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well it is not quite like the usual wallet you know.
Crypto wallets store your private keys, to keep your crypto safe from syber attacks and accessible. They also allow you to send, receive, and spend cryptocurrencie like Bitcoin and Ethereum.
A crypto wallet works as a storage for your crypto keys, holding them on a hard wallet (similar looking to a usb stick) keeps you safe from syber attacks. Companies like LEDGER even say you are safe to use them on a laptop/desktop you do not trust. Any kind of crypto wallet's main job is to hold your key's, your key's are what allows you to enter the BlockChain where all crypto is stored. (i will be posting an article explaining blockchain very soon feel free to follow me and get updated when it is publish)
Why a hard wallet:
The best thing about a hard wallet is that its effectively impossible for your key's to be stolen because it is not connected to the internet. A hardware wallet is able to work with multiple blockChains at one time. This allows you to manage Alt. Coins, Bitcoin, doge, and more, all with the same device. All of them can be backed up with a single recovery phrase. Hardwallets are able to sign you into some of your online accounts just by plugging the device into your computer.
The best part ? you can pick one up for under ?60 in most country's, i personally use the Ledger Nano s and its worked a charm for me. you can get one for only ?54 here if piece of mind is worth that to you https://shop.ledger.com?r=7e8c498b7a36&tracker=MY_TRACKER
Of course one con of a hardwallet is you have to keep it safe and not loose it.
more information and shop ledger hard wallets
cold wallet's:
Cold wallets such as binance wallet, crypto wallet and many more, work in a different way. Cold wallets do the same thing as hardwallets with one big difference, all of you're keys are kept on a big server / computer. Now of course this is still a very safe method for keeping your crypto safe, as most wallets have some form of insurance. The benefit is that it makes it much more continent to acces your crypto, just as long as you have a smart device and an internet conection you can spend, trade, sell and view your portfolio whenever you wish.
I did not add any info on paper wallets as they can both be expensive as well as are very easy to ruin.
These are links to my personal referal codes, you do not have to used them but if you chose to use any of them you will get bonuses for doing so when you sign up. All coldwallets are completely free:
https://www.binance.com
Binance is great as a trading platform, very low trading fee's, you can even invest your crypto as a stake to compile profit.
https://www.coinbase.com
Coinbase is also a great trading platform that offers many great rewards, when i first signed up i completed short quizzes and received ?30 within a day or two.
If you are like me and prefer the idea of a hard wallet then i strongly suggest ledger wallets, they are widely known as the best available and i have a link here that will take you straight to there page and you can purchase at a discount. (for a limited time unfortunately)
https://shop.ledger.com
Please keep as much of the tip for yourself, i am only here to try and help people and to share the knowledge i have learned.
