Why it’s important to choose a secure crypto wallet?
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How do I know how secure is my wallet?
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Are there any other risks I should take account for?
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Wrapping up: Crypto is a great wallet for you
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One of the most significant drawbacks of the widespread adoption of cryptocurrency is understanding the terminology and getting your crypto assets securely stored and ready for use. One of the first things that all cryptocurrency beginners need to understand is what a cryptocurrency wallet is, how to use it, and set it up correctly. In this article, we will dive into crypto wallets for beginners.
What Is a crypto wallet, and how does it work?
First things first, what exactly is a crypto wallet?
In the simplest sense, a crypto wallet is your crypto bank account. It is where you can store all of your crypto assets that only you have access to. But your crypto assets are stored on the decentralized blockchain instead of being stored on a centralized server like a bank.
Your wallet stores your public and private keys, which you use to access your cryptocurrency.
Your public key is like your bank account number, and it is what you give to people when you want them to send you cryptocurrency.
Your private key is like your PIN, which you use to access and spend your cryptocurrency.
It is essential to keep your private keys safe and secure, as if someone were to get ahold of them, they would have full access to all of the digital currency in your wallet.
Different types of crypto wallets
Now that we know what a crypto wallet is and how it works let's go over the available types of wallets.
Software wallets
Software wallets are cryptocurrency wallets accessed through an application on your computer or phone. Software wallets are the most common crypto wallets for beginners, as they are easy to set up and can be done from almost any web browser.
When should you use a software wallet?
Software wallets are a good choice for beginners because they are easy to set up and use. They are also a good choice if you only plan on holding small amounts of cryptocurrency, as they are less secure than other wallet options.
If you plan on making a lot of small online trades or exchanges, having a software wallet is a good idea.
Hardware wallets
Hardware wallets are physical devices that store your cryptocurrency offline in what is called "cold storage." This means that even if your computer or phone were to be hacked, the hacker would not be able to access your cryptocurrency as it is stored offline on the hardware wallet.
Think of hardware wallets as "memory drives." You can typically insert these wallet types into your computer, upload your crypto assets onto your wallet, and remove the drive from your computer.
This makes it virtually impossible for hackers to access your cryptocurrency assets.
When should you use a hardware wallet?
A hardware wallet is a way to go if you want the most secure way to store your cryptocurrency. They are also a good choice if you hold large amounts of cryptocurrency.
However, one downside of hardware wallets is that they can be a bit more challenging to set up than other wallets and typically cost more money.
Considerations before selecting a crypto wallet
It is important to note that specific blockchains only accept and work with certain wallets. For example, if you are on the Cardano blockchain, you cannot connect your MetaMask wallet.
This is why it is essential that you research which wallets are compatible with the blockchain you are using before setting up your account.
Best crypto wallet for beginners
When first starting in crypto, you typically want to choose a wallet that’s easy to use and set up. And, as mentioned earlier, having a wallet that can hold multiple cryptocurrencies will also help to keep things simple.
One of the newest wallets on the market is RockWallet. RockWallet is a mobile-first app that makes it super easy for beginners to get trading. It allows you to securely store, buy, use, and swap various cryptocurrencies, including BSV, BTC, ETH, USDT, and more.
Its easy setup and user-friendly interface also make RockWallet perfect for beginners.
Installing a crypto wallet for beginners
So now that you understand the difference between a software wallet and a hardware wallet, let's walk you through setting up your first cryptocurrency wallet.
How to set up a software wallet
Setting up a software wallet is the easiest crypto wallet for beginners to set up.
Step 1. Select your wallet
First, you must choose which software wallet you want to use.
Step 2. Download the software wallet
Once you have chosen your software wallet, go to their website or download the app for your mobile device.
Step 3. Create your wallet account
Create an account. This is typically done by providing your email address and setting up a password.
Step 4. Write down your private key and your passcode on a piece of paper
When you create your software wallet account, you will be given a private key and a passcode. These are both very important, as they provide you with access to your account. You should write these down on paper and store them in a safe place, like a fire-proof safe or lockbox. If you lose these, you will lose access to your account and any cryptocurrency stored in it.
Step 5. Add cryptocurrency to your wallet
The last thing you can do is purchase cryptocurrency to use, trade, or store in your wallet.
The beginner's guide to crypto wallets
When first getting started with cryptocurrencies, selecting the right wallet for your needs is essential. To best do this, you must know your goals for using the wallet.
What are you looking to use the wallet for? Are you looking to store a large sum of money or just a small amount? How frequently do you plan on accessing your funds? Do you need support for multiple cryptocurrencies or just one?
These are all essential questions that must be considered before selecting the right crypto wallet for you.
