![]() Long-term Bitcoin investors, for example, who plan to hold onto it for a period of time as a store of value may want the security of an offline cold storage wallet. Types of Crypto Walletsĭifferent crypto storage options can serve different purposes, depending on what you plan to do with your crypto. ![]() Using these keys, you can send or receive cryptocurrency while keeping your private key encrypted. “You would not want to give that to me because that would give me access to your account,” DeCicco says.Īs a purely digital currency, crypto isn’t directly held within your wallet instead, the wallet stores information about your public and private keys, which amount to your ownership stake of the crypto. These people usually view your public keys as a wallet address - a hashed, or more compressed, version of that public key.īut a private key is like your bank account password or the PIN to your debit card. You can share it with other people or institutions, so they can send money to you or take money from your account when you authorize it. “Really all you need to transact in crypto is two things: your wallet address, which is also called your public key, and then your private key,” says Nicole DeCicco, founder of CryptoConsultz, a consulting practice for individuals and organizations learning about crypto and blockchain technology.Ī public key is like your bank account number. ![]()
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