Secure and store cryptocurrenciesHow to keep your cryptocurrencies safe and store them
- To start investing in cryptocurrencies, the first thing you would need to do is to set up your digital wallet. In the cryptocurrency world , the term used is "wallet".- The wallet can be likened to a bank account, which can be stored in different devices.The reason you need to do this is because there are countless stories of people losing their cryptocurrencies. "I threw away $ 7.6 Million of Bitcoin " -Campbell Simpson,who bought $25 worth of Bitcoin in 2010, put it on a hard drive but threw the hard drive away by mistake - Safety is supreme here - you don't want to build up a small fortune only to lose it all.- A cryptocurrency wallet is a software program that functions to store your private and public keys and interacts with various blockchains. It enables users to send and receive cryptocurrencies as well as tracking their balance.
What is a Crypto Wallet?
Crypto wallet is a tool that allows you to manage your cryptocurrencies.Your wallet keep records and track of how much crypto currency you have.There are many types of crypto wallets. Some support different devices and some are specifically designed for a single device.Here we will see wallet which support in BINANCEFirst we need to understand what custodial and non custodial means Basically the wallet are divided in two categories which is custodial and non custodial wallet
What is custodial wallet?
A third party, like a cryptocurrency exchange, holds the user's private keys. Custodial wallets are generally easier to use and offer account recovery options, but users have less control over their assets and there's a potential for security risks.The custodian have control over your key which is sometimes less secure as hold by third party.
What is non custodial wallet?

The user is responsible for securing their private keys. Non-custodial wallets offer greater control, privacy, and security, but users need to manage their keys fully. If a user loses their keys, they could lose access to their wallet and its contents. You have total control over your funds but be careful with keys if you forget can’t be retrieved
Types of wallet 1.Hardware Wallet:-
Electronic device Cold wallet it operates offline and isn’t connected to Internet when storing and signing crypto currency transactions. Consider using hardware wallet if you plan to hold assets for long period or if you are holding large amount of cryptocurrencies
2.Software wallet:-
Comes in various forms like web,desktop and mobile wallet Hot wallet means they are connected to Internet - [ ] Web wallet- can be easily use on mobile phones and is non custodial,more convenient for beginners.- [ ] Desktop wallet-runs on computer ,provides full control over key .it is little crucial to ensure that your computer is free of viruses.
3.Paper wallet:-
In this a piece of paper on which a crypto address and its private key are physically printed out.Little risky . Not in trend now days
Why are crypto wallet important?
- As it promotes financial freedom and eliminates the need for intermediaries .Provides users with full control,ownership and accessibility
#BinanceAlphaAlert #beginersguide #SecurityAlert #AcademyCourse