What Is Brave Wallet?

What To Expect From Brave Ecosystem?

The Brave ecosystem is slowly gaining popularity owing to its several unique features and hence preferred over several other browsers. You can expect top-notch privacy and data security. Unlike other browsers, users need not worry about browsers tracking their online activities.

The Brave ecosystem gained considerable popularity because of its tracker-blocking features. Additionally, one can enjoy a faster browsing experience, even with multiple tabs open simultaneously. People might have often faced several challenges while using other browsers, which tend to slow down when burdened with too many tasks.

However, that is not the case for Brave. Users can also experience a decentralized nature of operations in the Brave ecosystem. Unlike traditional browsers that offer centralized data, Brave ensures users can access the decentralized web by integrating the IPFS protocol.

What Is Brave Browser?

Brave is an open-source browser designed and launched by the Brave Software company, headed by Brendan Eich. The browser aims to offer users several unique features compared to traditional browsers, which fetched its wide popularity. Brave browser is known for its high-security features, quick browsing time, and little or no ads. The browser aims at maximizing the user's satisfaction by prioritizing their choice. For instance, users can select the ads they want to view or that are relevant to their interests or block them completely.

The Brave browser also offers a short medium of earning to its users. While users can turn on specific advertisements, they also receive crypto tokens from the company for their time and attention. Unlike any other browser, Brave also offers wallet features that help users to store Non-fungible tokens. Though Brave browser is designed for desktop use only, its extensions make it suitable for mobile operating systems too.

All You Need To Know About BAT

BAT, or Basic Attention Token, is the currency used by Brave browser. Users using this browser can earn revenues by opting to watch specific advertisements. These companies offer tokens in the form of BAT to Brave users. Users can also store BAT in their Brave wallets and exchange it for other crypto tokens.

In short, BAT allows users to earn cryptocurrencies without any investment. Thus, such a design attracted several users to use crypto tokens, strengthening the popularity of these tokens.

BAT is similar to all other crypto tokens and can have a dynamic price depending on several market factors. For instance, the price of BAT in 2017 was $0.16, which peaked at $1.80 in 2021. Ever since, the token has undergone several ups and downs, with a current worth of $0.28.

Users can earn BAT in the following ways-

• Watching advertisements
• Installing the Brave browser application that offers BAT worth $5 to new users
• Earn BAT by generating your own content
• Earn BAT by referring it to a friend

What Exactly Is Brave Wallet?

The brave wallet is a built-in wallet powered by Brave software that allows users to store their earnings. Users can also sell or exchange their earnings in the wallet with other cryptocurrencies. Unlike other crypto wallets, this browser-native wallet does not require any extensions to carry out its operations. Instead, users can simply store their earnings directly on the wallet through the Brave browser. The brave wallet also helps users perform several activities like the ones mentioned below-

• Track the live and past market situation to trace the prices of various cryptocurrencies
• Check the list of providers to find out the best price match before swapping their tokens.
• Receive or send assets to another user on Brave
• Store NFTs and send them to any other user
• Receive multi-chain support and organize their Non-fungible tokens.

Since the Brave wallet does not have any extension and is a self-custody wallet, it offers greater safety and security to users while exchanging NFTs with other cryptocurrencies or receiving and sending assets. Though the wallet is currently operational through desktop, further technological advancements will soon make it fit for mobile operating systems.

Unique features of Brave Wallet

The brave wallet differs from traditional crypto wallets and offers several unique features. Some of them are as follows:

• Greater security: Brave wallet is the first crypto wallet in-built into the Brave browser. This indicates the wallet maintains high security as the user does not have to use any extension or perform additional steps to store their earnings. Thus, such a system can rule out the chances of thefts, phishing, and other scams.
• Seamless multi-chain operations: Users with a Brave wallet can buy, send, and swap NFTs with other cryptocurrencies across several blockchain networks, including Filecoin, Ethereum, Solana, etc.
• Supports decentralized apps: Unlike traditional browsers, the Brave browser offers a decentralized structure. Thus, users can enjoy the Web3 ecosystem seamlessly.
• Privacy: The Brave wallet does not track user transactions or activities. Since the wallet is in-built into the browser, which eliminates user tracking, the same occurs for the wallet. Thus, users can make any transaction without the fear of the data being stored in the browser.

