Can Someone Explain "Wallets" Please?

creepycoug

For those of us who need the help.

Sources

https://en.wikipedia.org/wiki/Digital_wallet

This is actually a pretty good source.

A digital wallet also known as "e-Wallet" is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. Money can be deposited in the digital wallet prior to any transactions or, in other cases, an individual's bank account can be linked to the digital wallet. Users might also have their driver's license, health card, loyalty card(s) and other ID documents stored within the wallet. The credentials can be passed to a merchant's terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles".[1] A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.

...

There are two types of digital wallets: hot wallets and cold wallets. Hot wallets are connected to the internet while cold wallets are not. Most digital wallet holders hold both a hot wallet and a cold wallet. Hot wallets are most often used to make quick payments, while a cold wallet is generally used for storing and holding your money, and has no connection to the internet.[citation needed] Another difference that is apparent when comparing the types of digital wallets, or e-Wallets, is the price. While most hot wallets are free, cold wallets can be expensive.[citation needed]

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I think one of the more important things to realize is that while many wallets are used to store crypto, others can have other applications like you'll see on your phone, where it stores info for passes (boarding passes, gym passes, etc.), credit cards, and other info unique to you

creepycoug

Very helpful, thanks. So like the Apple Wallet on my phone.

Is a crypto wallet a hot or cold wallet? Or is it an entirely specialized wallet?

Fire_Marshall_Bill

Fuck having some psychotic nerd tracking my finances

UWerentThereMan

creepycoug said:

Very helpful, thanks. So like the Apple Wallet on my phone.

Is a crypto wallet a hot or cold wallet? Or is it an entirely specialized wallet?

Both. There are hot software wallets on mobile phone, pc, or web application where the private keys are stored, and there are cold wallets like Ledger or Trezor that are USB devices that hold the private keys and have a software application on the PC they interface with. I like the cold wallet so I don’t have to worry about my laptop crashing or getting stolen.

Sources

If you really want to understand wallets, understanding public and private keys is helpful. I think people generally underestimate how ubiquitous encryption is these days.

haie

creepycoug said:

For those of us who need the help.

Sources said:

If you really want to understand wallets, understanding public and private keys is helpful. I think people generally underestimate how ubiquitous encryption is these days.

Do not use them. The end.

creepycoug

haie said:

creepycoug said:

For those of us who need the help.

Sources said:

If you really want to understand wallets, understanding public and private keys is helpful. I think people generally underestimate how ubiquitous encryption is these days.

Do not use them. The end.

@haie

I trust @haie . Q: do you have to have a wallet to buy crypto? Or are the trading platforms otherwise available?

haie

creepycoug said:

haie said:

creepycoug said:

For those of us who need the help.

Sources said:

If you really want to understand wallets, understanding public and private keys is helpful. I think people generally underestimate how ubiquitous encryption is these days.

Do not use them. The end.

@haie

I trust @haie . Q: do you have to have a wallet to buy crypto? Or are the trading platforms otherwise available?

Thought you meant Apple Pay kind of wallets.

I understand block chain but do not mess with crypto atm.

Like the above poster said, if crypto wallets just go off of RSA or some other private/public set up, that is a decent starting point. Tons of articles explain that really well.

My general thought was to not trust mobile app security and have as few apps installed as possible. It's not that security isn't implemented correctly initially so much as irresponsible/constant changes in software are not worth the convenience of most apps.

As to your actual question I would use Coinbase assuming they have a web app you can use on a desktop.

Guess I should read the thread next time.

1to392831weretaken

@ForeskinWalletDawg?

Pitchfork51

Sounds like a bunch of voodoo shit to me