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Make ETH Deposits, My Gloss is Poppin’
You asked, we answered. 💋 Here’s all the info on everything crypto wallet-related you asked us last week!
Have a blockchain-related question? Visit us on Instagram and ask away in our stories, comments, or DM. We’ll post the answers.
What’s a crypto wallet 👛 and why do I need one?
A cryptocurrency wallet stores your public + private keys required to access your cryptocurrency. Each type of wallet has specific types of crypto assets it supports, so it’s important to ensure your asset is supported by the wallet you choose before you send your cryptocurrency there … or you could lose it 4ever!
There are several different types of wallets. Each wallet has a public address and private key. (Never share your private key with anyone.) A software wallet can be hosted on desktop or mobile (accessible from any device with internet). A hardware wallet stores your public + private keys on a hardware device — meaning it’s less vulnerable, as it cannot be hacked online.
If your crypto is not staked on an exchange and / or you are not planning on trading in the short-term, the safest place is always to hold it in a wallet.
Different types of wallets
Hot Wallet vs. Cold Wallet
It’s easy to tell these apart (we promise). A hot wallet is connected to the internet (and therefore more vulnerable to online attacks + hacks). A cold wallet is not connected to the internet, making it more secure though less convenient, (depending on how often you are moving funds in and out.)
Software (Hot) 🔥
A software wallet sits on your computer’s hard drive and provide a digital signature to authorize each transaction. MetaMask is an example of a software wallet, and can live on both mobile + desktop.
