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What is a cryptocurrency wallet?
What is a cryptocurrency wallet?

Setting up a wallet is the most important first step of any crypto journey

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Written by Easy Crypto
Updated this week

๐Ÿ’กImportant Note:
The user assumes all responsibility and risk for the use of third-party services to store cryptocurrencies or virtual assets.
Do your own research (DYOR) before using any service as there are risks involved.
Easy Crypto will not be liable for any damages caused by the use of a wallet or exchange provider.

A cryptocurrency wallet is where your crypto is stored. It acts like a traditional bank account, but the difference here is that YOU are in charge of everything!
Choosing the right wallet is a really important first step as this is where your crypto will be stored and the security of this is solely your responsibility.
There are many different wallets, and they all have different functionality.
If you are considering purchasing multiple different coins, look for a wallet that is able to hold multiple coin offerings.
โ€‹A crypto wallet is simply an app, website, or device that manages private keys for you.

Types of wallets

Hot or Software Wallets

For small amounts of crypto, it's easiest to use a hot wallet.
These are called hot as they are always connected to the internet in some form. This makes them very easy and quick to use, so they are great when you need to keep your crypto on hand to take quick action.
These are really user-friendly options that you can run on both your phone and PC but ensure you back it up with the 12-24 word passphrase before you make your first buy.

๐Ÿ“–12 - 24 Word Passphrase or Seed Phrase:
A series of words used to recover or access your cryptocurrency wallet.
It's crucial for restoring your wallet in case of loss or theft.

Hot / Software wallets are available to download directly from official websites.
Visit the official Easy Crypto wallet website and click on the App Store or Google Play buttons to ensure you are downloading a legitimate copy of the Wallet.

For more information about wallets, please visit our learn articles: Wallets

These are often manipulated to lead people to fake wallet sites.

Cold Hardware Wallets

If you're storing more crypto for a longer period of time, ensuring you have great protection is very important.
These wallets are called cold hardware wallets as they are offline and a physical device, some examples are like the Trezor or Ledger Nano.
Just as with a hot wallet, you must record the seedphrase in case of loss or damage and can also add a passphrase for extra security.

Only purchase from an authorized retailer like Easy Crypto or directly from the manufacturer, however as we are locally based, we are often able to get them to you a bit quicker!
Check out our shop and your options here: Easy Crypto Shop

Do your own research into the different wallets you are looking at by checking the different coins or tokens they hold and what networks they support.

๐Ÿ’กIt's very important not to lose any of the passwords or passphrases for your different devices, so please have a read of our article on how to back them up.

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