Why do I need to know the type of cryptocurrency wallets?
Different types of wallets serve different functions. All wallets have some limitations, most noticeable will be what currency they are compatible with. Our particular currency operates on the Binance Smart Chain. This means if you hold a currency like Bitcoin or Etherium you would need to convert it to BNB to buy our token. It may seem complicated at first but we are here to help.
What then is a cryptocurrency wallet?
Unlike traditional (fiat) currencies, you will not be able to hold your crypto assets or see them physically. Cryptocurrency is generally run by a set of codes. A crypto wallet is a piece of software or a program which enables you to safely store your digital assets. You can easily download it on your mobile phone or PC to make cryptocurrency transactions. Crypto wallets do not store your crypto assets per se, they however store the key to your assets. They hold the information that allows you to connect to your assets to keep them safe.
With a decent wallet, you can hold and have full control over more than 100 crypto holdings.
What are the types of cryptocurrency wallets?
There are two main forms of crypto wallets and they are hot wallets and cold wallets. Both have their pros and cons. While hot wallets can be connected to the internet, cold wallets cannot. Hot wallets are more flexible and also more vulnerable to attacks than cold wallets as a result of them being digital. Crypto wallets can also be categorized into software and hardware wallets. Software wallets are further subdivided into web wallets, desktop wallets, and mobile wallets.
MetaMask was initially released in 2016. It is a software cryptocurrency wallet which is employed to interact with the Ethereum blockchain although it can support Binance tokens as well. Therefore, MetaMask is compatible with several developing tokens of which $Camistry is one.
How to set up a Meta Mask wallet
How to create your account on MetaMask
After you download and install the Meta Mask, you may proceed to create an account. The steps to create your account are outlined below:
- Click on the “Create a Wallet” button
- Create a password that will be used whenever you log in to MetaMask
- Check out your secret seed phrase and write it down in a secure location.
N.B- Your seed phrase is what will be used to import your MetaMask wallet to another browser and/or device. This is why you need to safeguard it and never give anyone access to it. Nobody else will ever need your seed phrase so if they ask for it they are trying to scam you.
- Select each word of your phrase in order and click “Confirm”
How to connect your Meta Mask to the Binance Smart Chain (BSC)
After installing your Meta Mask, it will automatically be on Ethereum network. Camistry requires your wallet to be set to the Binance Smart Chain (BSC) network.
You can follow this guideline to add the BSC network:
- Enter the settings menu by clicking on the circle in the upper right corner of your screen.
- Click on “Settings” and “Add network” on the top right corner to manually add the Binance Smart Chain.
Input the following information:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Currency (optional): BNB
Block Explorer URL: https://bscscan.com
- Return to the main menu by clicking “Save”
- Double-check that your MetaMask is set to the BSC network on the upper right corner of your screen
Like MetaMask, Trust Wallet also supports decentralized applications. With Trust Wallet, you can buy Cryptocurrency assets seamlessly, earn interest on your crypto wallet, and track your collectibles. It is also relatively safe from hackers and scammers.
How to create your Trust Wallet
- You can download Trust Wallet on App Store or PlayStore.
- After you launch the app, you will be asked to “Create a New Wallet” or “Import” an existing one. Click on “Create a New Wallet” to proceed, you have to accept the term of usage.
- Ensure your recovery seed phrases are safe. Proceed by tapping on Continue.
- Complete the verification process by selecting the recovery seed phrases in the correct order.
- Congratulations! When you complete the backup and verification process, you will be redirected to the main wallet screen. Your wallet has been successfully created. Thereafter, the initial list of coins you can start funding will pop up.