Skip to main content

What is a crypto wallet?

By August 17, 2021October 7th, 2021No Comments

Crypto wallets store your private keys, identifying you and your blockchain owned currency. They keep your crypto safe and accessible. They also allow you to send, receive, and spend cyrpto currencies like Bitcoin and Ethereum.

How does a crypto wallet work?

A cryptocurrency wallet stores the public and private keys required to buy Bitcoin or other cryptocurrencies, and provides digital signatures authorizing each transaction. These digital wallets can be a device, a program on an app or online website, or a service offered by crypto exchanges.

Crypto wallets and Vaullt

Decentralized applications, or ‘Dapps’ as many like to call them, work differently from traditional websites like eBay. When you purchase an item on OpenSea, 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.

If you’ve heard OpenSea described as ‘decentralized’ or ‘peer-to-peer’, that’s the context!

Security: Keeping your funds safe

There is risk involved in the NFT market. An important thing to remember is the Vaullt is here to facilitate and simplify your experience in the market, but we at no time hold your funds or assets. Thus, we do not have the ability to retrieve them if your wallet is compromised.

With all other things, Vaullt uses the most recent technology, policies, and procedures to protect your account and identity. If you have any issues with your account, please contact our staff and we will assist you.

Now that you know what a crypto wallet is, check out which ones you can use with Vaullt.