What is microwallet ?
Microwallet is a temporary wallet to collect dust from faucets for the crypto currencies. Here dust means the fractions of crypto currencies which will get collected in a single spot ( Micro wallet ) and get accumulated to become big figure. There are many microwallets working at this moment in which 2 of them are major and used by mass.
How microwallet works ?
Microwallet works to collect dust of crypto currencies from different crypto faucets. Microwallet is a temporary wallet where we can collect dust from different sources and accumulate them until reach a certain threshold to cashout further to trading site or permanent wallet.
Lets see with example how this Microwallet works :
Faucets which pays dust ( fractions ) from crypto currencies via a medium online page will get collected in a spot ( micro wallet ) and get accumulated there.
Payments of dust will go to microwallet and get accumulated there. After reached certain threshold we are able to cashout from microwallet.
Why use microwallet ?
Microwallet is one of the best way to collect dust and accumulate them in single wallet before cashing out for trade or permanent wallet. There are many reasons to use microwallet :-
- Microwallet charges very less or no fees to collect dust.
- Microwallet facilitate multiple crypto coins to collect in same wallet.
- Microwallet have low cashout threshold as compare to normal wallets.
- Microwallet also facilitate less charges for faucet owners to provide service
Microwallet vs Blockchain Wallet ?
Microwallet is a temporary wallet on other hand blockchain wallet is permanent wallet. Microwallet is to collect multiple crypto currencies dust from different sources on other hand wallet is to save your crypto currencies and to utilize it.
- Microwallet is having less fees for the transaction due to multiple amount of transactions combined in one transaction on other hand Blockchain wallet usually take more fees.
- Microwallet is online platform and you need to login with credentials to get excess to your coins on other hand Blockchain wallet can be online wallet or an offline wallet installed on your machines or devices.
- Microwallet supports multiple coins on other hand Blockchain wallet supports only one coin for which that wallet is designed for.
- Microwallet is less safe as it is always online and attempt of hack is always there , on other hand blockchain wallet are more secure.