Crypto 101🚀 Part 2

Explaining cryptocurrency Wallets

Holdup 🖐 Before you start buying and mining digital coins left and right, there's an important question you need to answer: Where am I going to store all this crypto?

Without a wallet, you can't really do much with your cryptocurrencies – it's like trying to carry cash without a physical wallet or purse. Not very practical, right?

Now, there are different types of cryptocurrency wallets out there, each with its own pros and cons. Let's start with the basics:

📌Hot Wallets

These are wallets that are connected to the internet, like mobile apps or web-based wallets. Eg Coinbase Wallet, Binance wallet, MyEtherWallet They're super convenient because you can access your crypto on the go, but they're also a bit riskier since they're connected to the internet and potentially vulnerable to hacking.

📌 Cold Wallets

On the other hand, cold wallets (also known as hardware wallets) are physical devices that store your crypto offline. They're kind of like super-secure USB drives for your digital money Eg WalletGenerator.net, Exodus, Ledger Nano X While they're less convenient than hot wallets, they're considered much safer since they're not connected to the internet and harder for hackers to mess with.

So, how do you pick the right wallet? Well, it depends on your needs and preferences. If you're just dipping your toes into the crypto world and don't plan on holding massive amounts, a hot wallet might be fine for now like the Binance wallet app. But if you're serious about investing and want to keep your digital assets as secure as possible, a cold wallet is probably the way to go.

No matter which type of wallet you choose, the most important thing is to keep your private keys safe. These are like super-secret passwords that give you (and only you) access to your cryptocurrency stash. Lose your private keys, and you potentially lose all your digital funds forever. Scary Asf!

Follow @Sabine Nacci MV39 for part 3 coming soon🚀🫡

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