Crypto wallets allow you to store, send, and receive cryptocurrencies like Bitcoin, Ethereum, and other altcoins such as $JAM!
Wallets keep your private keys safe and accessible. Private keys are passcodes that give you access to your crypto. Think of private keys like keys to a safe deposit box where your crypto is stored — anyone who has access to the private keys of a wallet can take control of what’s inside.
Generally, your holdings live on the blockchain, and they can only be accessed using a private key. If you lose your private keys, you lose access to your crypto, so it’s very important to keep your wallets and passwords secure & safe!
Wallets also have public keys or addresses. Public keys or addresses are like a mailbox slot meaning you or other people can send crypto to your public keys. You can give out public wallet addresses to receive crypto without giving away your private keys, which would be a big mistake and lead to potential hacking and theft!
To send crypto, you need the address (public key) of the receiving wallet. Select the amount of crypto you’d like to send and input the receiving address.
To receive funds, you need to give the address of your wallet. Sometimes it’s as easy as scanning a QR code.
Make sure your wallet address corresponds to the correct network and token, otherwise you may lose crypto sent incorrectly. Consider sending a small test transaction before sending large amounts of crypto to make sure everything’s correct, because it’s very difficult to virtually impossible to recover lost crypto that’s incorrectly been sent out.
This is not financial advice.