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Novi Wallet Review 2021: Everything you need to know about Facebook Novi Wallet

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Welcome to my Novi Wallet Review, In this review you will get to know everything about Facebook new Novi Wallet. This wallet is made for easy transaction.

Yes, You can pay and receive money. It’s Super Amazing.

So let’s get Started with the review.

What is the Novi Wallet/ Novi Wallet Review.

Novi is a digital wallet created by Facebook. It allows users to easily send and receive money in Diem, DiemUSD, or XUS digital currencies. The Novi wallet allows you to connect your bank account or card, and seamlessly send and receive Diem from anyone.

Novi is designed as a custodial wallet, meaning you do not have to remember any complex keys or worry about your ongoing security. The Novi wallet allows you to simply access your funds using a username and password.

Novi will be offered as a standalone app, in selected countries, and in the future Facebook has plans to make it a part of its WhatsApp and Messenger applications.

Key Takeaways

  • A digital wallet is used to store and secure cryptocurrencies.
  • Novi is a digital wallet that can be used to send and receive Diems.
  • Anyone can get a Novi wallet following a straightforward KYC process.
  • Transfers made through Novi wallet are free-of-charge and instantaneous.
  • Using Novi is safe and secure thanks to built-in fraud protection.

What is a Digital Wallet?

We are surrounded by digital wallets, Apple Pay, Google Pay, PayPal, and many more. But the Novi wallet is a bit different –– it’s a digital wallet with crypto capabilities. When a new crypto wallet is created, it receives a unique address on the blockchain along with a set of encryption keys used to access that account and perform transactions.

A crypto digital wallet can be a custodian to your keys, meaning they hold and protect your keys so that only you have access to your digital funds.

That’s why oftentimes, a crypto digital wallet may also be referred to as a custodial wallet. Put simply, a custodial wallet simplifies access to your funds using a username and password (or any other authentication method).

A quick way to understand how a digital wallet works is to think of it like a physical wallet. Think of all the things you can do with a physical wallet.

  1. Store money safely
  2. Safeguard credit cards
  3. Organize payment receipts
  4. Access important identification
  5. Store loyalty cards and coupons

In a majority of cases, a digital wallet can do all these things too –– the only difference is that a crypto wallet can also allow you to access cryptocurrencies, such as Diem and other stablecoins. Like any wallet, the primary purpose of a crypto digital wallet is to keep your private keys, currencies, and important assets stored safely.

Since a digital wallet is accessed online, you can use it to make payments digitally and even in some physical stores. Digital wallets make it easy to transfer money and pay for goods online since you don’t have to manually enter your bank details every time you make a purchase. Simply scan, tap, and approve!

Introduction to the Novi Wallet

Transfering Diem Dollars is a quick and easy way to exchange money with your friends and family. But before you can start using Diem, you’ll need to choose a wallet.

Since one of the aims of Facebook’s Novi is to improve financial inclusivity, anyone can open a Novi account. To get a Novi wallet, you’ll just need to verify your identity by providing a form of government-issued ID such as your passport or driver’s license.

Not only does the Novi wallet have built-in fraud protection, but Diem itself is a stable cryptocurrency backed with cash equivalents in the Diem Reserve.

How to Use the Novi Wallet

After first opening a Novi account, your Novi wallet will be empty. The first thing you’ll need to do is add money to your wallet.

Novi users can do this in a number of ways, including transferring money directly from their bank account or card. Once the money arrives in a Novi wallet, it’s automatically converted into Diem currency. For example, if you add $100 USD to your Novi wallet, you will see 100 DiemUSD in your wallet.

Before transferring Diems, you’ll be able to review the fee and exchange rate before the payment is approved. Users will also have the option to add a short message to send to the receiver. Once approved, Diem transactions are processed within a matter of seconds and the receiver can expect to see it in their account almost instantaneously.

If you receive money through Novi, you can decide to store the Diems in your Novi wallet or to withdraw them into your bank account. If you withdraw Diem Dollars into your bank account, they’ll automatically be converted to USD.

If someone receives a remittance from abroad, they may be required to convert it into their local currency. The Novi wallet works like any other digital wallet that protects your digital tokens and is the most secure way to access and transfer crypto funds.

What You’ll Need:

  • A smartphone
  • A valid form of government ID

How to Create a Novi Wallet

Step 1: Download the Novi Application

Getting a Novi wallet is quick and easy. The first thing you’ll need to do is download the Novi application from the Apple or Google Play Store when it becomes available in your country.

