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!

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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 or Cold?

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.

Hardware (Cold) ❄️

A hardware wallet (usually in the form of a USB device) acts a physical, portable key to safely access your crypto assets. You must have the physical hardware wallet and keep in good condition. If your hardware wallet is lost or damaged, you could lose your crypto 4ever! (Check this sob story to spook ya to safety.)

Paper Wallet 📄

We’re not (personally) big fans of paper wallets but they don’t hurt as backup. Essentially, paper wallets are pieces of paper that you write or print the keys and / or your access QR code on. (Groundbreaking definition, are we right?)

Keep these in a safe or secure place witches! Anyone who can access these papers can access your entire wallet at any time.

Most Popular Wallets

A personal choice babe

Cold Wallets

  • LEDGER, trusted by over 4 million customers
  • TREZOR, offline backup for coins available in case you lose / damage your hardware

Hot Wallets

  • EXODUS, offers desktop, mobile, and hardware crypto wallet options. Supports over 100+ cryptocurrencies
  • METAMASK, offers desktop and mobile software wallets. Supports Ethereum-based tokens and NFTs only (ERC-20, ERC-721)

For Beginners

  • We love COINBASE Wallet for beginners. Definitely important to mention, the wallet is a different app than the COINBASE exchange app, so make sure you are using the wallet app after you purchase from the exchange app to keep your crypto safe

Pro Tips

Be cautious when transferring your crypto
  • Only purchase a hardware wallet from an authorized seller, otherwise the wallet’s seed phrase may be compromised, and your funds could be stolen
  • 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
  • Don’t forget to check that your asset is supported by the wallet you choose before you send your cryptocurrency there or you could lose your cryptocurrency!

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