What is a Crypto wallet?

According to cryptocurrency facts website

“A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. Most coins have an official wallet. In order to use cryptocurrency, you will need to use a cryptocurrency wallet.”

https://cryptocurrencyfacts.com/what-is-a-cryptocurrency-wallet/

Crypto wallets are special kinds of wallet as the name implies, it is for keeping of cryptocurrency.

Just like we keep our fiat(cash) in our normal wallets for safety so is the function of a crypto wallet.

We have Kinds of crypto wallets, some are based on their blockchain in other words it is used to save cryptocurrencies based on its blockchain, while some are universal wallets meaning it accepts all kinds of cryptocurrency.

Trading doesn’t take place on digital wallets, and it is capable of receiving anykind of token or coin base on the wallet blockchain.

You save your coins and make transactions(send and receive tokens/coins) on your wallets.

HOW TO GET & USE A CRYPTO WALLET

Step 1: Download the wallet from Play Store either Google or IOS.

Step 2: Create new wallet

Step 3: Save the mnemonic or paraphrase words in a safe place.

Step 4: Create your username

Step 5: Create a password

N/B : This steps may differ due to differences in wallets.

TYPES OF WALLET

1.) Imtoken(accepts mainly erc20 tokens)

2.) Trust (accepts mainly erc20 tokens)

3.) Aphelion (accepts only NEO tokens)

4.) Lobster (accepts only XLM tokens)

5.) Blockchain (accepts only BTC tokens)

6.) Token pocket (accepts only EOS tokens)

7.) Meet.One (accepts only EOS tokens)

8.) Eoslynx (accepts only EOS tokens)

9.) Iconex (accepts only NEO tokens)

10.) Infinito (accepts almost all tokens)

11.) Coinomi (accepts almost all tokens)

12.) Trezor (the first hardware wallet, accepts BTC only)

These are lists of most trusted and popular crypto wallets.

TREZOR is the first hardware Bitcoin wallet in the world, it was launched on August 2014 by satoshi’s Lab.

See more

https://www.google.com/amp/s/coincentral.com/trezor-wallet-review/amp/

N/B : Not all wallet has mnemonic keys or seed, rather some goes straight to the private keys and keystore file.

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Responses

  1. James Diegel

    A word of caution on Play Store and Google:

    There have been cases where wallets have been on these platforms and have not been legit. The most recent I am aware was an official EOS wallet that was said to be official, but it turned out to be a fake and all users that used it had their funds transferred out never to be seen again. The safest bet is to when possible use the official Github link – and just be careful you follow the projects carefully before you put too many of your funds in. I like to play around with wallets, but personally there are very few that I actually use and trust – and those that I do take quite a while for me to recommend to other people 😉

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      1. James Diegel

        The ones I like: of course anything is a risk…
        In the past, ones I’ve tried…

        Desktop: Eidoo, Exodus
        NEO: NEON
        Also: heard good things about Engine but have not tested it

        These days though I’m mostly EOS: Meet.one, Lynx, Scatter, and TPT (slowly making its way there)

        Hardware: Ledger Nano – but make sure you get one direct from the maker – as there have been hacks (I read) from 3rd party sellers.

        I’m sure there is others – and I’ve tried others – but either didn’t like the layout or didn’t feel so comfortable with it (I went through a phase of testing out lots of wallets just for fun btw). So ya, those were the ones I liked, knew people who used, didn’t seem to be dangerous … but again, its crypto – so no matter what you use, just be safe 😉

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