The Transformation From A Wallet to A Cryptocurrency –
Most of the cryptocurrencies are nothing but wallets at their core. You store your money in those wallets and those wallets are themselves bigger currency units and their values are changing. Think of one Bitcoin of price $11,000 as a wallet. Inside one Bitcoin wallet, you are storing $11,000. Consider Bitcoin wallet as an entity whose value is changing in the market and hence, the money stored inside it is getting directly affected due to the change. There are many such wallets that do not get converted into entities for trading. But those that have made the transition are making it big. One of such big names in this transformation is CoinSpot. It is no doubt a multi-cryptocurrency wallet where you can store any cryptocurrencies available. But CoinSpot itself is a cryptocurrency now and its value is subjected to fluctuations. Go to this link to get more information http://www.icryptoinvestor.com/coinspot-review/.
The Story Of CoinSpot –
Several people are using CoinSpot to store their cryptocurrencies as an investment but they are unaware of the story behind the wallet system. CoinSpot was founded by Australian Software Engineer Russel as a wallet system. The wallet system was transformed into a trading system so that people can trade and invest in cryptocurrencies be the part of the new revolution in the world. As a matter of fact, it started as a free online wallet but it met several problems on the way. Since most of the traders and investors used PayPal to load money on the wallet, there are very strict policies of PayPal that made the operation unsmooth. That is when Russel thought of converting CoinSpot as a cryptocurrency itself. The idea was revolutionary and the execution is completed. It works just like other cryptocurrencies and you can check this link to get all the required information.
The Working –
You have to sign up to open an account with CoinSpot. There are various strict authentication processes the user has to overcome. This is one of the reasons why so many people across the world have started to prefer CoinSpot over other cryptocurrencies or wallet systems. The users are made to understand the rules of CoinSpot and the support staff will make a direct call to verify the user. Once the account is opened and verified, the person is able to make a direct money transfer from Australian banks to the wallet and trade any cryptocurrency of his choice.
The main objective of turning an online wallet into a cryptocurrency itself is to overcome the restriction associated with popular cryptocurrencies like Bitcoins. CoinSpot is a multicurrency wallet, there is an affiliate system, and it can be operated from smartphones which is a necessity in this world of mobile users. It has integrated with various e-commerce sites for the robust and easy payment system and there is a strict vigilance on all transaction to increase more security.