Crypto may be a way to thumb your nose at the corrupt powers and institutions that control our monetary system, but that same independence comes with a higher personal responsibility for your property.
Securing your coins is the highest priority if you are going to be buying Crypto. If you think of it like a purse, and the coins you have in a CryptoWallet are like the cash you have in that pocketbook, would you feel secure leaving it at a mall and coming back to it later?
The answer is of course not, you keep it close to
you at all times. If someone steals your
cash it is GONE. There is no tracing it,
there is no insurance for the money you lost from your pocketbook. That is how Crypto works, the coins are
your responsibility so take them seriously.
Exodus is a user friendly online wallet I highly recommend. You can even swap coins within the wallet.
There are online and offline wallets, the online wallets store your Crypto in an easy to access database. Exodus, MyEtherWallet and Jaxx are three popular online or hot wallets. Remember, they are ONLINE and will keep your private key on their database. The fact that these are online makes them very easy to use but also gives criminals the ability to hack into your private keys.
Exodus and Jaxx both have exchanges within their wallets which is a great feature especially for beginners.
Trezor is an offline wallet where you can store large amounts of Crypto safely!
You should NOT store a large amount of Crypto on a Hot wallet. Cold storage is highly recommended for large amounts of Crypto.
Trezor, Ledger nano S and Keepkey are three easy to use cryptowallets and highly popular cold storage wallets. They are relatively cheap and the set up is a breeze. If you set up Trezor's desktop app is easy to use and Exodus can access your secure Trezor wallet for a one stop shop to see all your funds on their hot wallet.
As with the Exchanges, there are different CryptoWallets for different Crypto. MyEtherWallet specifically takes tokens set up for the ERC20 protocol. Theta token was an ERC20 token but changed to its own blockchain protocol and now uses the its own network and wallet to store its tokens.
Enjin, the mobile wallet which carries a TON of crypto coins for easy access
Download to your phone and check it out!
One of my favorite wallets is the Enjin wallet. This is a mobile (phone only) wallet but the private key is carried in your phone not on someone elses database.
This wallet has a TON of coins you can download and store. The most important thing is to have a good password for your phone! Also it is recommended that you call your phone provider and tell them that you are the only one who can make changes to your phone.
Once you have your wallet, you will need to load it with Crypto. Do NOT use your private keys for this. Never share your private key with anyone.
If you have a post office box, think of the private key as the physical key you open the box with. Think of the public key as your post office box number you give out so people can send you mail.
Knowing how to store and safely move your crypto from one application to another is a VERY important part of Crypto. When you first start sending coins from your wallet to an exchange or vice versa, I would suggest that you only send a small amount for the first transaction to make sure it goes through correctly. Even if it costs to send a little it may be worth your while if something goes wrong.
Also, check your public key and make sure the first 4 or 5 characters and the last 4 or 5 are the same as what you copied to your withdrawal box. Finally make sure you have a good antivirus software on your computer, something like Norton’s Antivirus is well worth the money.
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May 31, 20 05:17 PM