Bantu Wallet, Not Exchange

I am not an expert in crypto, but I already have people wanting to understand this whole Bantu thing and they ask me. And I try to answer them.

Bantu is a cryptocurrency Wallet, not an Exchange. While wallet is used just to hold coins and tokens, exchange is like a marketplace-- just common sense. I guess my response to them is over-simplified. I’m not even sure how accurate it is :roll_eyes:. I just have to say something to them. :grin:

Are there other differences and perhaps similarities in the functions of a wallet and exchange? In what ways is Bantu (going to be) unique? Am I even correct with my layman explanations to people? I wonder! :man_shrugging:

I believe I can add one or two things to my body of knowledge from your responses here :sunglasses:

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@BantuSpirit BantuPay wallet is a simple, secure and non-custodial wallet to send, receive, swap and store digital assets. (Digital assests such as cryptocurrencies, tokens, in the simplest terms, a digital asset is content that’s stored digitally. That could mean Bantu XBN, BNR) etc.

For your perusal, please check the following links:

https://bantufoundation.org

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Thanks @olutaiwo. Quite informative. Interesting to learn that wallets don’t store currencies.

But @olutaiwo, is BantuPay a full node kind of wallet? Just curious.

I don’t really understand it when you say that cryptocurrency does NOT have legal status, but then is a legal offer of payment in any jurisdiction. @olutaiwo

@BantuSpirit
The only authority capable of issuing legal currency is the Central Bank. Cryptocurrencies are not legal currency strictly speaking, since they are not issued by the government monetary authority and are not legal tender. They are considered money but not legal currency, since they are not a mandatory means of cancelling debts or obligations.
One of the most common actions identified across the world is government-issued notices about the pitfalls of investing in the cryptocurrency markets. Such warnings, mostly issued by central banks, are largely designed to educate the citizenry about the difference between actual currencies ( fiat currency or national currency) which are issued and guaranteed by the state, and cryptocurrencies, which are not.

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@BantuSpirit There are servers and devices that communicate with each other to create and maintain the Bantu peer-to-peer network.

For your perusal, please check the below link:

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Thanks @olutaiwo, furnishing us with useful and interesting information :clap:

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