A Fiat wallet is a bridge between the everyday money we use in our lives and the world of cryptocurrencies. It allows for instant transitions between cryptocurrencies and money while at the same time opening the possibilities to send and receive payments from anywhere where the wallet has support.
A Fiat wallet is also a secured store of money. By having an always funded wallet, a user is able to instantly trade between cryptocurrencies and money without having to wait for a bank to confirm the transfer, or pay credit card fees. This makes it a versatile tool for traders and Crypto beginners alike.
In this article, we'll go about all the ways to use a FIat wallet. Also, we'll do a step by step on how to deposit and trade using the Remitano Fiat wallet.
Unlock Exclusive Deals with the Remitano x Azasend Strategic Partnership! Sign up now to receive 6,000 NGN and 40 AZA Token as a welcome gift!
SIGN UP NOW!
Maybe you are interested:
What is a Fiat wallet?
A Fiat wallet is a web or mobile application that holds a virtual representation of Fiat money deposited to it. Fiat money is the everyday currency citizens of any country use to purchase goods and services.
A Fiat wallet accepts deposits from the regular financial system, such as a SWIFT transfer or inter-person bank transfers, and creates a representation of the amount deposited in an exchange.
The money deposited becomes then fully compatible with the rest of the cryptocurrencies available on the exchange making it possible to do instant transactions. This way investing, exchanging, and trading money for cryptocurrencies becomes easier and faster.
This type of service is known as an on/off-board ramp, as it allows to create a connection between the Fiat money world and Bitcoin and other cryptocurrencies.
Not only that, as Fiat wallets are also a cheap and fast way to send remittances between people. So, they have also emerged as a quick way to send money from regions that share a monetary system in a way that goes around the banking system and its expensive fees.
Now, Fiat wallets are services generally offered by exchanges looking to create a way to bridge the monetary system and cryptocurrencies.
However, there are some differences between both types of wallets such as:
| Fiat wallet | Cryptocurrency wallet |
| Back end | Server | Distributed Ledger |
| Reach | Local | Global |
| Deposit capabilities | Single | Multiple |
Back End
A Fiat wallet, much like an online banking account, uses a server to store the transactions. The money is held by a third party that uses internal and external security protocols to keep it safe. There are no private or public keys attached to this type of wallet.
A cryptocurrency wallet doesn't actually hold the cryptocurrency. The wallet just helps to identify the block in the blockchain where the address associated with the wallet received some crypto coins. The coins are recorded in the distributed ledger of the network. Now there are two ways to do this, one is the UTXO model of Bitcoin, the other, the global balance of Ethereum.
Reach
A Fiat wallet is only available in the country or region which uses that money system. Thus they are local. For example, a person using a Fiat wallet denominated in US dollars cannot use it to send dollars to a person living in Mexico using pesos.
Cryptocurrencies are global in nature. So, a cryptocurrency wallet can be used to send funds to anyone on the planet using another cryptocurrency wallet. In our previous example, the person would exchange his US dollars for a stable coin like USDT, and then send it to his friend in Mexico, who would then exchange the crypto tokens for pesos.
Deposit Capabilities
A Fiat wallet can only receive deposits in the Fiat currency it uses as a denomination. This means a Fiat wallet in US dollars can only accept US dollars, a Fiat wallet in euros can only accept euros, etc.
In contrast, most of the cryptocurrency wallets out there actually are able to hold many types of crypto coins and tokens in a single application. They have the ability to store many assets and thus are more versatile than a single-use Fiat wallet.
Remitano's Fiat wallet
As a leading peer-to-peer exchange, Remitano offers Fiat wallets in several currencies to use as on/off-board ramps between Fiat money and cryptocurrencies, these are:
- Indian rupees (INR)
- Indonesian rupiah (IDR)
- Nigerian Naira (NGN)
- Malaysian ringgit (MYR)
- Venezuelan Bolivar Fuerte (VEF)
- South African rand (ZAR)
How to deposit and withdraw from Remitano's FIAT wallet
- Choose wallet\ On the dashboard of the Remitano site, go to the dropdown menu and select 'Wallets'
- Select your currency\ On the top of the list, you should see the wallet with your respective currency
- Click on 'Deposit'.
Choose bank\
Select your national bank and the amount you wish to transfer to the wallet.
- Log to your online bank account From your web banking app make the transfer to the Remitano account provided. Make sure to include the reference message provided.
To withdraw:
- Select 'withdraw' from the Fiat wallet
- Select amount and bank\ Input an amount to take out plus the name of the bank.
- Review the transaction\ Make sure all of the information is correct.
Those are all the steps to deposit and withdraw from the Remitano Fiat wallet. It is a very simple and easy process, that allows those users who fund their wallets to access the cryptocurrency market. From there you can do instant trades in various crypto assets and participate in the p2p exchange.
For more information on who are the people using the Reimato wallet, here are the results of a survey conducted in 2020. The Remitano wallet also allows for automatic trade completion and trade progression when entering the p2p marketplace.
Finally, the Fiat wallet provided by Remitano has 24/7 tech support from the tech staff of the exchange. Any questions or issues related to the Fiat wallet take priority and be answered by the staff.
Maybe you are interested:
