RE: Can JP Morgan's Crypto Wallet bring some positivity in the Crypto Space?
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Why are crypto wallets so important? Unlike a physical wallet holding actual cash, crypto wallets technically don’t store your cryptos but give security to your cryptos. Your cryptocurrencies are always live on the respective blockchain which can only be accessed using your private key which is linked to your wallet. And your wallet then becomes the door to open a transaction and if you lose your private keys or passwords or key phrases, you will lose access to your funds forever and those will be stuck in the blockchain forever. That’s why it’s important to keep your wallets (hardware, software) safe. In a conventional banking system, there is a central authority for any currency but in crypto, you are the authority for your own crypto. And you have not paid the high maintenance cost for your funds for crypto and here comes the personal freedom of the funds and safety is ensured by the owner. Also, the cryptos are safe from any kind of inflation with the truly decentralized mechanism at least with BTC as other currencies are not as decentralized as BTC.
Dear my friend @tanzil2024!
I have always been curious about the concept and usage of crypto wallets!
I read your article and felt I could understand a bit!
By the way, Are you using crypto wallets?
I'm curious what kind of crypto wallets are you how using?
Thank you for article!😃
You should learn these things my friend!
Actually I don't have a bulk amount of assets, so I Don't have a hardware wallet. I use the hive kechain wallet for Hive, and trust wallet for some cases and metamask simetimes and keep smaller fund in centralised exchange like Binance. If I ever invest some money I will definitely buy a hardware wallet. But now I Don'tneed🤔
Dear Hassan!
It's hard for me to understand because I don't have the same knowledge about software and hardware as you, and my English is poor!😅
If you happen to buy a hardware wallet please let me know.
Thank you for kind answer!
Even though I don't have real practical knowledge but I have watched some tutorial videos. It is very necessary to keep your seed phrases and keys very safe whether you use the software one which is like the apps or the hardware one! in software one anyone can access your phrases or keys from anywhere on any device!
But from the hardware wallet, no one can access it without the hardware wallet itself!
But the keys and phrases are needed in either case!
No worries, you can ask me anything and I will try my best to answer according to my knowledge.
!PIZZA