What is WalletConnect and How Does It Work?

WalletConnect is an open protocol for connecting decentralized applications (dApps) to mobile wallets using QR codes and secure messaging. It allows users to securely access and interact with dApps on their mobile devices without the need for browser extensions or installing additional software. The process works by the user scanning a QR code displayed on the dApp using their mobile wallet app. This establishes a secure, peer-to-peer connection between the dApp and the wallet. The dApp can send requests to…

What are Non-Custodial Wallets?

A non-custodial cryptocurrency wallet is a digital wallet where a third party does not hold the private keys to the wallet. This means that the wallet owner has full control over their funds and can use their private keys to access their cryptocurrency on the blockchain. With a non-custodial wallet, users are responsible for keeping their private keys safe and secure. This can be done by writing down the private keys and storing them in a safe place or using…

What are Custodial Wallets?

A crypto custodial wallet is a type of digital wallet that is used to store and manage cryptocurrencies. It is called a "custodial" wallet because the wallet provider has custody of the private keys associated with the wallet. This means that the user cannot control their cryptocurrency and must trust the wallet provider to manage their assets securely. To use a custodial wallet, the user typically creates an account with the wallet provider and transfers their cryptocurrency to the wallet.…

What are Hardware Wallets?

Hardware wallets are physical devices designed to store cryptocurrency private keys securely. They work by generating and storing the private keys on a secure hardware device, such as a USB drive, that is designed to be easy to use yet highly secure. In addition, the private keys are stored in a way that makes it difficult for them to be extracted or stolen, even if the device is compromised. To use a hardware wallet, you connect the device to your…

What is a Paper Wallet?

A paper wallet is a type of offline storage for cryptocurrency. It consists of a piece of paper with a public address and a private key printed on it. The private key is a long string of letters and numbers used to access and spend the funds associated with the public address. To use a paper wallet, you first need to transfer cryptocurrency to the public address printed on the paper. You can do this using a cryptocurrency exchange or…

What are Air-gapped Wallets?

An air-gapped cryptocurrency wallet is a wallet that is completely offline and disconnected from the internet. It is a cold storage wallet, which means it is not accessible from an online device and is much less vulnerable to hacking. The idea behind an air-gapped wallet is that it is physically isolated from any network, making it almost impossible for anyone to access it remotely. To transfer funds to or from an air-gapped wallet, the user must physically transfer the wallet…

What are Hot Wallets?

A hot wallet is a cryptocurrency wallet that is connected to the internet. Because they are connected to the internet, hot wallets are more vulnerable to hacking and theft than cold wallets, which are not connected to the internet and are therefore considered more secure. However, hot wallets are more convenient to use than cold wallets because they can be accessed from any device with an internet connection. Some examples of hot wallets include software wallets installed on a computer…

What are Software Wallets?

A software wallet is a type of digital wallet that allows you to store, send, and receive cryptocurrencies. First, you install a software program on your computer or mobile device. Once you install the wallet software, it will generate a unique address for you, which you can use to send and receive cryptocurrencies. The wallet software uses a private key to sign transactions, proving that the wallet's owner initiated the transaction. The private key is a long, randomly generated string…

What are Online Wallets?

An online wallet is a digital wallet that allows you to store, send, and receive cryptocurrencies like Bitcoin, Ethereum, XRP, and BNB. It is a software program you can access through a web browser or a mobile app. To use an online wallet, you must create an account and complete the necessary verification processes, including providing your personal and financial information. Once you have set up your account, you can use your online wallet to store your cryptocurrencies by sending…