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Mar 20, 2022

Crypto Wallet Explained in Fewer than 140 Characters

Intro:

OK, so if you read my first article I can assume that you have some cryptocurrency value on your exchange account that you purchase on Binance. But, did anyone told you that you are still not an owner of crypto assets? If answer is:

1. No, I though after I purchase cryptocurrency it will belong to me.

2. Yes, but I can see it on my account so I will just leave it there.

This article is definitely for you!

Wallets:

Once you purchase your crypto assets, you can see them in you Binance wallet. You will be able to:

1. Buy

2. Deposit

3. Withdraw

4. Trade

5. Earn

and

6. Convert

crypto assets, but definitely you are still NOT an owner of them.

First thing you have to do is to have a wallet. Depending of type of your assets there are numerous amount of crypto wallet but we will explore just the secure wallets out there. We can divide wallets on two groups:

1. Hot wallets - are like normal wallets that we carry for day-to-day transactions, and these wallets are user-friendly but not highly secure.

2. Cold wallets - are similar to a vault, they store cryptocurrencies with a high level of security and they are recommended for savings of higher amounts of crypto.

So, what this mean for regular users?

You will choose option one for daily trade and transfers, but on other hand if you make long term investments and planning to save your assets you want option two, cold wallet.

Depending on your crypto assets you have to choose one that feet best to your needs. Just like expample for Ethereum you can use Metamask for daily transfers but on other hand you want to save them in cold wallet like Ledger Wallet. This wallet is the world's leading solutions to self-custody and manage your crypto assets securely and that's why i mention it here and one that i personal own.

CONCLUSION:

Depending of that what kind of user you are make sure you own wallet. On beginning, stert with small amounts of investments and use hot wallets. They are not highly secure but will do the work on beginning. Later on, once you decide to invest more money like thousands or hundred of thousands, you will need cold wallet and my recommendation is to have one proven like Ledeger.

That's it for now, and see you in my next blog post.

Jeca

Jeca

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