CoinCarp Blog

According to the type of wallets you chose for storing cryptocurrency, the method of set up your first wallet is different. The setup guides for each type of wallet is as follow: Hot wallet Custodial Wallet The most common custodial wallet is an exchange wallet, which means keeping your assets on the exchange. Most people using exchange for the first purchase of cryptocurrency, the exchange will create a wallet for you automatically when you made the purchase. You don't need to do anything to create an exchange wallet at all. After creating an exchange account, you may find Total Balances on the  Balance  pages and you can deposits, withdraw, or transfer on a certain page of the exchange. In a way, the  Balance  page is similar to a traditional wallet interface. Non-custodial Wallet: There are various types of non-custodial wallets. However, the general setup methods are similar. If you want to use a single-asset wallet, for example, a bitcoin wallet, you can get the...

Introduction With the widespread use of Bitcoin, Ethereum, and other kinds of cryptocurrencies, the security trading, storage of these kinds of cryptocurrencies have become more and more important. This article will show you the differences between Hot Wallets and Cold Wallets, teach you to choose the wallets that are suitable for you. What Is a Cryptocurrency Wallet? A cryptocurrency wallet is one kind of digital wallet that you can use to store your Bitcoin, Ethereum, and other kinds of cryptocurrencies. It is not like the real world physical wallet( to store real paper fiat) but records your public and private keys which can be used to send and receive money. It is well-known that Bitcoin or most of the other cryptos are records on the blockchain, the ownership is established through digital keys, addresses, and digital signatures. The digital key is not stored in the network but is generated by the user and stored in a file or simple database, that's what we called a wallet. Cr...