficult to maintain and keep secure in multiple places.

JackHolden831

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

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markieeeloy

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The advantages of cryptowallet, is that you carry it all the time. When you carry your phone or even your smartwatch or any devices that can access your cryptocurrency. Unlike the physical wallet, when you left it at home you can not command it to get into your position.

cluit

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

The difference between your regular cash and credit card (or debit) and crypto wallet is that you can't cash out the crypto one as easy as you might think. For example if you go to another country you can have 9999 dollars (or even just 9k so you won't be a prick) and you won't declare it but you can have your debit card in your wallet which can carry as much dollars as you want without declaring it. You can cash out the money you have and that way you can just spend that anywhere you go.

However if you have crypto you need to go to another country and find a way to cash out bitcoin there as well, since you do not speak their language or know where the crypto exchange is you will have to log into one of the localbitcoin accounts and find someone you never met before from another country to do this. Its a lot easier to carry your own wallet and do old fashioned way for now. It will be easier in the future for sure but not for now.

suzanne5223

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

I agree with that you said and we also have some new project which does make crypto wallet and transaction to be ease. However, one of the advantage of physical wallet is that it allow owners to stop an unwanted transaction which was send by the theft just like stopping a check and it always make crypto easy to use than cash.

bitkanu

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Quote from: mr.robot8 on December 03, 2018, 12:46:23 PM

soon there will be no more need of physical wallet, i possibly bring with me the private keys of mew on an encrypted usb stick and i can access my wallet from anywhere in the world more comfortable than i think it is not possible

It's just 2 option, either it's crypto wallet or another digitalized wallet like for example, Apple pay that could replace our current primitive traditional cash.
Some developed country have done that and that's just amazing to be able develop further.

Crypt0BHunter

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As long as you do not use third party services to hold your crypto, even(especially) holding on exchanges is not safe 100%

mr.robot8

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soon there will be no more need of physical wallet, i possibly bring with me the private keys of mew on an encrypted usb stick and i can access my wallet from anywhere in the world more comfortable than i think it is not possible

kenman

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

well this is excactly why the government feels uneasy about crypto. indeed airport declaration is not needed, as well as taxes might be neglected, and no one but you knows the amount of money there

shirackjs

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IMO, my coins in crypto wallet remain as my coins if I take good care and secure it. But my cash in my wallet is subject to the government policies to determine whether my currency will lose value over the years.

tuthienloc92bk

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Quote from: Atomic.2017 on December 03, 2018, 08:34:16 AM

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

This is the main reason governments are trying to prevent the spread of cryptocurrency. They can not control the flow of money, they may not be taxed with individuals or organizations that use cryptocurrency for payment. So you think this is good or bad of cryptocurrency?

Atomic.2017

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Quote from: boeingpaperplane on December 03, 2018, 08:48:04 AM

In theory phisical wallet lets you use your money right away but that doesn't apply to me because I don't have any cash in my wallet Grin

hahaha! You made me laugh! Cheesy

Well, crypto wallet also lets you use your money right away, right? And it's even faster. All you need to do is click and there you go. Payment is made right away.

Atomic.2017

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Quote from: qazgroup on December 03, 2018, 08:40:21 AM

I think there is not a real need for even a physical wallet, for me blockchain and mew works for almost all of my holdings, so i can travel, sleep or work i know my portfolio is there and i can access that from anywhere while physical wallets can be broken, stolen or misplaced that is why im not a fan of physical wallets.

So true. Even more applicable during travels especially to countries where robbery is rampant. Having a physical wallet is very susceptible to robbery and theft unlike crypto wallet where no one will have access to your funds but yourself.

boeingpaperplane

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In theory phisical wallet lets you use your money right away but that doesn't apply to me because I don't have any cash in my wallet Grin

qazgroup

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I think there is not a real need for even a physical wallet, for me blockchain and mew works for almost all of my holdings, so i can travel, sleep or work i know my portfolio is there and i can access that from anywhere while physical wallets can be broken, stolen or misplaced that is why im not a fan of physical wallets.

Atomic.2017

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Come to think of it, there are so many advantages of having a crypto wallet versus a physical wallet. You can carry your crypto wallet anywhere as long as you have your phone with you and you will be able to use your funds there just the same way you do with the physical wallet carrying cash on it. If you carry more than $10k at the airport, you have to declare it with customs. You don't have to do that with a crypto wallet.

The wallet of coins cannot be confiscated by a court for debts, alimony, etc. The law has a “blind spot” here.

Can you add some more please?

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