Wallet
Good-to-know information about crypto wallets
Last updated
Good-to-know information about crypto wallets
Last updated
A crypto wallet is useful for those who want to store, transfer, and exchange cryptocurrency. It is like a digital wallet: you can see past and real-time transactions.
Crypto wallets save sets of your crypto keys that are essential for regular transactions. These private keys can help in sending, receiving, and keeping track of your cryptocurrency and ownership thereafter.
Unlike traditional bank accounts, you have an option to select mobile applications or computer programs as your wallets.
The wallet address is a set of unique alphanumeric strings and assigned only to the wallet-holder. It is similar to any regular address used to exchange cryptocurrencies or NFTs. It is impossible to make a transaction without having a wallet address.
Unlike the private key, you can openly share your wallet address just like you'd share your email address.
To find your wallet address, choose one option from the following:
Option 1:
Open your MetaMask Wallet and select your Account. You can copy your wallet address by clicking on the alphanumeric string and use it further by pasting the already copied wallet ID where required.
Option 2:
Open the 3-dot menu and select Account details.
2. The account details will pop-up. You can use either the QR code or the wallet address by copying the ID.
The hardware wallet is a physical device much similar to a private key token (such as RSA token). It holds the private key required to access your account on the blockchain.
Since the hardware wallet doesn't require to be connected to any digital device such as computers, chances of your account being hacked are low. Hence, the hardware wallet is widely considered as the preferred way of keeping your private keys and account safe.
However, the major downside of the hardware wallet is the cost involved; it can go hard on your pocket to buy and maintain a hardware wallet. In case you lose your hardware wallet, only the wallet's seed phrase can be used to access your account from then on. Consider yourself lucky if you have saved or written that seed phrase and kept it safe.
Web wallets can be easily accessible using your computer (using a browser extension for instance) or mobile applications. Web wallets are extremely convenient to use. You can transact, check your account balance, and manage your account on the go.
You are required to enter credentials to access your wallet. You must strictly keep your passwords safe at all times, especially, the seed phrase. Do not share this confidential information at any given situation. The Parex team will never ask you for your password or seed phrase.
Mobile applications and browser extensions can be used to manage digital private keys.
