TRADITIONAL E-WALLETS VS. CRYPTO WALLETS: A COMPARATIVE STUDY OF FUNCTIONALITY AND USE CASES

The purpose of this study is to make a comparison between cryptocurrency wallets and regular digital E-wallets. The system based on internet payments as alternatives to traditional safekeeping mechanisms and cash disposal will be investigated in this study. Digital wallets are the electronic accounts created using some software’s which store funds, allows users to make transactions and track the transaction histories using mobile or computer. These software’s may be included in bank’s app or as a private payment platform like Paytm or PhonePe etc. Mobile phones have revolutionised the way we conduct transactions, offering convenience and popularity due to their remarkable speed and ease of use. Cryptocurrencies completely rely on the electronic wallet to transact, process, and maintain balances, like Bitcoin, Ethereum, USDT etc. But the crypto wallets do not provide all the facilities that are offered through traditional digital wallets. This paper discusses the working of traditional digital wallets and the crypto wallets and aims to evaluate the differences between the two from the point of view of ease of functionality and its use cases in different domains.