Getting Started With A Crypto Wallet.
By Kevin Sequeira on ALTCOIN MAGAZINE
We are in a new age of finance — transactions are quick, fees are almost zero, and the currency is virtual.
If you are unclear about blockchain tech, check out this simple explanation.
What is a Crypto Wallet?
A bunch of code compiled to create a secure digital record that stores, sends, and receives digital currency.
The application can run on the web, a stand-alone app, a mobile application or a hardware device.
You’ll hear about paper wallets too. (more on this below)
How Does it Work?
Your wallet stores keys (Account Info), balance, transaction history, and interacts with the chain to perform a task (deposit or withdrawal).
What are Keys?
Public Keys (Account Number)
Used to identify your account, this can be shared to receive funds.
Private Keys (Signature)
These are used to approve a transaction and identify the owner of a public key. DONT SHARE!
What Does it Look Like?
Software: An application on the web, your mobile phone, tab or computer.
Psychical: Electronic wallets similar to USB drives and paper wallets!
Paper wallets are printouts of your public and private keys. You can use them by entering these keys in the application or scanning the QR code on them.
Types
Single Currency:
Exclusively stores only one token on it. These are usually wallets offered by the blockchain itself.
e.g.A Tron wallet will only store TRX.
Multi-Currency:
You’ll mostly find these on exchanges where you deal with multiple currencies which are all stored in one wallet.
Here you can store BTC, TRX, ETH and many more coins in your wallet.
Functionally is the same.
How To Use
All wallets have different user interfaces and layouts.
But key elements are the same.
Deposit:
Your wallet will have a deposit address and QR code.
Withdrawal:
A send screen where you input the key or scan the QR code of the wallet you wish to deposit in.
History:
A record of all your transactions.
Almost all wallets have similar levels of functionality & interface.
If you are keen to use a certain wallet, check if it’s listed on the token’s website.
Now Your Wallet Is Set Up, How Do You Deposit A Token?
The easiest way is by using your card, but the transaction fees are high. Check out Coinbase & Coinmama, this guide will help you through it.
If you are like me and hate paying extra, head on to exchanges like Wazirx, Binance or any verified exchange which accepts your currency, deposit funds from your bank, and buy the desired token. It will show up in your wallet on the exchange and you can transfer it to your personal wallet as shown above.
You’re all set, and your wallet is loaded! Feel like investing some crypto? Check out these awesome games where you can play and earn more crypto.
If you have any questions about the crypto wallets or Blockchain Tech., kindly leave a comment.
Stay tuned for more.
