Guide to wallets

If you own or looking to trade crypto, you will need something to store your coins and tokens in. Wallets are the software programmes that store and facilitate the sending and receiving of coins and tokens. These wallets can be hot (online) or cold (offine). The hot wallets are hosted on a website, whereas the cold wallets are installed directly on users’ desktop or mobile device or can be a portable physical device known as a hardware wallet. You will also receive exchange-hosted wallets when you set up an account on an exchange.

When you set up a wallet, you will be provided both a private key and public key. Private keys are the alphanumeric password used to access your wallet, whereas the public keys are the which is used to send your cryptocurrency to another address. Most web and mobile wallets store your private key by encryption on their servers.

In order for the person receiving the coins/tokens you sent, their private key must match the public address that you sent them to. When they successfully match a transaction is made and a hash is created on the blockchain. This transfer is public and irreversible.

The most popular Wallets are as follows:

Leger Nana S

Trezor

Matamask

MyEther wallet

Cipher

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