Benefits and Limitations of Brave wallet

While Brave wallet has sparked enough positive attitudes amongst users, it also has several disadvantages. Here are some of its pros and cons:

Pros

• High security: Brave wallet offers high protection as it is an in-built wallet. Since the user does not require extensions for their transactions, the chances of fake applications, scams, and phishing are low. Thus, unlike other wallets, where users can operate only through extensions, the brave wallet seems to be a safer option.
• Storage for various digital assets: One can store various digital tokens in the Brave wallet. Users can also store Non-fungible tokens and exchange them with any cryptocurrency. Hence, the wallet offers great flexibility.
• No user tracking: Brave wallet does not track user activities. Hence, users can carry out their transactions without the risk of their data being recorded in the system. Such a feature further improves the safety of the wallet.
• Thorough insights into the market: Users can track the market pricing of various digital tokens. The live market status helps them understand the perfect time for exchanging tokens and increasing their earnings.

Cons 

• Only desktop use: Brave wallet is only available for desktop use, and users cannot run the application on their mobiles.
• No provision for storing Bitcoins: While Brave wallet lets users store various kinds of digital tokens, it is yet to accommodate Bitcoin in this.
• Untested security: The Brave browser is relatively new, and the security provisions are still untested. While the browser claims to maintain top-notch safety and security, users are yet to give their practical opinions through their individual experiences.

Advantages 

• Store your earnings in the form of NFTs in the wallet and exchange them with other cryptocurrencies.
• Avoid your transactions being tracked by the browser and enjoy wholly safe and secured transactions.
• Get rid of phishing scams and fake wallets, as the Brave wallet has no extension. The brave wallet has no extensions and is an in-built wallet that protects users from such scams.

Disadvantages 

• While the Brave wallet is quite popular, it has a major drawback. Users can access the wallet only through a desktop, which can be cumbersome. Though one can expect mobile versions of the wallet, it is yet to be launched.
• Though the users can store digital assets like Ethereum ad NFTs, Brave wallet does not have the features required for storing Bitcoin. Thus, users interested in Bitcoin exchanges are at a disadvantage.
• While Brave Software claims the browser and the wallet has high-level security, it is yet to be tested. Thus, it is difficult to claim its practical efficiency in reducing cyber threats and scams.

Tutorial: How To Set up Brave Wallet?

Brave browser has a simple interface, making it easier for users to navigate. Follow the steps below to set up your Brave wallet.

• Install the brave browser on your desktop
• Sign up to create your Uphold account. Once you sign up, you can log in with your ID and password whenever you want to access your account.
• Before accessing your Brave balance, the user must verify their account. You can upload any government photo ID proof to verify your identity.
• Once you sign up and verify your account, you must link your bank account for transactions and exchange your earnings.

Brave Wallet vs. Metamask

Both Brave wallet and Metamask are wallets that facilitate crypto transactions and storage. However, they have one significant difference; Brave wallet is an in-built wallet into the Brave browser. On the other hand, Metamask operates through an extension. Thus, Metamask has greater privacy concerns as it risks phishing scams and other cyber threats. Moreover, since Brave wallet does not track the user's activities, it ensures greater security. However, unlike Brave wallet, which does not support storing Bitcoin, Metmask does.

Is the Brave Wallet Suitable for Everyone?

This might be a dicey question. Though Brave wallet offers greater security than other crypto wallets operating with the help of an extension, you must have an accurate understanding of cryptocurrencies to make the most from it. Further, they must also learn to protect their data for better privacy.