LUCKY'S CRYPTO GUIDE FOR BEGINNERS
PART EIGHT
Welcome to Lucky's Crypto Guide For Beginners, a Steemit based tutorial series geared towards making everything crypto understandable to the average person. My goal is to able to educate anybody to the crypto world, giving them the tools and knowledge needed to successfully trade or invest in cryptocurrencies. All knowledge obtained in this manual is essential to your activities with anything blockchain related, including this platform itself. In this article I am going to explain what a cryptocurrency wallet is and briefly explain how it is used.
WHAT IS A CRYPTOCURRENCY WALLET?
The crypto wallet is the single most essential tool for any individual in the crypto world. The wallet is the hub of your crypto activity in most cases. The wallet is where your equity and assets come and go at your command. The wallet is a place to safely store your cryptocurrency and a place to hold your equity. All of these summarize the cryptocurrency wallet and explain what it is, but this is only the beginning. In this article I am going to briefly discuss and break down the basics on the crypto world's biggest asset and most widely used tool, the crypto wallet!
Much in the same principle as your traditional wallet that you carry in your pocket (or purse), a cryptocurrency wallet is used to store your digital assets, aka cryptocurrency. Unlike your everyday wallet, a crypto wallet in most cases is not a physical object and comes in the form of a well coded application or computer program, called a software wallet. In some cases, individuals purchase a wallet in the form of a flash drive, as seen in the photo above, which is called a hardware wallet. Because the wallets only store information and codes for digital currencies, you never have to worry about running out of space or hypothetically making your wallet so fat it won't close (though the idea sounds lovely). Let me not forget that in some VERY rare cases, a coin holder may keep a paper wallet, physically writing down every single piece of code and information they require, then storing in a safe place. A crypto wallet is an essential portion of the entire crypto world and is the only way to store your various currencies.
Though there are only three main ways in which people store their crypto, there are hundreds of individual crypto wallet types and brands in existence, much like today's traditional wallet. The main concept and function remains the same despite any company's enhancements or additional features. To summarize, a wallet is where one moves their crypto to and stores it. They also utilize the basic coding of the wallet to send and receive additional cryptocurrency, making it a hub for their assets.
To give a quick and basic run down on how a crypto wallet works, I will give a couple of brief examples. To receive currency on their wallet, one would offer their wallet ID to another source, who would then issue a withdraw from their wallet ID that will deposit into you wallet. As stated, each wallet has an ID, so you and others can identify your particular wallet from the millions of others in existence. Note - you will NEVER find a duplicated wallet ID due to the complexity of blockchain technology. One may also receive crypto from other sources, such as mining or "airdrops", which are typically either sent directly to your wallet ID or manually deposited from another wallet to yours.
On the same note, to send money from your wallet to another, you would basically reverse the above mentioned process, with you locating the recipient's wallet ID and issuing a withdraw from your wallet set to deposit into their's. Easy as pie, and pretty fast if I also may add. Unlike credit card transfers, which can take days to clear, crypto transactions resolve typically in no longer than an hour! That's it in a nutshell. These are the basic concepts on using a crypto wallet.
Congratulations, you just learned the beginner's essentials on the cryptocurrency wallet!
That wraps up my brief yet informative beginner's guide entry on crypto wallets. As you can see, these are an essential tool used every single day in the world of crypto, so understanding them is very key. Given the complexity of the crypto wallet, I will be doing a couple more pieces on these which will break down the various forms and applications of wallets, as well as provide insight into what may best suit your individual needs. Thank you for reading this article, please send me anyone you feel may benefit from reading these entries. Knowledge is power and one of the best tools you can utilize in trading! Remember, the more you know, the more you grow!
Have any questions? Feel free to ask them in the comments portion below! I will answer any you may have to the best of my ability!
JOIN MY EMAIL LIST FOR AUTOMATIC ALERTS AND NEWSLETTERS AT [email protected]
FOLLOW ME @TERMINALLYILL TO READ MORE THOUGHT INVOKING MATERIAL ON CRYPTO, MUSIC, ADDICTIONS/RECOVERY, BUILDING THE COMMUNITY AND MUCH, MUCH MORE!
TO LEARN ABOUT INTRIGUING WAYS TO HELP THE STEEMIT PLATFORM GROW BY INTERACTION WITH NEW USERS, FOLLOW US @GREETERSGUILD!
DO YOU OR SOMEONE YOU KNOW SUFFER FROM ADDICTIONS OR LIFE STRUGGLES? VISIT @BREAKTHECYCLE FOR 24/7 SUPPORT. WE ALSO ARE LOOKING FOR VOLUNTEERS AND SUPPORT FOR THE INITIATIVE! STOP ON BY!
So many wallets to choose from, I have to confess I like Coinbase for the two factor authentication but it doesn't get great reviews in general. All the software wallets you can download for specific crypto's can work well but generally require a pretty decent spec computer and high speed internet for decent usage.
Good round up overall, I'm enjoying this series and it is very useful.
#thealliance
Thank you @c0ff33a, I really appreciate not only your support but the shout outs in your vlog. You are a pillar to this community for sure.
Have you tried Binance yet? I am pretty happy with them. In all honesty, I left CoinBase due to issues depositing and such. I was flagged for using my own credit card AFTER passing their lengthy verification process. Mind you, they took the money, just took it upon themselves to dictate when I'd receive what I paid for. By the time it cleared, I lost half of what I was going for due to fluctuations in the market. Needless to say it was a bitter taste for me. The only issue I have ever had with Binance was the shutdown they had in Jan for a few days to update their system. Aside from that, low fees, reliable and the app is slick. If you ever want to join them, please let me know so I can give you a referral link ;)
@c0ff33a, I am assuming I was removed from the alliance playground? I know i was inactive the past few weeks, but have done my best to keep up. I kind of feel a bit shafted being nobody said a word to me, they just booted me. Can you possibly provide some insight? I am on Discord as LuckyDev#1969
awesome work as usual @terminallyill 🙌
haven't stopped by in a bit thoughy I'd drop in and throw an upvote your way 😜
Thank you @amariespeaks!
Break it on down!
Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 12 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.
I upvoted your contribution because to my mind your post is at least 24 SBD worth and should receive 80 votes. It's now up to the lovely Steemit community to make this come true.
I am
TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!Have a nice day and sincerely yours,
TrufflePigThis post proves to be a worthy post for the #greetersguild initiative, bringing knowledge, people, and resources together for new users to succeed on the steemit blockchain. Support @terminallyill the visionary behind this cause and whom summoned me to upvote your post.
That being said…
Investors who delegate SP to @thundercurator are entitled to 75% of @thundercurator income after curation. Get on-board early and grow with us!
Great info here bud! Im really not crypto savy to say the least! I did put a measly $25 for bitcoin through Coinbase when bitcoin dropped and its up to a measly $30 now! lol Oh well!
Congrats bro for your highly informative series of articles! Tip! I use and recommend to everyone a hard wallet like the ledger that you represented in the first pic. The nano s ledger is solid and great customer care and, guys.. you totally need to safeguard your crypto: hacking is real!
Hi @terminallyill! You have received 0.1 SBD tip from @f3nix!
@tipU is looking for SP delegators: pays out 100% of profit to all investors - more info here.
This is good info! I haven't invested in crypto yet because I've been holding back from a lack of knowledge. I'm going to read this series from the beginning. Thanks!