❍ A coin wallet is a device, software or service that stores public and/or private keys that allow you to access your coins
❍ In a wallet, coins are stored on the blockchain at an identifiable address (EOA), which can be accessed using a public and private key.
➫ The wallet acts as an interface to access this address and manage your coins.
➫ If you lose your device containing your physical wallet,
You can retrieve the wallet using a seed phrase.
➫ A cryptocurrency address is like a safe deposit box and the public key is the box number, while the private key is the key to opening the wallet
➫ Hot versus cold wallets:-
• There are two main groups of currency wallets.
❍ Hot wallets (Metamask) are those that have a direct connection to the Internet. This wallet can be a mobile app, online provider, or desktop software.
❍ Cold wallets (Ledger) are portable devices that provide the ability to “hold” your digital money. Since you interact with assets offline, this option is more secure than hot wallets.
You don't need a cold wallet unless you have enough money to protect it.
Different block chains
There are many blockchains that have their own wallet solutions.
For example, @Metamask can only be used for Ethereum and other EVM-compatible chains
❍ The Phantom wallet is a good wallet for the Solana series for example but it can also be used for the Solana series.
➫ You should choose the wallet that is more secure.
➫ Of course, the first time you mention the wallet, @Trustwallet comes to mind
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