Crypto Wallets 101
Do have accounts on Crypto exchanges.
Whole purpose of Crypto - "Be your own Bank"
Use Cases (add more):
Idea of crypto is all about decentralization.
- Now you have the complete responsibility to hold your own assets.
- It starts with a "0x..."
- If someone wants to send you money, you just need to give them your address.
- It's similar to a username/email in web2.
Private Key --- Seed Phrase:
- You shouldn't reveal it in any case.
- It's similar to your password in web2.
Seed Phrase is a way to remember.
If you can remember this seed pharse, you can recover your account anywhere in the world with the seed phrase alone.
You should keep this safe with your life.
You can use 1password manager to keep it safe.
- MetaMask (best for transaction)
- Rainbow (best iOS wallet)
- Ledger (hardware)
- Trezor (hardware)
Your assets aren't saved in wallet, but through that you can access them.
- You can have multiple wallets, they are free.
- Don't use any wallet you come across, don't use shady wallets.
- Don't enter your seed pharse. Keep it safe.
Simple rule to remember - Not your keys? Not your crypto.
Ans. Yes, they have. But they don't give you seed phrases. So, if tomorrow they get shut down, you will loose your assets. Hence, use one of these wallets too.
You can keep it on WazirX, but you can have MetaMask. You need later to buy NFTs.
- WazirX / Binance
- WazirX / Binance
- Cold Storage
- Rainbow / MEW
It's the freeze. You don't touch they money.
- Hardware Wallets
(You need to buy from only legitimate sources)
- Paper Wallets
It's a print out. You can generate it online. It gives public key, private key and seed phrase. Keep it in:
- Seed phrase on 1password
- MetaMask is how you interact with Blockchain.
- Watch MetaMask video
We are right now living in Web 3.0, the apps running on it are called dApps. To sign in to dApps you need some wallet like MetaMask. Some transations you conduct on ethereum network, requires you to pay gas fees.
You need to pay =
amount of that NFT +
Basically, its a fee you need to pay to send your transaction through the ethereum network. This money goes to the network. Miner get this money.
Etherscan: It's a blockchain explorer. You can see your transactions happening here.
pumpthegas: Can track the amount of gas fees.
Every crypto-currency have its wallet.
- Sign Up for WazirX, Binance
- Buy some $BTC & $ETH
- Move ETH from exchange to MetaMask
- WazirX => Binance => MetaMask
- Because WazirX => MM has fees, but WZ => Binance is free.
- Surf the decentralized web.
- Become a citizen of Metaverse.