Step 2: Create a Novi Account

The next step to getting a Novi wallet is to register at Novi. You can open a Novi account using a verifiable government ID such as a driver’s license or passport. Without undergoing a basic KYC process and providing a valid and verified account you won’t be able to receive or exchange Diem.

In order to create a Novi account, start by opening the Novi Application. After selecting Create Account, you will be asked to provide personal details, such as:

  • Full Name
  • Mailing Address
  • Email Address
  • Date of Birth
  • Enter all of the above details in order to complete the application’s registration process.

Step 3: Verify your Identity

The final step of Novi’s registration process is to verify your identity. In order to verify your identity, ensure you have a valid, up-to-date piece of government-issued ID on hand.

A valid passport or driver’s licence is considered a verifiable government-issued ID. Verify your identity following the procedure outlined by the Novi application. This will include entering certain pieces of information shown on your ID and providing an up-to-date photo or video of the official document.

Step 4: Set your Security Preferences

Just like with a physical wallet, it’s very important to keep your digital wallet safe. You can do this by ensuring that you’re the only one who has access to your Novi wallet. To do this, Novi provides you with a number of optional security features, including two-step verification and biometric authentication methods such as fingerprint and facial recognition.

When creating your account, you’ll have the opportunity to set-up some of these optional security features. Keep in mind, two-step verification is always the most secure option while a simple password is the least secure way to safeguard your account.

Step 5: Buy Diem for your Novi Wallet

Once you’ve installed the Novi Application, created an account and verified your identity, you’re almost ready to start using Diem. But before you can start making transfers and purchases, you’ll need to put funds in your Novi wallet. There are a number of ways to purchase Diem Coins. In this guide, we’ll learn how to buy Diem via the Novi wallet Application.

Start by opening the Novi Application on your smartphone or tablet. Next, select the section titled Buy Cryptocurrency and select Buy Diem. In the next screen, you’ll be prompted to select how much Diem you would like to purchase. Keep in mind that Diem Dollars are pegged to the US Dollar, so if you purchase 100 Diems, it will cost you approximately 100 USD.

Lastly, select your payment method. For example, you can buy Diem Dollars using a bank debit or credit card. When you’re satisfied with the chosen amount and you’ve selected your preferred Diem payment method, complete the purchase and you’ll see the amount reflected in your wallet in a matter of seconds.

Novi Wallet App

Novi wallet app is currently in the development stage by the Facebook team thus, it’s not available in any stores yet

However, if you would want to be notified and informed when the app will be readily available in your county, you’d got to sign up for updates on the Novi website

What Is Diem

Diem is an upcoming global payments network that is expected to launch in 2021.

Diem seeks to create an open, distributed, global payments network to bring forward a more inclusive, innovative payments system that can be easily accessed from mobile devices.

It intends to launch a series of stablecoins that form the backbone of “the internet of money,” including tokens pegged to the U.S. dollar, the euro, the British pound, and the Singapore dollar.

The project also plans to issue a multicurrency token, XDM, that is a composite of its single-currency coins.

The Diem Network will operate using the Diem Blockchain, a new blockchain that is designed to be highly scalable, secure, and flexible.

According to its whitepaper, the mission of the project is to develop a financial infrastructure that empowers billions of people.

Diem, previously known as libra was first announced in June 2019 as a single global currency backed by a reserve of assets.

However, after much international regulatory scrutiny, Diem was revised to include a basket of single-currency fiat-pegged stablecoins in addition to its multicurrency coin, XDM.

In December 2020, the project rebranded from Libra to Diem, representing a “new day” for the project.

The Diem Association receives funding in the form of contributions from its members, with each founding member required to pay a $10 million membership fee.

As such, much of its business plan is centered around bringing new members on board and ensuring that existing members renew their involvement.

The Diem Association hopes to encourage an open application process in which potential members compete among each other for a limited number of membership slots.

Diem Currency Key Metrics

The Diem Association is a member-based association dedicated to building a blockchain-based payment system that supports financial innovation, inclusion, and integrity.

Below are the key metrics of Diem currency

  • Open Source

Fostering an open-source community to spur the development of a robust network of financial participants and services that help people access and use the Diem Payment Network.

  • Scalable

The Diem Payment Network (DPN) will scale through responsible innovation by adding approved participants and services over time and follow a phased approach to offer payment functions on the DPN to a greater number of people.

  • Secure

The DPN (Diem payment network) is built on blockchain technology to ensure that transactions and other services on the network are secure, protecting consumer end-users and fighting financial crime.

