Quick Facts and Tips For Understanding and Securing Crypto Wallets
*Reminder, this is not financial advice and I am not a financial advisor. Always do your own research when investing*

So I won't waste your time with a detailed explanation of crypto wallets that can be found in a plethora of articles, such as this one. This is more of a guide on the important facts of crypto wallets and when needing to explain to "family, friends or other non-believers", otherwise known as FFNB's from here on. So buckle up, this hopefully won't be a drag at all:

FFNB: "What The Heck Is A Wallet?!"

Your Response : Ugh, a digital crypto wallet:

• Is like a “storage container” where all of your crypto coins and tokens (like cash and coins), and NFTs (like pictures) can be stored on a blockchain (like Google Drive or iCloud but can last forever; does not need an entity like Google or Apple to be in existence for it to continue to be accessed publicly¹)

• ¹Blockchains are considered active as long as a minimum of one node is on and active

FFNB: "How Do I Access My Wallet?!"

Your Response : Shoot me now, to access a digital crypto wallet:

• You need to know your wallet address (like your street address, but can never be changed)
  - Ex. 0x00abc43kdaf4539nf

• You can use many wallet providers (apps that allow you to view your wallet on the blockchain) to interact with the blockchain
  - Ex. MetaMask, Exodus, Coinbase Wallet, etc

• A single digital wallet address is accessible via either private key (long and permanent alphanumeric password)
  - Ex. afdfd9c3d2095ef696594f6cedcae59e72dcd697e2a7521b1578140422a4

• It can also be accessible via a 12 or 24 word secret phrase (long and permanent phrase of random words)
  - Ex. battery clone horse daytime ever bottle down glass phone towel wood remote

• Anyone with either of those pieces of information can get a hold of the assets inside the wallet (like someone stealing a credit card number)

• Although one private key resolves to one wallet address, a secret phrase actually creates a portfolio of wallets (one or more wallets within the same secret phrase)

• Every new wallet address that is “created” can be restored again with the secret phrase

FFNB: "How Do I Secure My Wallet?!"

Your Response : For the love of God, to secure a digital crypto wallet:

• ***Do Not Tell Anyone Your Secret Phrase Or Private Key!
  ***- Might as well tattoo it on your forehead if you're going to tell the neighborhood about it.

• ***Write Down Your Secret Phrase Or Private Key And Store It In A Safe Place!
  ***- Keeping it in a notebook in a drawer doesn't count. Keeping it in a safe is better.

• ***Consider Using A Hardware Wallet Like Trezor Or Ledger!
  - ***Here is a no-brainer, it's not fool-proof, but can be close enough when used minimally and safely.

Any other tips? Reply or DM!

Written by: nikethereum.eth / Medium / Mirror