Ali Hoseini

Financial Consultant

Chartist Finance

Crypto Analyst


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Ali Hoseini

Financial Consultant

Chartist Finance

Crypto Analyst

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What is a wallet?

2022-02-20 Educational
What is a wallet?

The first step into the world of Digital Currency: getting to know what is a wallet! The world of digital currency is wide and you must educate enough to enter it. Otherwise, we recommend that you do not enter at all.

Because investing in the digital currency market without training will be nothing but a loss of capital for you. In this article, we will walk you through the first step to entering the world of digital currency, namely wallets.

What is a digital currency wallet?

One of the most basic things you need to know is how to use your wallet.

Like a physical wallet which is used to hold money, a wallet is used to hold and manage digital currencies. Everyone who buys and sells digital currency should have a wallet.

Digital currency wallets are not physical ones and the word wallet is just a modification.

In fact, you create an account and deposit or withdraw your capital through this account. When registering a virtual wallet, the service provider gives you a “private key”. In fact, you must protect your password well.

So the first step after entering the world of digital currency is to choose a suitable, safe, and secure wallet.

One of the features of the digital currency world is that everything is done virtually and there is no need to go to a specific place.

But there is a problem here. If for any reason, you forget your private key, or lose it or give it to someone who can steal it, your digital currency account balance will not be refundable and you have been lost your capital completely.

Most companies offering virtual wallet services are free and you can easily open a virtual account for yourself with ease.

Types of wallets in the world of digital currency:

There are different types of wallets, some of which we will mention below:

Web wallets

There are some websites where you can easily own a wallet with a few clicks. Even in some of these sites, you do not need to register and the process of receiving a wallet is simple.

Mobile wallets

Some companies offer wallets and other services in the form of applications that you can install on any operating system. In this case, accessing a personal account is very easy and you can manage your account anytime, anywhere just with an internet connection.

Desktop wallets

In addition to Mobile wallets, desktop wallets are software that you install on Mac, Windows, and other operating systems. So you can easily manage your account by connecting to the internet and by clicking a few buttons on your mouse.

Hardware wallets

You can use hardware wallets to manage your account and wallet, which are similar to flash memory and are called “tokens”.

These tokens are one of the safest wallets and you can easily connect them to any device and manage your account.

Offline wallets

The world of digital currency is such that you can even keep a lot of currency on a piece of paper.
All you have to do is print out websites that can make paper wallets.
Note that for the sake of security, be sure to put the printed paper in a safe place.

Different parts of the digital currency world

Above all, The world of digital currency has different topics which you must be sufficiently aware of to get succeed, in the future we will walk you through each of them in detail.

Read more: Zero to Hero Digital Currency Training

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