Crypto wallets are making news every now and then. You might have definitely come across advertisements prompting you to invest in them. Should you go for it or not; the confusion is sure to arise in the minds of those who are inexperienced in this field. When you have a savings banks account when you have fixed deposits and other money management options, why would you think about saving money digitally?
Crypto wallets or trading robot do not save any money nor are they any options to simply invest money. A crypto wallet is actually a software program that stores these decentralized currencies in the form of their public or private keys. With the help of keys, you can store, send, receive, and manage the coins. You can also use the wallet to carry out offline and online shopping.
You get the full power to control and use this digital form of money unlike the money deposited in the bank. Even though the value of currencies will fluctuate up and down from time to time, by properly managing, this investment will be beneficial to you.
Know more about the public and private keys
Control and transaction of digital currencies are done by the two types of keys:
Public keys have public addresses and are similar to a bank account number. They serve as the destination reference numbers while sending or receiving the coins.
Private keys are fully confidential and known only to you, similar to your ATM password or PIN. These addresses should not be disclosed to anyone and keep a personal backup of private keys will help in case of any accidental loss. If you lose private keys, then you cannot recover any of your funds saved in the wallet unless you have the backup of the keys.
Sending or receiving money:
If you want to send your coins to another person or wallet, you should send them to the public address of the destination wallet. If the private keys of the recipient match with the public address you gave, the coins get transferred. When you send the coins, in reality, the value or worth of the coins is sent to the recipient and he gets the ownership rights of these coins.
Follow these steps to use the wallet:
- Login to your wallet
- Click on the send option and enter the details of the transaction including recipient address you want to make
- Confirm and click ok
- You will get the corresponding message after successfully completing the transaction.