WTF is a Crypto Wallet? #cryptowallet #web3 #cryptocurrency #Ethereum #bitcoin

Just like you need a wallet to protect your cash - you also need a place to store your digital currency.

Yet unlike a normal wallet that holds actual cash - crypto wallets don’t actually hold crypto.

Your holdings live on the blockchain, and can only be accessed using a private key. - that’s where crypto wallets come in.

CRYPTO WALLETs - are basically a piece of software that remembers your wallet address which includes your public and private key.

Your Public Key can be shared with other people or institutions to send or receive crypto. Your Private Key is sort of like your debit card PIN number.

Ownership of your private key gives you TOTAL control over the funds associated with your corresponding public key - which is why its so important to make sure you keep your private keys secret and hidden.

Technically you don’t have to have a wallet to hold crypto - you could store with cryptocurrency exchanges - but you do not have control of your keys if you go that route

Exchanges work similarly to banks - they are a 3rd party service - however there is always the risk of the exchange shutting down or being hacked.

The best way to keep your coins safe is to have total control of your coins - and the only way to have absolute control is by having your own crypto wallet.

Check back for our next post where I’ll explain the 2 types of wallets (hot and cold)…
#Crypto
#cryptocurrency #Ethereum #Bitcoin #metamask

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