Cryptocurrency wallets have been closely linked to other transactional services. A digital wallet refers to an electronic device or online service that allows someone to make electronic transactions. Usually they are bundled with other services, like exchanges (Coinbase, Binance), physical devices (Trezor, Ledger), or other services (Casa). What if cryptocurrency wallets weren’t just about storing digital assets, but were about identity, serving as a single passport to both the physical and digital world?
Ilias Louis Hatzis is the Founder at Mercato Blockchain Corporation AG and a weekly columnist at DailyFintech.com.
In the cryptocurrency world, wallets act as a gateway to access a service. A crypto wallet, unlike a physical wallet, a custodial or exchange wallet, or bank account, doesn’t control currency. It moves money between two parties, similar to services like Paypal.
Cryptocurrency wallets let people connect to services to buy and sell cryptocurrencies. They also act a way to store the user’s cryptographic private key, needed to perform these transactions. In essence, your cryptocurrency wallet holds the private keys to your assets sitting on a blockchain and lets you transact by “signing” orders.
Crypto wallets have become very popular in recent years. Over 36 million crypto wallets have been created since 2012.
Also a study from Juniper Research found that the number of people using digital wallets will increase from 2.3 billion to nearly 4 billion, or 50% of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9 trillion per annum.
Usually, when users signup to use a cryptocurrency wallet, they validate their identities, before being able to transact. If you live in the US, you were most likely asked to provide your social security number and license or equivalent if you’re outside the US. Depending on other factors, the cryptocurrency wallet provider may have also ask for more information in alignment with KYC regulation.
The world’s economy is built by institutions that collect our data, such as banks, telecoms, insurance companies, brokers, drug companies, governments, online services and others. Every year, hackers steal billions of dollars worth of data. Our data, not just the data we give voluntarily but also data collected as we interact with the services we use, is harvested and processed by few huge centralized companies and organizations. Our data is trapped inside accounts on services and apps. Companies like Google, Facebook, Amazon Microsoft,, LinkedIn, Experian, and Visa, all exist collect and monetize our data.
The need to decentralized our data is an absolute necessity. As we move from accounts to wallets, we will be able to manage our data, just like we manage Bitcoin, Ethereum and other digital assets, being able to switch between vendors easily and freely.
Wallets will evolve beyond the simple function of buying and selling digital assets. Our wallets will become our primary identity authentication platform, that will contain everything we carry in our physical wallets and more.
A wallet in the physical world contains multiple pieces of your identity. Imagine your passport, drivers license, medical card, and other types of IDs being replaced by a single digital wallet on your phone. A driver’s license can is used to prove your ability to drive, to buy alcoholic drinks or accessing identity-specific services like opening a new bank account. Most of us have debit cards that allow us to access funds from our bank accounts and use them wherever we want to buy things, with our pin that validates our identity to merchants. Our wallets will be able to store everything related to our identities along with cryptocurrencies and tokenized assets (stocks, bonds, etc).
Since crypto wallets already validate our identity, they could act as a third party references of our identity for others. One of the biggest pain points is that every we sign up for a service we need to verify our identities, uploading passports or other documents. It’s not far-fetched to think that companies might be willing to accept a trusted wallet verification, instead of conducting their own independent checks.
The internet was not built to transfer value. It was built to transfer information which didn’t need as much security, as value does. Today, blockchain technology allows us to store and keep our data and assets in our own secure wallets, with absolute control over how and when they’re used. Being in full control of your own identity and assets in a decentralized way makes a lot of sense.
The future wallet will be an interface to protocols and services, and will represent our professional financial status, and personal identity. Wallets will change from something we use sometimes, when we want to buy and sell things, to something we use all the time. Our digital wallets will become the single most important place, where we store everything, from our money, to our identity.
Subscribe by email to join the other Fintech leaders who read our research daily to stay ahead of the curve. Check out our advisory services (how we pay for this free original research)
The post The Digital Wallets of the Future: Money and Identity appeared first on Daily Fintech. [...]
This post may contain affiliate links. Read my disclosure policy here.
Whoa!! Do you have elementary or middle school aged kids who love online gaming? Be sure to check out this HOT deal on an annual subscription to Adventure Academy!!
Psst! You can also get HUGE savings on ReadingIQ and ABCmouse right now!!
As a special Presidents Day deal, you can currently get an annual subscription to Adventure Academy for just $45 — which is like paying just $3.75 per month! This deal is valid through February 17, 2020.
They’ve only offered this low price a couple other times! Regularly priced at $110, so this is a HUGE savings! It’s like getting 5 months for free at the regular price.
