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A wallet isn't exactly what you might have in mind.

All Cryptocurrencies

by COINS NEWS 92 Views

For those new to this world, let's dive into the basics of wallets.

Whether it's Metamask, Electrum, MEW, Trust, Coinomi, Atomic, or any other app you consider a wallet, it's not a wallet in the traditional sense.

These are, in fact, wallet applications designed to help you manage and access your cryptocurrency, NFTs, or other blockchain assets securely.

Your wallet consists of your private key or seed phrase.

For instance:

  • When you install Metamask
  • It offers the option to generate a seed phrase or private key
  • You can use the same seed phrase across other apps like Trust, MEW, and Atomic, granting access to your ETH on all of them.

So, the next time you download a new wallet app, no need to create a fresh seed phrase; simply import the one you already have to oversee your existing funds across various apps.

People should understand that seed phrases offer exceptional versatility, enabling you to manage assets across any platform.

Lose your phone?

No problem. Just get a new one, install any wallet, and input your seed phrase. It can't be hacked or copied since no third party has access to your information.

This is why blockchain technology is truly revolutionary..."

EDIT: It's crucial to emphasize that you should never share your private keys with anyone. Your keys are the sole gateway to your blockchain assets, ensuring their security.

submitted by /u/prittpress
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