Definition of crypto currency WALLET, How to avoid errors when sending and receiving crypto currency

What Is a cryptocurrency Wallet?🤔

-“A crypto wallet is a digital wallet storing the encryption material giving access to a Bitcoin public address and enabling transactions,” says Alexandre Kech, CEO of Onchain Custodian, a custody service for digital assets. 

-Bitcoin wallets not only hold your digital coins, but they also secure them with a unique private key that ensures that only you, and anyone you give the code to, can open your Bitcoin wallet. Think of it like a password on an online bank account.

Types of wallets🤔

1. Mobile wallets, like Trust wallet,metamask,Mycelium and Edge, are those that run as apps on phones, tablets and other mobile devices. 

2. Web-based wallets, like Coinbase and Blockchain.com, store your coins through an online third party. You can gain access to your coins and make transactions through any device that lets you connect to the internet. 

3. Desktop wallets, like Atomic Wallet, Electrum and Exodus, are programs you can download onto a computer to store coins on your hard drive.

4. Hardware wallets are physical devices, like a USB drive, that are not connected to the web. To make transactions, you first need to connect the hardware wallet to the internet, either through the wallet itself or through another device with internet connectivity. 

5. Paper wallet, you print off your key, typically a QR code, on a paper document. “Paper wallets are rarely used anymore as they probably pose the highest risk in terms of destruction, loss or theft of private key,”

Erros to avoid when sending and receiving cryptocurrency🚨

1. Recipient’s address

You must always confirm that the receivers address is appropriate for the transaction. 

❌You can not send Eth and others to a bitcoin wallet for example 

❌All cryptocurrencies have their specific type of wallet

❌Ensure you confirm the network on which you want to perform the transaction 

❌If you send crypto to a wrong address,it is LOST FOREVER!

2. Coin/token

❌Not all coins have been listed on all exchanges and all wallets.

Be very sure that it has been listed before you send or recieved that particular cryptocurrency 

3. Transactions’ gas limit 

❌Ensure you check every transaction fee before you proceed.

❌Ensure that slippage of transactions is less than 20%

4. Giving out your private key or seed pharse

❌Never ever give out your private wallet key or seed phrase for any airdrop or event. Never!

6.Network of transaction 

❌For Transactions that involve memo,sending cryptocurrency without including memo may lead to the loss of your coin.

7.Network errors

❌Ensure you confirm the network from your receiver if it is BSC OR BEP20 OR BSC(BEP 20) OR ERC.

Bsc is mostly for binance coin

Erc 20 is the normal network for all tokens

Bep20 is more specific to particular tokens