Adventure Academy is a brand new MMO game created specifically for kids in elementary and middle school. It features thousands of enjoyable learning activities that kids can discover on quests through an interactive virtual world.
Developed by the top video gaming designers and crafted by a team of curriculum experts, Adventure Academy is a highly engaging and creative platform that focuses on building critical knowledge and skills in language arts, math, social studies, science, and more!
Adventure Academy features thousands of educational learning activities, such as videos, reading experiences, games, quizzes, and many other interactive elements— all within the frameworks of U.S. (and international) curriculum standards.
I checked it out and it plays a lot like an adventure game (think Zelda!) but within an educational framework. It’s really cool!
Go here to take advantage of this RARE deal on Adventure Academy. [...]
Maybe you think NerdWallet’s choice of the Ducks Unlimited Rewards Platinum Edition® Visa® Card as our award winner for 2020’s best gas credit card was for the birds. Allow us to explain ourselves. With no memorable catchphrases, no Super Bowl ads or celebrity spokespeople and no big-name financial institution behind it (it’s issued by First Bankcard, a...
Robin Saks Frankel is a writer at NerdWallet. Email: email@example.com. Twitter: @robinsaks.
The article Why the Ducks Unlimited Card Is 2020’s Best Gas Card originally appeared on NerdWallet. [...]
Dreaming of a savings goal is almost always fun — a sunny vacation, the perfect home, a dazzling holiday gift. But think about how long it can take to get there, and all that fun might fade away. Even if you’re doing the right things, such as cutting your expenses or taking a part-time job...
Margarette Burnette is a writer at NerdWallet. Email: firstname.lastname@example.org. Twitter: @Margarette.
The article How to Keep Your Spirits Up in the Long Game of Saving originally appeared on NerdWallet. [...]
Aside from curbside pickup and all the amazing deals (even ones you didn’t even anticipate) at your favorite stores, there are even more chances to save money. Seriously, who doesn’t love a good deal? Launched in October 2019, Target Circle, the retailer’s new loyalty program, promises to help you save more money. Did we mention ... Read More about A Guide to Target’s Membership Program
The post A Guide to Target’s Membership Program appeared first on Penny Pinchin' Mom. [...]
Check the calendar. No, this isn’t a dream. It really is December, and Christmas Day is staring you straight in the face. And if you celebrate Hanukkah, it’s coming even sooner. Where did the holiday season go? Well, no time to reminisce now. It’s down to the wire, but there are still methods to save...
Courtney Jespersen is a writer at NerdWallet. Email: email@example.com. Twitter: @CourtneyNerd.
The article How Procrastinators Can Win at Gift-Giving originally appeared on NerdWallet. [...]
image Have we seen the future of insurance? No, unless you have conquered the whole space-time continuum thing, or yours is a parallax view of the insurance industry to come. Is there good discussion and collaboration addressing what that future might be? Yes, if this week’s buffet of InsurTech news pieces is any indication, and […]
The post What is the future of insurance? appeared first on Daily Fintech. [...]
This post may contain affiliate links. Read my disclosure policy here.
Welcome to my weekly life update where I share about my pregnancy & give you a peek into our life this past week. If you want to follow a lot more behind-the-scenes and real-time updates every week, be sure to follow my stories and posts on Instagram.
16 weeks!! (And excuse the sort of goofy pose/facial expression. I was hanging out with some good blogging friends after the Blissdom conference on Friday night and we were all laughing over something right before this photo was taken and I couldn’t stop laughing enough to take a more normal looking photo!)
Jami Balmet is pregnant with baby #6 (she had two sets of twin boys in two years and then she had a little girl!) and we are both due on the same day so we had to get a belly shot! We were teasing her that she’s so chill about her pregnancy because she’s so experienced that she rarely ever talks about it online. Whereas I’m over here documenting everything like a first-time mom!
I can feel the baby moving a lot more — especially in the last few days. The kids are so hopeful they’ll be able to feel movement on my tummy soon. I keep telling them it likely won’t be for another few weeks, but they are super excited about it.
I have finally been able to start drinking more water again after weeks and weeks of having to get super creative in getting in liquids since water made me sick. As someone who used to drink a gallon of water everyday, this has been a challenge and I’m so happy to be back to my water-guzzling habits!
I have been ravenously hungry this past week! It seems the baby is going through a big growth spurt or something. I am so grateful that I have been able to get back to eating much healthier now, even if I do still crave pizza and tacos and (now) desserts. But hey, being able to eat and enjoy salads after so many weeks of just eating whatever I thought I could keep down has been so nice!!
WEIGHT GAIN: 9 lbs.
How are the rest of you pregnant mamas doing??
