Alan Shaw
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  • Alan's Blog

  • Apr 22nd 2022 at 5:15 PM
    What is a crypto wallet?

    A crypto wallet is a device or program used to send, store, and receive cryptocurrencies. Behind the scenes, the wallet stores cryptographic information used to access and send from a blockchain address.

    Think of it like a personal bank account for your cryptocurrencies–just without the bank.

    How does a crypto wallet work?
    Even though we use the word “wallet” when talking about storing crypto, these wallets actually just control blockchain addresses and secure this control through cryptography. They do not actually “hold” anything inside them. The crypto addresses do.

    Each Bitcoin wallet contains a set of secret numbers, or private keys, that are used to sign Bitcoin transactions, giving the person with the keys control over the crypto at that address. If someone has access to a wallet's private keys, they can move the crypto anywhere they like.

    How do I keep my crypto wallet safe?
    With cryptocurrencies becoming targets for hackers, crypto safety is critical.

    Protect your wallet with a strong passcode.
    Use two-factor authentication for sign-in.
    Never share your account credentials or seed phrase (also known as your private key recovery phrase) with anyone.
    While will never DM you, scammers may.

    What if I lose access to my crypto wallet?
    Accidents happen, devices get misplaced, and things break. Most modern crypto wallets have a twelve-word seed phrase, which can be used to restore the wallet if a device is lost or damaged. These words should be stored in a safe place since anyone who finds them can access your cryptocurrency.

    Want to explore everything the Wallet has to offer, from buying, selling, and swapping to earning rewards on your crypto?

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