Financial analysts are predicting that in the near future, cryptocurrencies will replace traditional currency. For this reason, let’s learn how to store, receive and send crypto.
Store Cryptocurrency Safely
Cryptos are decentralized, so there is no bank or central government that is controlling them. But how do you store it if no bank controls it? Well, storing cryptocurrency might be easier than it sounds, maybe easy than storing traditional currency.
You will need a crypto wallet. This software program stores your public and private keys, transacts digital currencies, and monitors their balances. There are two distinct types of crypto wallets namely cold and hot wallets.
Cold wallets are wallets that store your cryptocurrency offline. These include paper and hardware wallets.
Paper wallets
Paper wallets are printed QR codes of your public and private keys, without which you can’t access your crypto assets. To access your wallet, Scan the QR code. Paper wallets give relatively high security for your crypto assets. Some examples of paper wallets include:
1. MyEtherwallet for Ethereum and ERC-20 tokens users.
2. Bitcoin Paper Wallet Generator for Bitcoin Users.
Paper wallets are not meant to be stored in your computer or phone.
Cloud wallets
Cloud wallets are always online and can be accessed from any computer and location. They are very convenient but are sometimes vulnerable to hacks. The most popular of cloud wallets include:
- Blockchain.info
- Guarda
- LocalCryptos
- Metamask
- Coinbase
- Bitwala
- Crypto.com DeFi wallet
- Bitwala
To manage your cryptocurrencies and keep them secure, you will need to choose a good cryptocurrency wallet.
After you choose the wallet, you will get the wallet address, and you will be ready to send and receive crypto.
How to Send Crypto
Sending a cryptocurrency is as easy as sending an email. All you need is the recipient’s wallet address. Wallet addresses are the long string of characters and numbers that are specific to every wallet. It’s like a bank account number. Since they are always very long, they always come with a QR code to scan using your crypto app.
After you get the recipient’s wallet address:
- Open your crypto wallet.
- Enter the recipient’s address.
- Select how much crypto you want to send. Below is an example:
You will incur a small transactional fee during the process.
Note that every cryptocurrency has its unique wallet address, so make sure you send Dogecoins to Dogecoin addresses and bitcoins to bitcoin addresses.
How to Receive Crypto
All you have to do to receive crypto is share your wallet address with the sender. You will receive the crypto assets immediately after they are sent. Moreover, your balance at the top of the wallet dashboard should reflect the amount you received.
My Transaction Didn’t Go Through
Most cryptocurrency transactions are instantaneous, but sometimes it will take a few minutes. However, it might take several hours if the traffic is high, in which case the transaction will be pending.