Crypto Wallets, Explained

Wallets and Portfolios
Post Reply
User avatar
Site Admin
Posts: 1271
Joined: Tue Feb 20, 2018 12:04 pm
Location: East Coast

Crypto Wallets, Explained

Post by howlermunkey » Sat May 12, 2018 8:28 am

What is a crypto wallet?
A crypto wallet is a piece of software that enables you to send and receive cryptocurrencies, such as Bitcoin.

They can be used to store multiple tokens and coins at once – however, most wallets will only support a limited number of cryptocurrencies.

Wallets are used to store something known as private keys: long hexadecimal codes known only to you and your wallet. They must match with a public key so you can spend your money.

Wallets come in many forms. They can be stored on hardware which is occasionally connected to the web to perform transactions (some people keep them in bank vaults the rest of the time) – you can even write the keys down on a piece of paper, which is one method of “cold storage.”

Hosted wallets are akin to traditional banking apps. You can access your balance on multiple devices, and your funds aren’t gone forever if you lose your phone or forget your password. ... -explained

Posts: 2
Joined: Thu Jan 03, 2019 7:09 am

Crypto Wallets Explained

Post by accecdody » Thu Jan 24, 2019 1:44 pm

Hello all, I was wondering if I could get some help with wallets and buying bit coins.

I have a friend who has got this crypto virus and its encrypted all of his personal documents. He doesn't have a backup of his data which i have told him many times he needs to do.

He has decided to pay the ransom for the software to get his files back, I have explained that this may not work and still be left without his files at the end.

My question is the steps tell you to create a wallet, buy bitcoins and then a link to their wallet to make payment. Where is the best place to create a wallet and to buy bit coins from? I haven't done this before or have any idea on it all so any help would be great.


Post Reply

Return to “Wallets”