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<blockquote>Are you ready to start storing your cryptocurrency safely? Great! Dealing with any kind of currency comes with some basic obligations, and the most important of these is having a secure place to store your funds.</blockquote><p>In the world of <a href="https://medium.com/tradetomato-academy/introduction-to-cryptocurrencies-ded64c36348e" rel="noopener noreferrer nofollow">cryptocurrencies</a> like Bitcoin, these secure electronic locations are called wallets. You might hear them referred to as a “Bitcoin address,” which is essentially a unique personal address that you use to receive Bitcoin.</p><p>Now, it’s important to understand that a Bitcoin wallet is not like a physical wallet where you store your cash. Instead, a Bitcoin wallet is a combination of private and public keys. The private key is like a password that gives you access to your funds, while the public key is like an account number that allows others to send Bitcoin to your wallet.</p><p>So, who can send Bitcoin to your wallet? Anybody with your wallet’s address* can send Bitcoin to it.</p><blockquote>* A long code that looks like a serial number.<br />- e.g. <a href="https://bitinfocharts.com/bitcoin/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF" rel="noopener noreferrer nofollow">1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF</a>  </blockquote><p>This address is similar to the account number and sort code of a traditional bank account, but unlike a bank account, a single wallet can have multiple receiving addresses generated by its public key.</p><p><strong>Here’s the catch:</strong> you want to make sure you only use a wallet where you own your keys. If you use a wallet provider that has third-party ownership of your keys, you could risk losing all of your funds in the event that the platform gets hacked or becomes compromised. In other words, if you don’t own your keys, you don’t own your Bitcoin.</p><p>For this reason, it’s crucial to choose your wallet provider carefully and store your details in a safe place. Don’t forget to secure a backup of your keys, too. If you forget or lose your password/private key, you can use your backup key to recover your Bitcoin. Some wallets even generate an extra backup key in the form of a mnemonic/seed phrase, which is a set of up to 24 words randomly generated from your private key.</p><p><strong><a href="https://bitcoin.org/en/choose-your-wallet" rel="noopener noreferrer nofollow">Different types of wallets</a></strong> offer different levels of security and convenience. </p><h2 id="header-0"><strong>Cold wallets </strong></h2><p>a form of “cold storage” for your Bitcoin and can come in the form of paper wallets, hardware wallets, or on a USB. They are completely offline and can be a great option for those who want heightened security.</p><h2 id="header-1"><strong>Paper wallets</strong></h2><p>a combination of private and public keys that you print out and store safely. You can either use a paper wallet generator or simply copy/paste your private keys into a document and print it out. Make sure to clear any information about the wallet from your computer and store the paper in a safe place. You can even laminate the paper for added durability.</p><h2 id="header-2"><strong>Hardware wallets</strong></h2><p>physical devices that store your keys offline. They are considered one of the safest options for storing your Bitcoin, but they can also be more expensive than other types of wallets.</p><p>No matter what type of wallet you choose, it’s important to do your research and choose the one that best fits your needs. Whether you’re just starting out or you’re a seasoned investor, we’re here to help you learn more about cryptocurrency wallets and how to store your funds safely.</p><h3 id="no-snoozing">No Snoozing!</h3><blockquote>So, what are you waiting for? Start exploring your options today!</blockquote><h2 id="header-3">About Tradetomato</h2><p>Tradetomato is a next-generation trading platform that allows anyone with an interest in crypto to easily automate their portfolio across wallets, and centralized and decentralized exchanges.</p><p>Automate your own trading strategies or use the marketplace to instantly deploy algorithms made by our team and the community. Dive into our advanced tools to take full control of your portfolio and optimize your gains!</p><p>Are you ready to learn how Tradetomato works?</p><h3 id="want-to-join-our-open-alpha-and-become-a-tester">Want to join our open alpha and become a tester?</h3><p>It’s completely free, and there’s no waiting list!</p><p>&#x1f48e; Test and tinker with the platform.<br />&#x1f48e; Create your own trading algorithms.<br />&#x1f48e; Backtest your strategies with historical data.<br />&#x1f48e; Use a template from our marketplace.<br />&#x1f48e; Be the first to try new features as we release them.<br />&#x1f48e; Earn custom rewards and badges through active participation.</p><p><a href="https://app.tradetomato.com/sign-up" rel="noopener noreferrer nofollow">Sign up</a> today and become an alpha tester! &#x1f345;</p><p><a href="https://www.tradetomato.com/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://discord.gg/58tgf8H7H9" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://twitter.com/trade_tomato" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://www.linkedin.com/company/tradetomato" rel="noopener noreferrer nofollow">Linkedin</a> | <a href="https://t.me/tradetomato" rel="noopener noreferrer nofollow">Telegram Ann.</a> | <a href="https://t.me/Tradetomatochat" rel="noopener noreferrer nofollow">Telegram Chat</a> |</p>

Bitcoin 101: Intro to Crypto Wallets

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Alte articole publicate pe 28 feb. 2023

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