This article was first published on Blog – Civic Technologies, Inc.
Civic Wallet, launching at the end of this year, promises to completely change the crypto wallet landscape. The new app combines identity and payment functionality built on top of Bitgo’s multisig technology to make transactions more private and convenient than ever before.
The multisig capability adds an extra verification step to sending and receiving payments. People using the Civic Wallet will have the ability to recover their funds should they lose their phone or access to their wallet. This is a huge improvement to the way most cryptocurrency wallets now operate without offering an easy backup mechanism or by simply holding the money in a centralized wallet, with the hacking risks attached to that method.
More importantly, users will be able to rely on Civic Wallet as a convenient and flexible payment method. Users can use the app to pay at vending machines and select vendors, or use their identity to purchase things like age-restricted products anonymously. Send money to friends and family in just a few clicks, prove your identity, or complete a payment without ever taking out your physical wallet. This is what makes Civic Wallet different.
The Rise of Digital Wallets
A crypto wallet is a secure, digital wallet that allows you to send and receive digital currency. A true crypto wallet, unlike a physical wallet, a custodial or exchange wallet, or bank account, doesn’t “control” currency. It operates similarly to a service like Venmo or Paypal, moving money between two parties. Most wallets store a user’s public and private key and connect with vendors and other users to monitor balances and send or receive money. When setting up a crypto wallet, a user sets up an account and stores his or her private key supplied by the wallet provider. Then, when it ...
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Blog – Civic Technologies, Inc.