What is a crypto wallet?
December 04, 2021 – by Tha’ Doge Pound • Getting started
A crypto wallet is an application or hardware device that allows individuals to store and transfer digital assets like cryptocurrencies and Non-Fungible Tokens (NFTs). This guide breaks down the crypto wallet basics that you’ll need to know before creating and trading items on SugarFactory#NFT.
How do crypto wallets work?
When you download a crypto wallet, you take control of two 42-character keys; a public key, known as your wallet address, and a private key. You can think of your public key as your shareable bank account info, so copy and paste it in when people ask for your address. Your private key works like a password and should remain private.
Crypto wallets and SugarFactory#NFT
Decentralized applications, or ‘Dapps’ as many like to call them, work differently from traditional websites like Amazon. When you purchase an item on SugarFactory#NFT, the funds go straight from your crypto wallet to the seller’s wallet. There’s no company in the middle holding the goods while the transaction goes through.
SugarFactory#NFT is described as ‘decentralized’ or ‘peer-to-peer’, that’s the context!
Security: Keeping your funds safu
Understanding risk is key to successfully navigating the brave new world of crypto and NFTs. The fact that SugarFactory#NFT never stores your funds means that we can’t retrieve them if you lose access to your wallet or it’s compromised.
If you forget your password, you can get access to your wallet via your seed phrase, a series of words that accompany all wallet addresses. It’s good practice to write down and safely store your seed phrase in multiple places when you first download your wallet, so if you can’t find it, search online for info or reach out to your wallet provider before buying NFTs or storing digital currencies.