Digital Wallets
A Digital Wallet is a major step in taken custody over your assets. Sure, you CAN keep your assets on an exchange, but they are not YOURS until you self-custody them in your own wallet. To be your own bank, you must learn how to self-custody and secure your assets.
Firstly, there are some things to be aware of..
- You MUST keep the key phrases SAFE. IF YOU LOSE YOUR KEY PHRASE, YOU WILL LOSE YOUR ASS-ETS! Sorry for shouting, but this is SUPER important. Write them down, keep them safe.
- Being that these are just extensions within your WEB browser, they are easily exposed to hackers. Be warry of what websites you connect your wallet too and what you open in your emails.
- Best practice is to use a “hardware” wallet (info below) and connect that to your web wallet (if applicable)
Remember, the path to financial sovereignty means you are now your own bank. This means you must learn how to keep yourself safe
*If you are not caught up on what crypto is, here are some blogs you can read to get a better idea.
Software Wallet
Software programs that store your keys and thus access to your assets. A good start to self-custody your own assets, but not the best option. The best option is still by far to get yourself a Hardware wallet (see below)
Some Software based wallets can act as a UI/UX (User Interface) with your hardware wallet. Connecting Hardware with Software.
Universal Wallet that stores many different tokens. Even connects to your hardware wallets to have a digital interface to move and swap securly.
Universal Wallet that accepts and safely secure over 1000 different tokens. Has a nice and simple staking interface for a handful of assets.
Hardware Wallet
Hardware Wallets are arguably the most secure means to store your digital assets. The tow major ones are Ledger and Trezor. Both offer different benefits and shortcomings, but are very similar. A simple run down of differences between the two are below.
Open source
Not as integrated with as many wallets as Ledger
Doesn’t hold as many types of assets.
More Complex Ahead!
Best for once You have Experience
Browser Extensions
The Gateway to Web3
A necessary addition to any digital asset enthusiast, as these are THE gateway to Web3 and DeFi protocols. These will eventually replace the email account creation mechanisms we have today.
Many chains have their own browser integration, so it is difficult to list them all here. But a main one that is used and compatible with a slew of chains is Metamask.
Metamask
Metamask is the OG web wallet, originally created for Ethereum DAPP’s (Decentralized Applications), it has know become interoperable for many EVM chains, such as Binance, Fantom, Avalanche, ETH L2’s, etc.
Other Notables
Since Metamask does not work for all blockchains, many have their own dedicated browser extension wallet. The notable ones that I use (or have used) are below.
As you learn and wish to branch off on your own, you can usually find links to the Wallet of a specific exchange on their main website.
Keplr Wallet
Built for the Cosmos ecosystem (a favorite of mine) Connects you to a slew of Chains, including Osmosis, Terra and Secret.
Phantom
Built for Solana and is a valid competition for Ethereum. (Though not at the top of my list of competitors)
Read more on Crypto Below!
