It’s 2022 already, and the most trending topic around any social media platform be it, Instagram, Twitter, Facebook or TikTok is Crypto. In this blog, we’ll talk about Crypto wallet and understand how it works. Crypto has taken over everything. People from around the globe are changing their domains and getting into the Crypto world because they see a huge potential in this industry. And because of this, it becomes important for you to stay up to date with what is happening in the Crypto universe. This is where we step in. Coin masters, provide the latest news and updates related to Bitcoin, Crypto, NFTS, etc. For more information and info blogs, hover over our website. Let’s get straight into Wallet.
Understanding Crypto Wallet
Let’s start from the very basics. Before this digital transaction age, we all used to carry paper currency. These currencies were kept in a wallet so that it remains safe and in order. A wallet is where you keep all your cash for the day. Similarly, you need something that holds your digital currency in an orderly manner.
A crypto wallet is a device, physical medium, or just a program that stores your public or private crypto information. You can also make transactions via Crypto Wallets through the blockchain. But Crypto Wallet doesn’t store the actual cryptocurrency like your real-life physical wallets.
Why Crypto Wallet?
To understand the importance of Crypto Wallet, assume that you have bitcoins worth 100 million USD. Now let’s say you forgot your password and you can’t access it. After this, you have only 2 more password guesses before you get that bitcoin locked forever. This is where the Crypto Wallet steps in.
Crypto Wallet stores the information related to your crypto currency and produces a private key or in simple language it gives you a password to access it. This private key is the most important thing in the world for you. So, it is advisable to always keep the key safe. You can directly buy, sell, or manage your crypto at certain websites such as Coinbase.
The following are the features that you consider:
- Speed: From registration to transactions, everything happens swiftly in the cryptography world.
- Easy Access: It doesn’t matter what part of the world you are living in, or what kind of device you are using. You can access your Crypto Wallet even from your smartphones. Everything is just a click away.
- Security: If you are scared that your private key can be engraved from your system, you can consider hardware wallets, where private keys are never exposed to your computer. It is safe and secure from any form of computer viruses.
Which Wallet to Choose?
In some cases, many companies give you the wallet for storing your cryptocurrency but they don’t give you the passcode. They keep the passcode with themselves allowing you to only transfer or alter your cryptocurrency without actually giving you full access to your wallet.
Elon Musk once tweeted,” Any crypto wallet that won’t give you your private keys should be avoided at all costs”.This tweet clears everything out. No matter what wallet you are considering, just know that your private key should remain with you and not with any other entity. Although there are different kinds of wallets available, which we will discuss in another blog. This blog is just a gateway to introduce you to what exactly is a crypto wallet.
We CoinMasters are extremely happy to introduce our own Crypto Transaction Service. You can now send crypto from your metamask wallet to any crypto wallet around the world. Currently, users can send only Goerly test Ethereum as we are still testing this service for additional security features. Be sure to use it and provide us with info on how we could improve this facility even better.
Crypto Wallet is the most optimum place where you should consider keeping your crypto currency safe and secure. There are many wallets available in the market to choose from, but always go for the ones that give you access to your private keys at least. We’ll discuss different kinds of crypto wallets available in some other blog.
For more such Crypto related information head over to our website here. For more suggestions or queries head over to our contact us page and let us know what you think. We would love to talk to you. Thank you for taking out your time and reading this blog.