Brief Information on Cryptocurrency Wallets
We suppose that you bought some cryptocurrency and heard the old saying “Not your keys, not your coins” and started to find the best suitable cryptocurrency wallet for yourself.
You are in the right place! Cryptocurrency wallets are usually software to sign transactions on the blockchain and enable you to monitor, send or receive coins or tokens.
All wallets have public and private keys. Little confusing? Well, let’s simply explain the terminology.
Public keys are the identifier of your account to the network. Imagine these keys are like your e-mail address or your IBAN. If someone wants to send you a cryptocurrency then they will use this address.
Private keys are a string of 64 characters that can be generated from the 15-word seed phrase. It is used to sign transactions and proves that you own those public keys. It’s like a PIN or passcode of your bank account. Think you are in front of an ATM and once you enter your PIN, you can spend your funds.
Let’s sum it up. Feel free to share your Public keys or addresses. Never or ever share your private keys. Always keep them in a secure place. If you lose your private keys or a seed phrase, you’ll lose access to your funds and no one can retrieve them.
Remember the old saying “Not your keys, not your coins”. If you are using centralized exchanges like Coinbase, Binance, Kraken, etc. you don’t own those coins you buy. Because you don’t have private keys for your cryptocurrencies. Let me mention some ways to store your crypto on your behalf and without a custodian, in a non-custodial way.
Wallet Types
There are several types of cryptocurrency wallets out there you can use. You can either pick the one which is suitable for you or you can use multiple wallets at the same time. Let’s mention some wallet types.
Hardware wallets: Hardware wallets are offline storage devices like hard disks or USB sticks. Ledger and Trezor are the well-known and biggest brands right now. They support lots of cryptocurrencies but, it requires time to make a transaction. You need to set up your device and make it ready for your transaction.
Mobile wallets: These wallets are installable applications on your smartphone. These applications stores your private keys securely on your mobile device. Remember that centralized exchanges may have their applications on mobile stores. This doesn’t mean that they are non-custodial. To control your own coins we recommend you to use our mobile wallet, Enno Wallet.
Desktop wallets: These wallets are like mobile wallets but runs on the desktop and are usually compatible with Windows, Mac, and Linux.
Paper wallets: Paper wallets are a piece of paper includes your public and private keys. Sometimes they also include a QR code to send or receive crypto easily.
Enno Wallet
Enno Wallet is a non-custodial cryptocurrency wallet that runs on mobile. You can download Enno Wallet from App Store or Google Play. Once you set up your wallet, please do not forget to save your seed phrase in a secure place. Remember If someone has your private keys they can sign transactions. Enno Wallet has an additional security layer. You can set a passcode for your wallet and you need to verify your passcode to sign transactions.
Conclusion
· Your wallet uses your private key to spend coins
· You can use your address to receive coins
· Never expose your private keys
· You can use Enno Wallet to store and manage your digital assets
Our website: https://www.ennowallet.com
