You are currently viewing What is a Crypto Wallet?  |  Metaverse 101 |  by GushiLand |  Coinmonks |  Sep 2022

What is a Crypto Wallet? | Metaverse 101 | by GushiLand | Coinmonks | Sep 2022

As we have seen in previous stories, blockchain and the metaverse are transforming certain aspects of our world, particularly the economic one. However, in order to move safely and effectively in this new digital universe, you need to know where to start. That is why today we are going to talk about Wallets for cryptocurrencieswhich are essential to be able to start buying and selling coins and NFTs.

If you are still wondering what is an NFT, check out our story:

A cryptocurrency wallet is a digital wallet that allows you to store in your virtual pockets all the digital coins and NFTs in your possession. More specifically, it is a software that can store and process the data of the aforementioned crypto currencies. A Wallet can either be stored on your computer using specific apps, or it can be linked to one of the many online platforms that offer this kind of service. There are also various hardware products on the market (pen drives or SD memory card) that lets you have a physical Wallet to be always carried with you.

Regardless of the form it takes, the Wallet embodies several important functions. First of all, it allows you to manage the sale, purchase, exchange, and custody of your cryptocurrencies in exactly the same way that a bank account would do with a traditional currency. In addition, a Wallet can securely store the codes that identify all your shares and holdings within the blockchain (if you want to learn more about how the blockchain works, click here).

To be able to quickly use a Wallet, the easiest option is to rely on one of the many online cryptocurrency services. Among other things, these online Wallet services allow you to retrieve your coins from any device by entering a specific access code, again, functioning similarly to a bank account

To have your own Wallet for cryptocurrencies all you need to do is to connect to one of these platforms and create a new one. It is important to remember that Wallets, unlike bank accounts, are completely anonymous and allow for monetary exchanges without the need to provide any personal information. In fact, to register for a Wallet it is only necessary to provide an email address.

When the Wallet is opened two codes called “keys” are born. The first key is linked to the Wallet password and it enables the Wallet recovery. It is essential to not disclose this key to anyone, otherwise other people could gain access to your wallet and use your currencies without your consent. Moreover, this key should not be lost because without it you will No longer be able to recover your cryptocurrencies.

The second key is called “public key” because it is a code that can be transmitted to authenticate the purchase and the sale of cryptocurrencies. Its working is similar to IBAN codes of the more common international bank accounts.

In practical terms, the cryptocurrencies in our possession are not directly stored within the Wallet (just as banknotes are not directly stored within the owner’s bank account). However, a Wallet is able to interact with the various blockchains by storing within it the data of the currencies in our possession, allowing us to use them as if they were in our hands.

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It is necessary to choose our Wallet on the basis of which one suits our needs better, just like when we are choosing our bank.

There are many Wallets you can use, but although they may look similar, they have differences that should always be considered. First of all, you need to consider the level of security of a Wallet: providers with poor levels of protection will more likely be subject to hacker attacks that could put you at the risk of losing your money. In addition, you should also choose your Wallet Considering the cryptocurrencies you are interested in purchasing. Each cryptocurrency and each NFT as a matter of fact can travel on different types of blockchain that need different Wallets.

Algorandfor example, is currently one of the most reliable and eco-friendly blockchain ecosystems in the world and relies on Pera Wallet for a fast, secure and open-source cryptocurrency exchange service.

The GushiLand ecosystem, However, it will shake up the concept of Wallet. By registering to our marketplace you will receive a virtual Wallet based on the Algorand network. You will immediately be able to get your Gushi and manage your Play2Build rewards, without tedious setup or difficult steps. If you wish, you can also export your Gushi to your personal Pera Wallet.

Playing a cryptogame has never been easier!

With this article we hope to have given you the tools you need to understand and be able to use a cryptocurrency wallet. Is there anything else about Wallets you would like to know? Do you know any other reliable Wallets you would like to tell us about?

GushiLand is a new blockchain gaming experience on Algorand. Strategy, action, and fun in a play-to-build ecosystem approachable and profitable for both casual gamers and pros. Discover more in our first story.

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