05-01-2021, 02:00 AM
A wallet is not what you think it is
<!-- SC_OFF --><div class="md"><p>If you're new to the space, here is a quick 101 on wallets.</p> <p>Metamask, Electrum, MEW, Trust, Coinomi, Atomic or whatever other application you call a wallet is not really a wallet.</p> <p>They are <strong>wallet applications</strong> that allow you to access and manage your cryptocurrency, NFTs or whatever blockchain asset you have stored in your wallet.</p> <p><strong>Your wallet is your private key or seed phrase.</strong></p> <p>For example:</p> <ul> <li>You download Metamask</li> <li>It gives you the option to create a seed phrase/private key</li> <li>The same seed phrase you can import to other applications like Trust, MEW, Atomic and your ETH will be accessible on both Metamask and those applications.</li> </ul> <p>So next time you download a new wallet application, you don't have to create a new seed phrase, you can just import the one you already have to manage your existing funds in both applications.</p> <p>Just thought I'd share this since I work in crypto and I noticed that a lot of users don't know this.</p> <p>EDIT: I felt obliged to add that this is the reason you should never ever share your private keys with anyone. Your keys are your sole access to your assets on the blockchain so keep them secure.</p> <p>Happy Friday!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MagoCrypto"> /u/MagoCrypto </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1vwak/a_wallet_is_not_what_you_think_it_is/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1vwak/a_wallet_is_not_what_you_think_it_is/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>If you're new to the space, here is a quick 101 on wallets.</p> <p>Metamask, Electrum, MEW, Trust, Coinomi, Atomic or whatever other application you call a wallet is not really a wallet.</p> <p>They are <strong>wallet applications</strong> that allow you to access and manage your cryptocurrency, NFTs or whatever blockchain asset you have stored in your wallet.</p> <p><strong>Your wallet is your private key or seed phrase.</strong></p> <p>For example:</p> <ul> <li>You download Metamask</li> <li>It gives you the option to create a seed phrase/private key</li> <li>The same seed phrase you can import to other applications like Trust, MEW, Atomic and your ETH will be accessible on both Metamask and those applications.</li> </ul> <p>So next time you download a new wallet application, you don't have to create a new seed phrase, you can just import the one you already have to manage your existing funds in both applications.</p> <p>Just thought I'd share this since I work in crypto and I noticed that a lot of users don't know this.</p> <p>EDIT: I felt obliged to add that this is the reason you should never ever share your private keys with anyone. Your keys are your sole access to your assets on the blockchain so keep them secure.</p> <p>Happy Friday!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/MagoCrypto"> /u/MagoCrypto </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1vwak/a_wallet_is_not_what_you_think_it_is/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/n1vwak/a_wallet_is_not_what_you_think_it_is/">[comments]</a></span>Kind Regards R