Bitcoin-Crypto Tech

What is a Crypto Wallet?

A Crypto Wallet Is a Viewer That Shows Your Balance and Transactions on the Global Account Ledger.

Crypto Wallet Basic Tutorial. Simplified Concepts.

Security 101: Don't Give Out Your Private Keys.

Security 101: Practice With Small Amounts First.

Q: What Does a Crypto Wallet Do?

A: Your crypto wallet is a software program such as AtomicWallet.io or Exodus.io or InternetMoney.io. The wallet shows your account balance and historical transactions.

Q: Is My Wallet My Accounting Ledger?

A: No. Your wallet is a window into the blockchain. The blockchain is the global accounting ledger.

A: The blockchain, or global accounting ledger on the internet, is kept on thousands of computers world-wide. You can use a block explorer to lookup transactions.

Q: How does my wallet get the accounting data? A: Your wallet is a global blockchain reader-viewer. The wallet reads the global accounting ledger on the internet (the blockchain) searching for address transactions that belong to you. It displays the cryptocurrency (coins or tokens) and values associated with your transactions.

Q: What Keeps My Wallet Secure?

A: Cryptocurrency (crypto) transactions are managed using two keys, a public key and a private key. For example, your wallet will have two keys for Litecoin. Anyone can send Litecoin to you using the public key. But only you can unlock and send Litecoins using your private key. Never share your private keys.

A: Your private key gives you access to your cryptos. Only you have access to your private key. Never share your private keys.

A: The private key and associated password let you view your wallet account balance. The private key is encrypted. It is a long series of numbers and characters. Never share your private keys. Anyone with your private key has access to your account and could steal your cryptos.

Q: Where Do My Cryptos / Coins Live?

A: Your coins are not on your computer. Your coins live on the blockchain, a specialized network of public internet computers.

Your private key gives you access to the encrypted coins on the internet network. This is why hackers want your private keys. It gives them access to your account. This is also why it is so important that you keep your private keys private and create a backup.

One method for Cold Storage or Offline Wallet Storage is that your private key can be printed on a piece of paper only you have access to. This can be inconvenient in terms of spending, so a more convenient method is a desktop wallet (Atomic Wallet, Exodus) or a USB wallet storage device like Trezor.

Q: What Is The Most Secure Type of Wallet?

A: There are different types of crypto wallets: online, on your phone, on your laptop, on a USB thumb drive and paper wallets.

A: The most secure crypto wallets are a paper wallet or a Trezor or KeepKey, Ledger and SecuX wallets (USB sticks or thumb drives with extra programming.)

Q: How Do Wallet Keys (Addresses) Work?

A: This is just a short summary of basic concepts. Your wallet (account) is unlocked or locked (opened and closed) by a password and a set of keys. The key combination or set includes a public key and a private key.

The password is only used for the wallet. The keys can be moved and are only used for the coins.

A key (address) is simply a long string of alpha-numeric characters. Keys come in sets; a public key and associated private key. Whoever has the private key has access (owns) the coins/account. Used together, the public and private keys can be used to move cryptocurrency coins to another wallet or address.