A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets. Deciding on what type to get depends on what you want to do with your crypto and what kind of safety net you want to have. In this article we will focus on the crypto mobile wallet.
A cryptocurrency mobile wallet is a mobile application that keeps track of the secret keys used to digitally sign cryptocurrency transactions for distributed ledgers. Because those keys are the only way to prove ownership of digital assets — and to execute transactions that transfer them or change them in some way — they are a critical piece of the cryptocurrency ecosystem. In addition to being in full control of the security of your crypto, you can also access more advanced crypto activities like yield farming, staking, lending, borrowing, and more. The main function of crypto mobile wallet is to receive, send, store your crypto/digital asset in a simple way through your mobile device.
Keep in mind, cryptocurrency mobile wallets, like Trustwallet Wallet, Coinbase, Imtoken, Safepall puts you in complete control of your crypto. Cryptocurrency mobile wallets don’t rely on a third party or a “custodian” to keep your crypto safe. While they provide the software necessary to store your crypto, the responsibility of remembering and safeguarding your password falls entirely on you. If you lose or forget your password (often referred to as a “private key” or “seed phrase”) there’s no way to access your crypto. And if someone else discovers your private keys, they’ll get full access to your assets.
How to Set Up a Cryptocurrency Mobile Wallet:
1) Download a wallet app. Popular options are Trustwallet, Safepal, and ImToken.
2) User agreement. After you download any of the apps indicated above, the next step is to open the app and read the terms and conditions. Click the Agree button if you’re willing to continue.
3) Create an account. After clicking the Agree button, you will be directed to create a wallet and will be given 12 phrases.
4) Back up private keys. In the third step, you are given 12 random phrases. Keep it in a secure location. If you lose or forget the private keys, you won’t be able to access your crypto.
5) Confirmation. In this step, you will be asked to re-enter the 12 words that you saved earlier. You have to arrange them in the right order.
6) Done. Now you have a crypto wallet on your mobile device
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