Crypto Wallets
From Miscellany
Contents
Crypto Wallets explained
Public-Private Key Encryption
- A crypto currency wallet is essentially a public-private key protected file, paired with an application that manages the keys. The app will generate both a public and a private key which are associated with one another. Here is what a key looks like (example only, not a real key):
9e87525f8e42094781895327H83S8929Crd89E8ke5
Private Key & Seed Phrases
- The private key, as the name implies, should not be shared with anyone and is used to open the wallet. It is very important to keep that in a secure place, like an encrypted password app (I like 1Password, but there are others). Both keys are long strings of numbers, so it's unlikely you would be able to memorize them, but the apps also usually generate a random-seeming list of human-readable words that can be used to retrieve a wallet, called the "seed phrase". This should also be kept safe since it can be used to regenerate the private key.
Public Key
- The public key is a string of numbers you can give to someone else, or use at a crypto currency exchange, which is essentially an address where you can receive crypto currency. One important aspect of private keys is that most blockchains require that you can only transfer crypto currency into an account that matches the sending and receiving coin. So, if you want to transfer, say, ETH (Ethereum currency) from an exchange into your wallet, you need to use a public key that your wallet's app generates for that specific blockchain. If you try to send ETH to a wallet using a key generated for Bitcoin (BTC), it will be lost. In some cases it may be possible to retrieve incorrectly addressed currency by contacting someone who maintains the blockchain, but it is by no means guaranteed to succeed, so be careful and avoid the problem in the first place! Refer to the documentation for your wallet to see how to create a coin-specific public key to use.
A Selection of Wallets
MetaMask
- A crypto currency wallet that also serves as a gateway to blockchain apps (DApps), MetaMask is available as a browser extension or a mobile app.
Uphold
- A crypto wallet that also functions as an exchange for a broad selection of currencies, both crypto and fiat. Available on the Web or mobile.
Samsung Blockchain Wallet
- Available on Samsung Galaxy devices. Now includes handling for Decentraland Marketplace DApp.
