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General Run Down on Crypto Wallets

By: Jim Kroswell

How to Get a Crypto Wallet

A crypto wallet is something that you definitely need if you want to trade in cryptocurrency or if you want to hold cryptocurrency as an investment for your future. There are a few different ways to store your cryptocurrency. These are in the forms of wallets.

One way to store your cryptocurrency is through a physical wallet. An example of this is a Trezor. These are programs that are stored on physical devices that can resemble a kind of usb stick or larger date storage devices. You basically connect it to your computer and you will be able to transfer your cryptocurrency onto the device. The down side of this is that if you lose the device, then you lose your crypto. There are all kinds of stories of people storing a few bitcoins on their device and then losing the device and having to search through garbage heaps trying to find the device after their crypto goes skyrocketing. This seems to me to be a little bit risky.

The other way you can have a wallet is through a service that you sign up for and then then issue something called a seed phrase. Examples of these are Coinbase and Metamask. With these, you can download their program, create some sign in information, and the program will give you about 10 words to remember, this is called your seed phrase. You will basically sign into your software that is on your computer or phone, and then be able to access your crypto. You can always shut down your sign in account and just hold onto your seed phrase. This allows you to restart your account by downloading the software at a later date and entering your seed phrase, and be able to access all of your crypto again. The down side of this is if you lose your 10 words. If you lose your words, otherwise known as your seed phrase, then all of your crypto assets go down the toilet. Not so nice.

You can put all of your different crypto assets, otherwise known as coins or tokens or NFT, into your wallet. Your wallet will run on one of several systems. The big one is the bitcoin system. The other main one is the Ethereum system. Another is the SOL and BNB system. In order to trade your tokens you will need coins. That sounds confusing, but it isn't too bad. The Ethereum system has tokens. An Ethereum is a coin. There are several token in the Ethereum world. In order to trade tokens that belong to this system, you will have to pay fees in the coin, Ethereum. To buy or sell a token in this world, you need a certain amount of Ethereum coin. This is called a gas fee. And, as of right now, that could be as high as 20 bucks. It will go up in the future. You can count on that. This is why the price of the Ethereum coin likes to go up, because people need to buy it in order to trade tokens that belong to the Ethereum world. Even though you have a wallet, and you think that that was all you had to do, you have to know that you will also need to have these coins in your wallet in order to use your wallet. In order to trade tokens, you will need the Ethereum coin. This is to pay the gas fees. Essentially, gas fees are the amount of money that is used to make the whole system work. In order to buy and sell tokens that are in the BNB universe, you need the BNB coin so that you can pay the gas fees and thereby trade the tokens. You can do all of this from your wallet.

Cryptocurrency Exchange Wallets

Something that is not quite known is that you can trade from your wallet. But, you can also open an account on a crypto exchange and this can also be your wallet. They call this an exchange wallet. However, there is a common axiom in the crypto world and that is "not your keys, not your crypto." Well, what the hek does that mean! It means that when you have your crypto assets stored in your wallet, and you have your seed phrase, also known as your key, then you can always access your crypto. But, when you have your assets on an exchange wallet, then if the exchange goes belly up, then you may lost all of your coins. This is very sad. And has happened over and over in the crypto world, mostly because everything is new and whenever you have a new phenomenon, there are lots of players but not everyone lasts. A common example of this is the entire FTX fiasco.

A word to the wise, remember that paper tends to disintegrate over time. So, if you are going to write down your 10 words, that will allow you to access your crypto in the future, be careful about writing the words on paper. It is very easy to lose a little scrap of paper, and heaven forbid, some liquid spills on it and makes your pen scribbles illegible. So, be smart and store your words in multiple places. Some people have gone to the lengths of engraving their ten words on metal surfaces. I have seen videos online of people inscribing their words onto metal washers and then storing those washers on a long screw and closing it up with a bolt. There are some creative people out there. Do some research and be safe with your crypto wallet endeavors.

Also, whether it is a hardware wallet, downloadable program, or an online crypto exchange, try to stick with large companies. For example, Coinbase is great because not only is it a large company, they are actually a tradeable company on the American stock exchange. You can't get too much more trustworthy than that.

Cryptocurrency is not for the faint of heart. It is easy to lose big. Be careful with your investments and try to stick to large, publicly-traded companies. Always seek the advice of a financial counselor. Your money is valuable and you don't want to lose it.

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