An intro to crypto wallets and buying, selling, receiving or sending cryptocurrency coins -
So far in the first 4 episodes of the Crypto 101 show you’ve learned what cryptocurrency is, including key terms and what crypto is, why cryptocurrency was created, including a brief history of it, how cryptocurrency is worth anything including its store of value, and if they are safe and defining the difference of being safe to purchase versus safe as an investment. In this episode I want to explain how one would purchase. receive or send different crypto coins or tokens and a basic understanding of types of wallets and how they work.
There’s 3 different ways to exchange for coins or receive and send coins and tokens. There’s purchasing crypto through a coin exchange, there’s getting certain coins at specialized ATMs, and the last way is through peer-to-peer exchanges. With all of these options you will automatically need a crypto wallet, that goes for any crypto transaction period. So let’s give you an intro to crypto wallets first.
Before you can even purchase or exchange any cryptocurrency you will need a crypto wallet. A crypto wallet is a piece of software that enables you to send and receive cryptocurrencies. When you want to acquire cryptocurrency, whether by purchasing it in a currency exchange or receiving or sending it, you direct the sender to a unique cryptographic address which is issued by the wallet. Wallets can be used to store multiple tokens and coins at once. But it’s important to keep in mind most wallets will only support a limited number of cryptocurrencies.