Breaking Down Barriers: How Wallets Without Native Tokens Make Crypto Transactions More User-Friendly
Digital wallets have become an increasingly popular way for people to manage and transact cryptocurrencies. However, not all digital wallets are created equal. Some wallets, like MetaMask or Trust, require users to hold native tokens like Ethereum in order to make transactions. Holding native tokens can have its advantages, not all users may want or need to hold multiple tokens for different wallets. As holding native tokens is becoming a requirement of the past, we have done our research and listed all the major benefits for not being required to hold them.
Increased Convenience
Digital wallets that don’t require users to hold native tokens offer increased convenience. This is because users won’t have to worry about acquiring and holding multiple native tokens for different wallets. Instead, they can transact using their preferred cryptocurrency. This can make transactions more streamlined and easier to manage.
For example, a user who holds Bitcoin can use it to transact without needing to acquire and hold Ethereum for MetaMask.
Reduced Costs
Another benefit of digital wallets that don’t require users to hold native tokens is reduced costs. When users are required to hold native tokens, they may incur additional fees for acquiring or holding those tokens. Also, a user who wants to transact with MetaMask would need to purchase and hold Ethereum, which can be a costly investment. This can make it more expensive to transact, especially if the user needs to hold multiple tokens for different wallets. Certain features, such as staking, swapping or governance will also not require extra fees to be performed, when a digital wallet allows the user to transact without being holding its native token.
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Increased Accessibility
Digital wallets that don’t require users to hold native tokens are also more accessible to a wider range of users. This is because users won’t have to worry about acquiring and holding multiple tokens, which can be a barrier to entry for some users. Without the need to hold native tokens, digital wallets become more user-friendly and easier to use.
Consider users who are new to cryptocurrencies and want to start using a digital wallet. If they are required to hold multiple native tokens, they may be discouraged from using the wallet due to the complexity and the cost involved. With a wallet that doesn’t require users to hold native tokens, the user can transact using their preferred currency, making it more accessible and easy to use.
Reduced Risk
Finally, digital wallets that don’t require users to hold native tokens also offer reduced risk. This is because users won’t be exposed to the risks associated with holding volatile tokens, which can fluctuate in value over time. If users are required to hold native tokens, they may be subject to price fluctuations that can affect the value of their holdings. With a wallet that doesn’t require users to hold native tokens, users can transact using stablecoins, reducing their exposure to volatility.
Conclusion
In summary, digital wallets that don’t require users to hold native tokens offer several benefits, including increased convenience, reduced costs, increased accessibility, and reduced risk. While holding native tokens can have its advantages, not all users may want or need to hold multiple tokens for different wallets. By offering wallets that don’t require users to hold native tokens, digital wallets can become more user-friendly, affordable, and accessible.
SendCrypto’s team has taken seriously into consideration the benefits of not requiring users to hold a native token. The philosophy of the SendCrypto project is to offer the feeling of familiarity and ease of use when transacting with crypto, thus it eliminates all the unnecessary requirements from its Web3 dApp. That way, the definition of SendCrypto includes affordability, accessibility and user experience in its white paper.