Wallets 101
Trigger Warning Podcast - Episode 3 [Video]
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This week on the podcast we are talking all things wallets and how to choose the right crypto wallet for your needs!
Cryptocurrency wallets are digital accounts that store your cryptocurrencies.
They are essential tools for anyone interested in investing, trading or using digital currencies.
Sammy, co-founder of $ACTS Token and our wallet expert explains the basics of wallets, how to choose a wallet, and how to keep your wallet secure.
Wallets 101
A cryptocurrency wallet is your digital account that exists on the blockchain network of the cryptocurrency you are interacting with.
It does not have an email associated with it or a password, but it has a unique digital ID. The digital wallet address is like an envelope or a bucket, and whenever people want to send you something, they send it to your wallet address.
Choosing a Wallet
When you’re choosing how to interact with your wallet, you need wallet software. There are hundreds of wallets being published every day, and most of them are open-source.
The main ones are Metamask and Trust Wallet. It’s essential to make sure you’re not using a fake version.
Sammy recommends using Metamask, but it’s super important to maintain internet security and cleanliness when interacting with your wallet.
Your wallet is your Binance Smart Chain wallet, or your Ethereum wallet, and the software you use is Metamask or another trusted wallet.
Keeping Your Wallet Secure
We cannot stress this enough, it is essential to keep your wallet secure. Just like a bank card that holds your fiat currency, you need to follow specific protocols to ensure your cryptocurrency is safe.
You must keep your wallet ID and your 12 keys or 64-character private key secure.
Saving your 12 keys in something called a password safe is an excellent practice. It’s also vital to keep this information safe and secure because if someone has your 12 keys or your private key, they can get access to your wallet and withdraw everything.
Cryptocurrency wallets are essential tools for anyone interested in investing, trading, or using digital currencies.
Choosing the right wallet and keeping it secure can be a daunting task, but it is critical in order to ensure the safety of your digital assets.
The key takeaways from Sammy’s podcast are to choose a trusted wallet, maintain internet security and cleanliness, and keep your wallet ID and keys safe and secure.
Key Takeaways From The Trigger Warning Podcast Episode This Week:
"Practice accessing your wallet always with all the safety protocols"
- Cryptocurrency wallets are digital accounts that store your cryptocurrencies.
- Wallet software is necessary to interact with your wallet, and there are hundreds of wallets being published every day.
- Metamask and Trust Wallet are the main wallets, and it’s essential to ensure you’re using the correct version when you sign in.
- Your wallet ID and your 12 keys must be kept safe and secure.
- Keeping your information safe and secure is vital to prevent scammers from accessing your wallet.
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