Crypto Wallet is the World New Bank
- January 20, 2018
- Posted by: Progress Ibrahim
- Category: Blockchain, Media
I am very excited to bring before you this article.
There are few things, say three things, I will do before starting the teaching.
The vision of this community is this…
a) building knowledge that will make us succeed in the digital economy, so that we can be at the same level with our mates in other countries.
so, *we shall be learning many things, especially how to make money and how to avoid the negative side of this technology etc.*
b) Everything compounds.
investment compounds. Knowledge compounds, relationship compounds etc.
You are on the journey of becoming good and knowledgeable in this space.
so, it will do you good to be patient, to engage, ask questions, and learn.
c) This is a community to network. We have great experts here, from various countries.
We shall consider the second layer of last week’s topic, Introduction To Cryptocurrency.
Once you understand what Cryptocurrency is all about, then i believe what you need next is a crypto wallet.
THE CRYPTO WALLET: How the Individual Bank Work and How to Set it up.
You shall learn the following.
- what is crypto wallet
- The example and features
- how to set it up.
- how to use it for transactions.
- how to protect your crypto bank.
What Is Crypto Wallet?
Crypto wallet can be likened to the conventional bank account, where you deposit your money and from there you use it for transactions.
So, crypto wallet is to cryptocurrencies (btc, eth, Dogecoin, Link, etc) what bank account is to fiat money (currency).
That means, if you save your money in the bank, you save your crypto in your wallet.
There are similarities and differences, but I would like to point out a few differences, then I move.
- you are the account officer of your crypto wallet , unlike the normal bank account that has an account officer. What does that mean? it means you are the only one that is in the control of your money.
- There is no intermediary when involved in a transaction with crypto wallet. when you are doing transactions with crypto, the speed at which money moves is very swift. on the other hand normal banks would delay the process.
That means, cryptocurrency and blockchain bring efficiency to business processes generally.
We have different types of wallet, we have software wallet and hardware wallet. Imagine saving 1000 btc in a wallet?
Sip some water, avoid being dehydrated with this information, there’s more to come.
I shall be explaining a software wallet. We have the following examples of wallets; Trust Wallet, Remmitano, exodus, Safepal etc
The one I use is Trust Wallet and Remittano
You can download them from App stores or Playstore.
Here are the common features of a Crypto Wallet
- wallet address .
- wallet pass code .
- how to receive and send crypto
The Wallet address is like your bank account number. it consists of a combination of letters and numbers, about 26-35 limit.
0x64b700Dac34A35AFF18b50C518Cd1Fb87223AC9B, Here is an example
So, when you are sending and receiving crypto, you do it with that address. pls, take note
Wallet pass Code : It is your padlock to the crypto wallet. You are the only one that suppose to have access to it.
so, what is the pass code like, you may be asking. 🤔
The Pass phrase (not passcode) is a series of letters usually in twelve arranged in a given order.
With your passphrase, you may lose your phone, you will download the wallet again and with your passphrase, you will have access to your coins.
So, how do you get the passphrase? You will be given the passphrase when you are openeing the wallet.
And you are expected to copy it in a notebook or a diary and keep it safe, because it is as important as your coins.
I repeat, this is very important
An example could be like this;
Belt Guy Rise
men sister women
whom Function Bargin
Complex System Number
when you are setting it up, you will be asked to enter your passphrase which will be given to you though. When you put in the correct passphrase, you will open the wallet.
Let’s say you have opened the wallet, how do you do transaction? i.e how do you receive and send coins.
When you want to receive coins, all you need to do is to send your Wallet address to the person
This is how you do it.
Step1: Click on the recieve tab, you will see another page showing you which of the crypto are you receiving. We have bitcoin, eth, Binance coin etc there.
Step 2 : Choose the coin address you want to use to receive the money, if it is Ethereum, click on it.
You can see your Ethereum Address, copy it and send it to the person.
Note : Don’t hold and copy, just click on that copy button.
When you do this, your coins can be transferred to you from anywhere in the world.
To send Crypto, the person will send you his address, say btc.
Step 1 : You will insert that address in the paste tab, and you will write the amount of btc you want to send.
Step 2 : when you are done, you will send the btc, the person will receive it instantly when it’s done in the right way.
This applies to all forms of Crypto wallet and its usage. So, I believe you have the knowledge now.
The last point in this section is how to protect your coins.
3 ways to protect your crypto wallet
The first thing to do is not to allow anyone to know your crypto wallet passphrase.
- write it down and keep it in a place where you can always get the passphrase should anything happen.
- use the recommended crypto wallet, dont just download any wallet. Some can be hacked. Hardware wallet is better.
- Dont leave your coin in exchange, except you are using it for trading.
I feel the next teaching should be focused on exchange.
with these, your coins will be protected.
We had some sad news yesterday regarding the Central bank of Nigeria policy banning crypto exchange and transaction
Well, i am not happy about this move due to two very sound reasons.
- Cryptocurrency and blockchain are the internet of finance and value.
- This new industry provdes means of livelihood for many Nigerians.
But, what does the direction means, it means there should be no use of crypto for exchange or business in Nigeria. That means it is not recognised by the law.
The truth is that Crypto is not decentralised, it cannot be banned , so people must find a way to to use and to be traded .
I was trying to look up some of the measures people may use to tackle this, i found a good way.
- When you have crypto, all you need to do to have your money in NGN is this…
- Find a trusted person in another country.
- The person will send USD or Naira to you.
- By that means, you will comfortably earn in crypto, invest and trade crypto