Basic Of Crypto Wallets | Online Cryptocurrency Wallets

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BASIC OF CRYPTO WALLETS

• PLATINUM CRYPTO ACADEMY

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BASIC OF CRYPTO WALLETS

• Crypto coins are digital currencies.
• You need to adopt a fully different approach,
  when you make up your mind to buy and store it.
• When cryptos do not survive in physical form,
  technically those could be kept at anywhere. As
  an alternative, the private keys get used to
  accessing your public Bitcoin address and get
  signed for transactions, which need safe storage.
  
• As a matter of fact, the combination of the
  beneficiarys public key and your personal
  private key make the crypto transaction feasible.

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How does the wallet of Cryptocurrency work?

• First of all, it is not possible to store
  cryptocurrency in a wallet.
• A private key is all that gets assigned to you
  and your wallet. The private key is the secure
  digital code, which only you know. 
• The private key has the ownership of a public
  key, which is a public digital code with an
  access to a particular amount of money. So your
  wallet has private as well as public keys.
• And this allows you to send and get coins while
  acting simultaneously as a personal ledger of
  transactions.

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KNOW ABOUT THE CRYPTOCURRENCY WALLET THAT SUITS
YOU

• You would always get the advice for using an
  official or officially endorsed wallet for any
  particular type of coin.
• For example, you could simply use Bitcoin core
  wallet for Bitcoin.
• For Litecoin, you could use Litecoin core.
• You would also have universal crypto wallets and
  multi-coin wallets. You could have multi-coin
  wallets like Holy Transaction or Coinomi.
• You could also have custodial wallets and there
  you do not have the direct control of your
  private keys. And offline hardware wallets also
  exist like TREZOR and Nanos.

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HOW DO YOU USE IT?

• You need to log on to the particular website and
  download the officially endorsed wallet from the
  website.
• You could then sign up for a custodial wallet
  service. Coinbase is an instance. That service
  handles a wallet and it makes an exchange with an
  account.
• Then you would need a hardware wallet like
  TREZOR.
• Else, you could make use of a universal software
  wallet.
• As a matter of fact, you could choose from a wide
  variety of best cryptocurrency wallets, which are
  available with various pros and cons.

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TYPES OF WALLETS

• Wallets on your cell phone
• Such wallets function as apps on your phone,
  making use of an internet connection. Functioning
  efficiently, these could store your public and
  private keys online.
• Online wallets 
• You could download the app on your desktop, web
  app, or in-browser extension. After getting
  downloaded, you could use it anywhere if you have
  an internet Connection.
• Hardware wallets
• If you have a special device like mini-computer,
  it also could get used as a wallet. It could
  interface with online best crypto wallet without
  the involvement of an internetconnection.
• Paper wallet
• Paper wallet consists of keys on a piece of
  paper. This could get stored anywhere without the
  necessity of making it online. This wallet gives
  only the important essentials without any price.

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THANK YOU.