It can be said that they are a digital bank or vault staff, which also serves as a key to access to different applications. Unlike a traditional bank, with wallets you have custody of your funds.
Having custody of your digital assets is a double-edged sword. On the one hand, you have a total control of your transactions, but also a responsibility on your protection.
The wallets are similar to an email account. You have an address that allows you to send and receive files, but instead of sending and receiving emails, you send cryptocurrencies and NFTs.
There are different types of wallets, with different characteristicsadvantages and disadvantages.
There are cold wallets which can be hardware (such as a USB) or printed. This type of wallet allows you to keep your cryptocurrencies protected without the need for them to be connected to the internet, which makes them very safe.
Another option are the hot wallets, which can be mobile, web or desktop. With them you can access your funds from anywhere, through the web.
In case your goal is explore the different projects of the Metaverse, my recommendation is that you opt for a hot wallet. meta mask It is one of the most used wallets in the world, it is very easy to use and it is multi-chain, that is, it is used to interact with different blockchians.
In case your intention is to buy cryptocurrencies as an investment, it is best to choose a cold wallet, which will keep your safest assets and out of reach of malicious people.
The wallets are totally safe, as technology, but they are not exempt from being compromised by human factors, such as forgetting or leaking passwords. In the event that this happens, there is no institution to support the losses, as is the case with traditional banking.
Some advices to improve the security of your wallet are:
1.- Write your seed phrase physically and keep it in a safe place. The seed phrase is a password that will allow you to recover your wallet in case you forget your password.
2.- Do not provide nobody, everyour seed phrase.
3.- In the case of web wallets, add the site to your favorites to protect you against phishing strategies.
4.- Whenever you make a transaction check the address you will ship to, do this in triplicate. In case you make a mistake, the transaction you make cannot be reversed.
5.- Have your distributed funds in different wallets.
To get your first wallet you do not need to make any payment and it is as simple as installing an extension in your browser, or an app on your phone. Do it now and start exploring the different applications of the Metaverse.
Do you have any comments about this text? May I help you? Write me. It will be a pleasure to talk with you.
Alberto Arroyo