How do I get a Cryptocurrency Wallet Podcast
Understanding Cryptocurrency Wallets
A cryptocurrency wallet allows you to store, send, and receive cryptocurrencies on the blockchain. Before selecting a wallet, it is important to understand the different types available and how to set them up.
How to Get a Crypto Wallet
The steps to acquiring a crypto wallet depend on the type you choose. Here is an overview:
How to Get a Software Wallet
Software Wallet (Hot Wallet): A software wallet is a browser-based or mobile app-based wallet. There are two types: custodial wallets and self-custodial wallets.
Custodial Wallet:
- Description: In a custodial wallet, a third party holds your cryptographic private keys and securely stores your funds. These providers are often regulated like traditional banks.
- Setup:
- Download the wallet application to your phone or visit the web browser.
- Create a username and password to secure your account. Follow the specific setup steps provided by the wallet.
- Note: You will not receive the private key; the provider has custody of it.
- Common Providers: Coinbase, Gemini, Crypto.com
- Limitations: Custodial wallets cannot be used for trading on Goblins or other DeFi applications.
- Tip: Do your own research to find the best custodial wallet for your needs.
Self-Custodial Wallet:
- Description: In a self-custodial wallet, you alone hold your cryptographic private keys and are responsible for securely storing them.
- Setup:
- Download the wallet application to your phone or visit the web browser.
- Create your account and write down your recovery phrase in a secure location. This phrase is crucial for accessing your wallet if you forget your private keys.
- Connect your fiat funding source to your wallet. Options for converting fiat to crypto vary by wallet.
- Common Providers: Metamask, Coinbase Wallet, and Rabby Wallet.
- Tip: Do not share your recovery phrase with anyone. Conduct thorough research to find the best self-custodial wallet for you.
How to Get a Hardware Wallet
Hardware Wallet (Cold Wallet): A hardware wallet is a physical device that stores your cryptographic private keys offline. It is a type of self-custodial wallet.
Setup:
- Purchase a hardware wallet directly from the manufacturer to ensure it is brand new.
- Follow the setup instructions provided with the hardware wallet or on the manufacturer’s official website.
- Save your recovery phrase securely. Most hardware wallets provide materials to help you save this phrase. Remember, if you lose your private keys or recovery phrase, no third party can help you access your wallet.
Common Providers: Ledger, Trezor, and Safepal. Tip: Do thorough research to find the best hardware wallet for your needs.
After Setting Up Your Wallet
Once your wallet is set up and you have purchased tokens, you can connect your self-custodial wallet to the Goblins Ecosystem to store, send, and receive cryptocurrency securely.