What is a crypto wallet?

What is a crypto wallet and why do you need one on grandbazar.io?

First of all, the cryptocurrency and NFTs are not stored on the wallet, it’s in the blockchain. A crypto wallet is just a way to store a private key to access your cryptocurrency. It’s like a bank card, there is no money on your plastic bank card either, it only opens access to a bank account. A crypto wallet consists of two parts: a public key and a private key.

Keys are a long sequence of characters. Whoever owns this pair can do whatever he wants with the account.

What is public and private key?

The public key is the identifier of your wallet, in other words, its address in the blockchain. The public key is known to all participants in the system, it is transmitted when you want to ask someone to send you a cryptocurrency.

The closed (private) key is already used to confirm transactions, in other words, it is the password that you enter to complete the transaction. Private keys are like a personal signature. In the real world, it’s common to use your personal signature to authorize documents or contracts. In the web3 space, only you can produce this signature (the private key), but the entire world knows how to check it by looking at your wallet address.

A seed phrase is a sequence of random 12—24 words that will help you recover your private key if it is lost. The seed phrase should never be stored digitally as a picture or as text on a computer or mobile device. The phrase is equivalent to your wallet, and anyone who has it has complete control of your wallet. The best thing to do is write it down on paper or another material and store it in a secure place in the real world. And don’t lose it!

If you forgot both the private key and the seed phrase, then you will not see your cryptocurrency and NFTs again.

How to choose a crypto wallet? There are hot and cold wallets.

Hot wallets are connected to the internet. Better not to have a large amount of cryptocurrency in it, because it can be risky.

Cold wallets are offline and not connected to the internet. Cold wallets have a physical form, they can be touched, taken with you or put in a safe, such as a paper wallet and a hardware one.There is no ideal wallet for all occasions, for each task a specific one is well sharpened.

Once you've finished your research on crypto wallets, check out which ones you can use with grandbazar!

Here is guide how to log in grandbazar.io via crypto wallet