We find ourselves carrying cold hard cash more and more rarely as time goes by. First we used credit and debit cards but even these accumulated in our wallets. Most recently, however, came the digital wallets, and they are taking the world by storm!

A digital wallet refers to a range of technologies that electronically allow you to perform a number of tasks. Also referred to as e-wallets, digital wallets have transformed how we pay for things and the way we transact business as a whole. An e-wallet is special software on an electronic device such as a Smartphone through which individuals can purchase items. They are usually linked to the user’s bank account, have their loyalty cards, and other personal credentials stored in them. Some are specifically designed to use cryptocurrencies.

Three decades ago, it seemed ludicrous to even imagine that it was possible to send and receive money via mobile phones, let alone to be able to make purchases and transact financial business online. As we advanced technologically, the smartphone became even smarter and offered a wider range of possibilities for the user. There is an estimated 2 billion Android smartphones being used worldwide, stressing this point more. The number of tasks that can be handled using a smartphone and internet access have revolutionized the digital wallet industry, and in turn led to the development of inventions like Bitcoin in 2008 by Satoshi Nakamoto.

The Google Wallet was the very first working demonstration of an e-wallet. It was introduced in May of 2011. This feature was created as an app on a phone. Though the system proved that mobile wallets could actually work, it was flawed in many ways. It was based on a string of requirements that only a handful of users could meet, from having the right device, with the right Android operating system, and a card especially designed to be used with the system, among others.

With time, the obstacles were overcome as we made further leaps in technology. In 2014, Apple pay was introduced with 220,000 merchants in the US, but now has a claim of over 2.2 million. As far as stability goes, PayPal takes the high seat. Established in 1998, it has grown to become one of the world’s biggest internet payment companies. PayPal eliminated the need for paper cash and checks by supporting online money transfers. 

Since then, we have witnessed changes in the mobile wallet industry with the emergence of systems like Samsung Pay and Android Pay, just to mention a few.  With Near Field Communication (NFC), all the user has to do is bump devices with friends to transfer funds or pay for purchases. This technology has been supported by Android for years, and Apple joined the bandwagon after launching iPhone 6. Today, NFC is available in almost all high end smartphones.

Many of these applications however are quite limiting with the assets they support. Most e-wallets can only work with singular assets, i.e. Bitcoin, Ethereum, Litecoin, your bank account, etc. This is not to say, though, that there isn’t a burst of e-wallets being rolled out every other day that come with the capability to handle multiple assets.

One example is Exodus. With a shape shifting feature, this software has the ability to convert altcoins and cryptocurrencies from one to the other. Exodus also gives the user the freedom to customize its look, store all the keys in one app, and in addition has live chat rooms, and a 24 hour help desk.

Bittrex is another wallet that offers multi-asset services. Founded and based in the USA, this wallet supports upcoming and already existing currencies. This e-wallet is well known for conducting audits on all the new coin launches to give the users informed data needed to make trades. It currently supports Bitcoin, Litecoin, Blackcoin, Gambit, Dash, Ubiq, and Gridcoin, among others.

eToro has also recently rolled out a pilot blockchain wallet for its clients, that could enable them to store and exchange multiple assets in a single wallet. Regulated by the United Kingdom’s Financial Conduct Authority and the Cyprus Securities Exchange Commission, this was among the first wallets to offer Bitcoin trading. It is the latest development for this wallet, since its introduction of Ethereum, that has allowed users to trade on the ETH/USD exchange.

The multi-asset convenience is still relatively new in the market today, with many wallets dominated by a single cryptocurrency or asset. In the sense of providing multi-asset platforms for users, Blockchains.my (bcmy.io) is another breakthrough in the world of e-wallets. This wallet monitors the trading patterns and changing prices of Gold Smart Contracts, Ether, Bitcoins, Litecoin, Zcash, and DinarCoins. Gold Smart Contracts and DinarCoins are digital gold assets, and can be redeemed for physical gold at select locations.

The platform has eased the process of making payments in addition to trading and exchanging digital currencies. It also trades digitized gold among the users while monitoring and evaluating the prices in real time. It is one of the safest wallets out there. Blockchains.my offers a four layer verification process, including biometric security (a facial recognition feature), and is restricted to being opened by only one user on one device a time. This feature highly reduces the risks of identity theft as the application automatically logs off any previous sessions before logging into another.

There is an included Peer-to-Peer functionality on the application that enables users to locate cryptocurrency accepting merchants on a map. This immensely reduces the amount of time spent searching for said merchants. You can also become such a merchant. It also enables a user chat option as well, among many other features.

Blockchains.my uses both NFC and QR technologies. NFC technology makes contactless, close proximity payments without any signature or PIN verification required, but with transactions being twice as fast as with conventional credit cards, debit cards, and cash (the wallet also takes credit and debit cards). The QR system consists of black squares arranged on a white background that can be electronically read by an imaging device such as a camera. This is then processed using Reed Solomon error correction and then appropriately interpreted. It uses alphanumerical, kanji encoding modes and byte/binary codes to store data.

Blockchains.my is by all standards among the best multi-asset wallets on the market. It really helps to bring digital wallets up to date with the ever changing technology and the world’s insatiable hunger for digital currencies. The Blockchains.my wallet is readily available at the Google Play Store.