You’re Ready to Start Exchanging Diem!

Registering for a Novi wallet and buying your first Diems shouldn’t take very long. Once these steps are complete, you’ll be able to use your Novi wallet to send money to friends and family or to make purchases in online stores that accept Diem.

Is Novi Wallet Safe/ Is Novi Wallet legit?

Novi Wallet is safe and legit from my research, One of the reason why you have nothing to fear is that this wallet is own by Facebook.

Which you and I know it’s safe.

What is Facebook’s Novi?

Novi is designed to allow users to add money to their wallets that would be converted to a Diem digital currency that could then be sent to others worldwide. Diem, which was first spearheaded by Facebook under the Libra name, is a blockchain-based payment system that has faced a number of roadblocks.

Can I invest in Novi?

To indirectly invest in Novi you need to either invest directly in Facebook or buy Libra cryptocurrency. How will Novi prevent fraud? All Novi users will be required to provide government-issued photo ID before being able to use the cryptocurrency wallet.

Frequently Asked
Questions about Novi Wallet

When will Novi be available?

Novi is currently being built. Sign up here to be one of the first to know about Novi.

What do I need to get started?

When Novi is available, you will need a government-issued ID to sign up for an account. Identity verification is important to comply with laws and prevent fraud, so you know people are who they say they are.

How can I use Novi?

Novi will be available as a stand-alone app in the App Store and Google Play. You will also be able to use Novi directly in your WhatsApp and Messenger apps, so you can send and receive money as easily as you message friends, family, and businesses.

What can I use Novi for?

Novi is designed for the Diem payment system. You can use Novi to send money around the world. You can also keep Diem digital currencies in your Novi wallet and use it to pay for everyday transactions wherever it is accepted.

Will Novi charge fees?

What you send is what they get. You can add, send, receive, and withdraw money from your wallet without worrying about hidden charges. Novi is cutting fees to help people keep more of their money.

Where is Novi available?

Can I use my local currency in Novi?Novi is designed for the Diem payment system, so when you send and spend your money, you’ll be using Diem digital currencies. Through Novi, you can use your local currency to purchase Diem, and also convert Diem back to your local currency when you want to withdraw.

Can I use my local currency in Novi?

Novi is designed for the Diem payment system, so when you send and spend your money, you’ll be using Diem digital currencies. Through Novi, you can use your local currency to purchase Diem, and also convert Diem back to your local currency when you want to withdraw.

How will you prevent fraud?

Accounts and transactions are verified, and fraud prevention is built in throughout the app. Novi uses government-issued IDs to verify customers, so you can trust people are who they say they are. Novi also has in-app reporting and dedicated customer care. In the event of fraud, you will be eligible to receive a full refund.

Can I still use Novi if I don’t have a Facebook, WhatsApp, or Messenger account?

Yes. Novi will also be available as a stand-alone app that does not require you to have a Facebook, WhatsApp, or Messenger account — you just need a government-issued ID to sign up.

What’s the relationship between Novi and Facebook?

Novi Financial, a regulated financial company, is a subsidiary of Facebook, Inc. and is headquartered in Menlo Park, California.

Can businesses use Novi?

Novi will support peer-to-peer payments. Over time, additional merchant services will help businesses big and small accept Diem online, in-app, and in-store

What is the Diem payment system?

The Diem payment system incorporates three elements that work together to create a more inclusive financial system:

(1) A secure, scalable, and reliable blockchain as the technological backbone of the payment system.

(2) Diem digital currencies that are backed by a reserve of assets made up of cash and short-term government securities; and

(3) Governance by the Diem Association, an independent membership organization tasked with developing and operating the Diem payment system. Novi Financial is one Member of the Diem Association.

What are the digital currencies supported by the Diem payment system?

Initially, the Diem payment system will support only a few digital currencies, such as ≋USD, ≋GBP and ≋EUR, which will have the same value in the country’s respective currency (e.g. 1 USD, 1 GBP, 1 EUR). The Diem payment system will also support a combination of these digital currencies, ≋XDX. Over time, the Diem payment system intends to support additional digital currencies.

Conclusion

It’s amazing how Facebook come up with Wallet of this kind to boost up its growth.

I so much love the fact that this Novi Wallet will make things easier for transactions.

But I don’t know how you see it, This new invention by Facebook is great, Though it’s my view but you can drop what you think about this Novi Wallet so we can discuss it.

Drop your questions and comments about this review on Comment Box Below.

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