I got to fly down to Wichita, KS for my mom’s 66th birthday this past weekend. Unfortunately, I only got one picture (the one above of my parents) because I was so focused on just hanging out with my family.
I am so grateful that I had the opportunity to go. Since we’ll likely be opening up our home soon to a child (or children) in foster care and I’m having a baby in the spring, I know that I probably won’t be able to just hop on a plane and go somewhere by myself in the coming months and years!
I love these three more than words can describe — but I kinda wish that they had a little more personality. 😉
We went to get their passports renewed over lunch break on Tuesday. (Kathrynne is going to Suriname in the Spring so we renewed them all while we were at it!)
In my usual desire to document life so I don’t forget, I asked them all to stand under the passport sign so I could take a cute picture of them. I said, “Smile!” and this was the result.
Of course I could have said something like, “C’mon guys, actually smile for me!” (And I do say that sometimes!!) But I also love having photos like this that show their personalities way more than a perfectly staged smiling picture ever would.
I’m trying to soak up these days, these moments, these personalities, these people who are growing up so quickly. It’s hard to think they were once tiny babes in my womb!
Also, this current tiny human in my womb has no idea what they are in for when they arrive into this world!! These three already have a host of plans, ideas, and dreams for how they will be loving on, nurturing, teaching, and spending time with the baby and I can hardly wait to get to watch them all interact together (though I’m wondering if I’m ever going to get to hold the baby myself! Maybe at the midnight feedings?!?)
I got to speak at the Blissdom blogging conference on Friday on the topic of live video (one of my favorite topics!). It was so good to get to meet some of you there!
While I love getting to speak, one of the best parts of conferences is getting to connect individually with people after I speak! I love hearing stories and providing individual encouragement and cheerleading!
I loved getting to meet and do an interview with Jo Saxton on leadership.
One of the best parts of the conference was getting to see so many longtime blogging friends! A bunch of these women had gotten an AirBnB together and they invited me to come over afterwards for dinner. I haven’t laughed as hard as we laughed in a really long time. It was such a gift for my soul!
What I’m Currently…
Reading: Families Where Grace is in Place and The Killing Tide
Watching: You’ve Got Mail (I haven’t watched this in ages! We had a discussion about AOL recently as a family and I remembered this movie so I watched it with the girls to give them a better understanding of what email was like when we were teenagers!)
Listening to: Christmas Music!
Loving: The fact that I’ve finished all my business travel + speaking engagements for 2019! I’ve loved getting to travel and speak and meet so many of you this year, but I’m also grateful that I get to stay home now and just enjoy my family and making special memories together for the holidays (plus begin work on the new book I’m writing in 2020!)
In Case You Missed It…
This Past Week’s $63 Grocery Shopping Trip — Plus, see our dinners that we ate last week.
20+ Gifts for Outdoor Adventurers Under $30 — This is a great gift guide for the nature lover/hiker/outdoors person in your life!
The Enneagram & Marriage — Whether you love all things Enneagram, are skeptical of it, or don’t even know what it is, I think you’ll enjoy this candid conversation Jesse and I had about our differences, how we have worked through them, and what it looks like to love and respect someone who is the complete opposite of you in many ways.
20+ LEGO Gifts Under $30 — Do you have a LEGO lover in your life? Sometimes finding the perfect set to give as a gift can be difficult. Check out this list of LEGO gifts for some ideas! [...]
This is a sponsored post on behalf of Dollar General. All opinions are my own and were not influenced by any parties. Halloween is quickly approaching! I will admit that I am often a last-minute planner when it comes to figuring out costumes for my kids. Well, there was one year where they were a ... Read More about Our Halloween Party on a Budget!! #DollarGeneralFinds
The post Our Halloween Party on a Budget!! #DollarGeneralFinds appeared first on Penny Pinchin' Mom. [...]
Southwest Airlines is expanding its route network to and within the Aloha State. The low-cost carrier has added daily flights from Sacramento to Honolulu to its schedule, as well as additional routes from elsewhere in California to Kauai and the Big Island. These new flights are scheduled to take off starting in January 2020, but you can...
Meghan Coyle is a writer at NerdWallet. Email: firstname.lastname@example.org.
The article Southwest Launches New Wave of Flights to and Within Hawaii originally appeared on NerdWallet. [...]
At most types of stores, a $1 coupon shaves a buck off the price you pay for an item. But at the dollar store, a $1 coupon gets you something for free. Yes, you can use coupons at many dollar stores. Major chains offer their own coupons or accept manufacturer coupons — or both — as we detail in “7 Secrets to Saving More at the Dollar Store.” So in theory... [...]