Everything has a unique role to play… For example, for fiat money, there is a wallet into which you can fold up and put banknotes. With digital money (aka cryptocurrency) this scheme does not work. Unfortunately (or fortunately), you can’t “stack” bitcoins. But where to keep crypto? And, more importantly, where is it safe?
If the answer immediately comes to your mind in the form of “exchanges,” we have something to share with you. How about “swapping” the exchange for a crypto wallet (spoiler: it is safer)? If you are just getting into the topic of crypto or have already taken your first practical steps, the comprehensive guide prepared by OneArt can help you master another concept — a crypto wallet.
Quick Take:
- What a crypto wallet is and how it functions
- A private key, public key, address and seed phrase — what’s it all for?
- Cold and hot wallets have their own pitfalls
- What are they like, feature-rich present-day crypto wallets?
- Which wallet is best for you
- How to protect a crypto wallet up to 100%.
Crypto wallet: a place for secure crypto storage
Definition: a cryptocurrency wallet is a place to hold your public and private keys, which, in turn, provide a gateway to your crypto assets. In addition, they enable you to send, swap, and receive cryptocurrencies. Notice that a crypto wallet does not deposit your savings, but rather the keys with which you can access your assets kept on the blockchain.
To refresh: Blockchain is a highly secure open ledger that keeps track of all cryptocurrency transactions, i.e., sent, received, exchanged crypto, and also current balance.
How does this non-bank system operate?
For clarity, we can draw an analogy with an ATM…
Continue reading on our new blog: https://oneart.digital/en/blog/crypto-wallets-for-beginners#how-does-this-non-bank-system-operate
