Volta

Why The Volta Wallet Comes With Future Proofing

The Volta Wallet is designed to be a comprehensive app to deal with all things crypto. The world of different currencies and trades is complex, as is its relationship with the world of the fiat currencies we have always had in our wallets, bank accounts and pensions. That is why it is important to make things as simple as possible.

We have set out to do that by providing a wide array of services, from the ability to create multiple non-custodial wallets and add new trust lines to the capacity to access over 90,000 possible trading pairs.

All this is designed to ensure that you can enjoy a comprehensive range of services and, if you are new to the world of crypto trading, access these in greater depth as your knowledge, experience and confidence grows.

Crypto Is An Ever-Changing World

However, because crypto is a fairly new thing, it is subject to rapid change. That means any app you use today needs to be able to deal with changes in the overall outlook, as well as future events and situations that may make crypto trading very different a few years down the line. That means you need an app with some built-in future-proofing.

There are a number of things that have already changed in the world of Crypto. An obvious one has been the rise and fall of some currencies that once looked likely to be major players, but have fallen by the wayside.

According to crypto education website Hedge With Crypto, between 1,700 and 2,500 cryptocurrencies are estimated to have disappeared. Among them are names that became familiar to traders, such as Ethereum, BitConnect, Squid Game, and Luna.

Reasons for this vary. Nearly two-thirds were abandoned and one in ten were short-lived, while 22.5 per cent were ruined by ‘scams or other issues’. That latter category would apply to Ethereum, which collapsed in 2016 after a major hacking incident, while Squid Game fell foul of a scam in 2021. TerraUSD fell in 2022 after an external attack to devalue the coin.

Of course, there will have been some people, generally not well-informed, who might have taken these failures to represent evidence that cryptocurrencies were or are inherently unstable and vulnerable. But this is not the case, as many others have thrived.

In reality, it is more like business, where the majority of start-ups fail and even large, successful companies with many years of success behind them can lose their way and fail, such as Borders, BHS, Toys RT Us, Poundworld and Blockbuster – all UK brands that have failed in the last decade.

What this does mean, however, is that your app needs to stay on top of the turnover of cryptocurrencies. That 90,000 pairs you can access now will change over time as some drop out and new ones emerge.

The Importance Of Security

The fact that hacking and scams brought down some cryptocurrencies raises the issue of security. Crypto has been a heavy user of Blockchain as a means of keeping the cybercriminals at bay, which means that your transactions and the ecosystem they take place in are among the safest around.

In addition, this app uses extra security like a 24-word mnemonic phrase and an 8-string numeric code.

However, while we have the toughest of security now, the reality is that cyber crooks have a lot of expertise themselves, which is why, like any organization that takes its security responsibilities seriously, we will update the app when necessary and as new features emerge in the Blockchain architecture and elsewhere.

Blockchain is also used in the XRP Ledger, which already represents a major advancement on traditional payment systems.

New Innovations Keep Coming

The inclusion of the Volta Card as part of the package is another future-looking element. Not only does it offer a novel and flexible way of paying for items in crypto where this is accepted, but also through converting it into any of 43 fiat currencies.

This is an innovation that is being developed with all sorts of rewards added too, something that may develop significantly as more companies take payments in crypto. This includes top hotel chains that accept crypto payments, the list of which will surely grow. There can be few better ways of preparing for the future.

We already have a series of tutorial videos to show you how to use various elements of the app. More can be added to these when new developments occur.

The Volta Wallet represents a great advancement over the more complex and less user-friendly systems of dealing in and using cryptocurrency. This makes it a cutting-edge innovation. By being prepared for whatever the future brings, you can be sure it will stay that way.

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