The New Meaning Of Wallets In A Cryptoverse

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  • While the U.S. dollar was boasting a dizzying high, the crypto market stood still in shock wondering what on earth was going on. In the early hours of May 5th 2022, life looked normal for the daily crypto traders. And then it went ... crash. The blockchain market seemed to collapse with every cryptocurrency in the chart in red with a sharp downward curve. Bitcoin was down 13% .. Ethereum was down 8%. It shook the market and crypto wallets started emptying in panic. On the other hand, fiat currency wallets in the U.S. were cruising steadily towards a record-breaking high against the pound.

    The word ‘wallet’ never used to appear in the financial district. Now it’s the heart of the metaverse.

    Wallets Have A New Meaning

    There was a time when the wallet meant one thing only. According to the Oxford dictionary, a wallet is: "A small, flat, folding case made of leather or plastic used for keeping paper money and credit cards in". Well, someone needs to update the Oxford dictionary because a wallet in the 21st century is not even a folding case in most cases.

    The Metal Wallet. The New Age Fiat Currency Wallet.


    This was the first step in the modernization of the wallet. A metal wallet that crushed all paradigms previously held about 'wallets'. The completely redesigned minimalist wallet not only avoided animal-cruel leather but boasted premium materials like aluminum and steel that were usually seen in flagship phones. No fold, no leather, no bulk. The metal wallet is a flat tank-solid construction with 2 plates of metal, an aerospace-grade elastic band, and a metal money clip. That's it. And it still holds more cards than most traditional bifold wallets and even enough cash for the weekends.

    Digital Wallet For Fiat Currency

    Welcome to the world of the non-physical. These are your digital wallets. You can see them, you can smell the money in them, but you cannot touch them. Many of us use these wallets on a regular basis. The most popular digital wallets are PayPal, Apple Pay, Google Pay, and Samsung Pay. Basically, they do the same thing as a GRID metal wallet - store your cards. Unlike physical wallets, digital wallets store your cards' information only. They securely mask all the important info on your card and keep them safe.

    Wallets In Crypto-Verse

    You could be hiding under a rock for the last century but I bet you still heard about Bitcoin. It's the decentralized cryptocurrency that's tipped to change the way we trade. It's got everyone talking including my retired tech geek Dad.

    Crypto money and fiat money have little in common except for one thing. Cryptocurrency needs wallets. And even though crypto coins themselves are non-physical, the wallets that hold them are not so elusive. Just like fiat wallets, there are 2 kinds of crypto wallets - physical and non-physical.

    Hot Wallet - These are highly convenient digital wallets that are stored on your phones and computers as apps. They need an internet connection and work by providing you with the private keys for your coins. These are vulnerable to hacking and are not the safest wallets. You certainly don't want to store huge amounts of crypto money there.

    Cold Wallets - These are offline and often physical wallets. They are also the safest since they do not connect to the internet, and hence your private keys and addresses remain hacker-proof. Even after all the digital advancements, the most secure crypto wallet is a paper wallet.

    And there we have it. Wallets are no longer wallets that we knew even a decade ago.

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