Types of Crypto Wallets

  • Here, you can store over 1000+ types of different crypto currencies.
  • But you can only have 3 apps installed at a time for access, eg- BTC, ETH, RIPPLE.
  • You can think of it like a mobile phone, where you can have 3 diff apps installed at a time.
  • Its database got hacked once and all Ledger nano s wallets got compromised.
  • It’s similar to Ledger Nano S, the only difference is that it is compatible with both IOS & android devices.
  • Its design is a bit smooth & sleek & twice the price of Ledger nano S.
  • Can give 8+ hours of battery backup once fully charged.
  • Similar to Ledger wallets but doesn’t support any mobile app.
  • Also it’s made of plastic & is more expensive than Ledger wallets.
  • More reliable, since it has never been compromised unlike Ledger nano s.
  • You don’t have access to private keys, seed phrases, CEX has it.
  • Here your-
  • Bank = Blockchain
  • Account no = Wallet address/Public addres
  • Online Banking apps = Wallets
  • Login Credential = Private Key & Seed Phrases.
  • You don’t get access to your private keys on CEX wallets, CEX owns them.
  • Therefore it’s recommended to not keep a lot of your crypto on one exchange.
  • Eg- Binance, Coinbase etc.
  • Better security because you have access to your private keys & seed phrases & wallet address.
  • If you delete the extension without storing the private keys , seed phrase, your funds are gone forever.
  • Eg- Trust wallets, Metamask.
  • It’s a very common scam these days.
  • In this, a lot of tokens are air dropped into the wallet.
  • But when you try to sell them over DEX, you basically have to approve the token contract.
  • By doing that you basically are giving access to that contract to access your funds & they drain out your wallet.
  1. Not secure.
  2. Not an official site.
  3. Then you might lose your funds FOREVER.
  1. Keep a track of what you bought & what you didn’t.
  2. If you don’t remember buying something & it’s there in your wallet, you should- Never sell it. Change the wallet & move your funds there.
  3. Diversify your risk by having- Multiple different wallets.
    Multiple different devices.
    Multiple different bank accounts.
  4. Use different exchanges.
  5. Never ever share your seed phrase, private keys with anyone, if you want to then- Never use apps which aren’t end to end encrypted.
    Never use apps which store data over a cloud.
    A good alternative is the “Signal” app, but not whatsapp because it stores data over cloud.
  6. Use a random generator to -
    Generate email id username,
    Generate password ( of at least 16 characters, 32 recommended)
  7. Never take screenshots, pictures of your wallets, seed phrases, private keys etc.
  1. Using hardware wallets helps because your keys are stored offline on the device and only you can sign the transaction.
  2. You can use a trust wallet wherein you can have upto 10 different wallets with unique seed phrase & private keys.
  3. Rather than having multiple wallets linked to a single seed phrase/private key.
  1. Use etherscan, bsc scan & tin.network to check funds in your wallets instead of opening your wallet.
  2. Ledger NANO S was recently compromised, therefore we prefer LEDGER NANO X & TREZOR wallet.
  3. Once you have your seed phrase & private key generated, it’s recommended to back it up over a hardware wallet, so that only you can sign the transaction now.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store