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What is a wallet

Brief Introduction​

A crypto wallet stores something critical for accessing your crypto: cryptographic keys. These keys come in two parts:

  • Public key: This acts like your account number. It allows others to send you cryptocurrency.
  • Private key: This is like your PIN. It's essential for keeping your crypto secure and allows you to spend it.

Type of wallets​

  • Hot wallets: These are software applications you can access on your phone, computer, or online. They're convenient but can be vulnerable to hacking if not chosen carefully. We suggest you to choose either (Token Pocket)[https://www.tokenpocket.pro/] or (Trust Wallet)[https://trustwallet.com/]. For Cosmos ecosystem, we suggest you to use (Keplr)[https://www.keplr.app/].
  • Cold wallets: These are offline devices like USB drives or even just paper printouts. They provide the ultimate security for your crypto holdings but can be less convenient to use for everyday transactions.

Be careful​

There can be multiple blockchains for a single cryptocurrency, and choosing the right one is crucial for a successful transaction.

  • Different blockchains, different coins: While some cryptocurrencies exist only on their own unique blockchain (like Bitcoin on the Bitcoin blockchain), others can be implemented on multiple blockchains. For example, Ethereum itself has a blockchain, but there are also versions of Ethereum tokens existing on other blockchains like Binance Smart Chain (BSC).
  • Compatibility is key: When sending crypto, the chain type needs to match the blockchain network where the receiving wallet resides. Sending a coin on the wrong chain type will result in the transaction failing or even getting lost.

Be careful if you are trying to send tokens.

  • Double-check the receiving wallet: Most wallets will clearly indicate the supported chain types for their addresses.
  • Consult the exchange's documentation: The exchange you're using should provide information on supported chain types for each cryptocurrency.
  • When in doubt, ask! If you're unsure, it's always best to contact the exchange's support team for clarification.