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