Home Cryptocurrency How to use a cryptocurrency wallet?

How to use a cryptocurrency wallet?

If you have BTC and want to transfer it to someone, we need to know the recipient’s address. We are aware that we sent it and it arrived. But the recipient will not be able to get it; he must have the same key as the email.

The difference between digital currency and mail is that the password cannot be reset or recovered here. You can’t just go to the locksmith to open the box. You don’t have a key; you don’t have a password – you don’t have access to your cryptocurrency. That’s why wallets were created.

We need a crypto wallet to store the keys, thanks to which access to money remains. Physically, all bitcoins are still online. They are assigned keys that ensure that the funds are exclusively yours.

Due to technological differences, certain currencies require unique wallets, which is essential to pay attention to. We can lose if we send cryptocurrency to a wallet that is not designed to store it. However, some wallets support various currencies.

Hot and cold:

  • A cold wallet works autonomously: it is cut off from the network, guarantees security, is not afraid of hacker attacks, and is suitable for large volumes.
  • Hot shopping wallet – it’s online. It can be on our PC, smartphone, or browser and therefore be accessible from any device. Reminds me of banking app. Hot wallets provide more convenience, but we risk losing money. 
  • Let’s explain one more thing: an exchanger is not a wallet; it’s a crypto-bank, an intermediary that gives a deposit box but a key. So be careful. Robbing a bank is every cashier’s dream.

We must also remember that we should not try to transfer cryptocurrencies to addresses on another blockchain. Bitcoins should not be transferred to an address owned by usdt buy credit card

Hot wallets

Desktop wallets are characterized by an average level of security but sumptuous comfort. The least secure operating system is Windows.

  • Bitcoin core. Created by Satoshi Nakamoto in 2009 with bitcoin. Original usdt wallet. It has a mobile version. Supported systems: Linux, Microsoft Windows, macOS + iOS, and Android. It downloads the entire Blockchain to the computer. 
  • Exodus. Simple, elegant interface, easy to use. Integrated with Shapeshift.io so you can exchange different cryptocurrencies on it. Supported systems: Linux, Microsoft Windows, macOS. 
  • Jaxx. Supports most of the popular Shapeshift-related cryptocurrencies. It has a mobile version for iOS and Android devices, integrated with the Google Chrome browser. Supported systems: Linux, Microsoft Windows, macOS + iOS, and Android.
  • Wasabi. It supports only bitcoin and is suitable for people who want anonymity. It uses the TOR network, and the transferred coins are mixed, making it impossible to trace the route. Transfer fees apply. Supported systems: Linux, Microsoft Windows, macOS + iOS, and Android.

Multi-currency and single-currency crypto-wallets

There are already several dozens of popular cryptocurrencies and more than one and a half thousand. Demand creates supply, and today you can download and use several multi-currency crypto wallets that work both on a computer and a mobile phone. Some of the multi-currency wallets are very well protected (in fact, they are cold – you can install them on a USB flash drive and put them in a safe). The other part is moderately protected; well, there are hot wallets (online) that captivate with their unsurpassed convenience.

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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.