What is a Crypto Wallet, and How To Use Them

What Is A Crypto Wallet?

  • The account balance of a crypto-fiat exchange
  • Flash drives and similar storage devices
  • Browser extensions
  • A Bitcoin ATM
  • Mobile apps
  • A public key: This is a public long alphanumeric code you can share to receive payments
  • A private key: This is a secret alphanumeric code used to access your wallet. Each network has the same private key. To keep your wallets safe, never share this code.

Crypto Wallet vs Digital Wallet

  • Digital wallets (or e-wallets) typically have a single currency and financial network (“ACH” for the USA, “SEPA” for the EU…). There’s also a central authority that controls and provides the wallet (banks, institutions)
  • Simple crypto wallets refer to all variations excluding WEB3 dApps (more on that later). These don’t belong to any particular blockchain ecosystem. Instead, you get an index of cryptocurrencies approved by the company behind the wallet. The tokens you’ll find are probably CoinMarketCap’s Top 50 coins, Bitcoin-Ethereum forks, and sub-projects.
  • Decentralized crypto wallets (crypto wallets) allow users to switch among multiple networks. Even though there are 1000s of utility tokens, many cryptocurrencies are exclusive to their native blockchain. Decentralized wallets are somewhat like having balances from different banks, except they’re all on one platform.

How to Get a Crypto Wallet?

  1. Get Metamask. If you’re on a computer, find the extension (supported by most browsers). If you’re on mobile, download it from the app store.
  2. Open the app and click on create a new wallet.
  3. The app will generate the private keys in the next few screens: a seed phrase, a private key, and a QR code. Save the seed phrase and key somewhere safe offline, like a paper. You can use the QR to log in from different devices faster.
  4. The app may ask you to re-enter the seed phrase as a security check.
  5. Choose a username and PIN code.
  6. Re-enter the PIN code to complete your registration.

Types of Crypto Wallets

  • Format: Software or hardware? Web-based or desktop/mobile?
  • Authority: Custodial or non-custodial?
  • Connection: Online or offline? Hot or cold?
  • Generation: Web2 or Web3?

What Is a Hot Wallet?

What Is a Cold Wallet?

Software vs Hardware Wallets

Custodial vs Non-Custodial Wallets

What Is a Web3 Wallet?

What Are the Best Crypto Wallets?

Trezor: Best For ERC-20 Tokens

Ledger: Most Convenient

Metamask: Best Overall

How To Setup a Metamask Wallet

Common Metamask Questions

How to Connect to Pulsechain Mainnet

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A truly decentralized borrowing protocol that allows you to draw 0% interest-free loans against your Pulse coins. Non-custodial, immutable and no admin keys.