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Crypto Wallets-How to safely store your crypto assets
Crypto wallets are forms of medium that allow owners of crypto assets to store and retrieve their crypto assets. They often come as a software or web application, or in physical form as an encrypted piece of hardware (think USB drive). They function using private and public keys working in a coordinated combination to communicate with blockchain networks, allowing for secure and verifiable crypto assets transactions.
The public key is used to track ownership or balances, as well as to receive payments, while the private key is used to create signatures for transactions.
Unique mathematical combination of public keys and private keys generate wallet address. You can think of a wallet address as an email or your mailing address. Basically anyone who knows your address can send you crypto.
The private keys however, should never be shared with anyone, and should always be protected jealously. Think of it as your pin/ultimate password to your crypto assets.
It’s very important to save your private key in a secure place that you only can always access, because once crypto assets are lost due to forgotten keys and recovery phrase (There is a recovery mechanism discussed later), they can never be recovered! There is no customer service or helpline to call.
