Three major virtual currency storage methods

Crypto storage methods by  SENBTC Automated Trade Marketplace

London, United Kingdom, 17th Oct 2022,  In our virtual currency, we can’t carry it with us, so whether we mine virtual currency, buy or sell bitcoin, although the categories we cite are all cryptocurrencies, we also need a place to store it, It is impossible to conduct transactions directly, let alone “store” it directly in the wallet. (SENBTC Automated Trade Marketplace

To be more rigorous, we need to circulate these cryptocurrencies. The way of circulation is to use the platform to interact with various blockchains, to operate the wallet through the platform to connect to the blockchain network, and to store our own cryptocurrency assets. (SENBTC Automated Trade Marketplace)

This operation is like when we deposit money in the bank and connect to the ATM of the banking system. When our amount reaches the level where we can withdraw money, we can withdraw the money from the account or transfer the money directly. (SENBTC Automated Trade Marketplace)

 Therefore, we should not take it lightly, especially the security of wallets, and we must be aware of security. (SENBTC Automated Trade Marketplace)

So today, let’s talk about three ways to set up an Ethereum wallet. Have you ever used these methods? Welcome to discuss with me.

Hardware wallets, software wallets and exchange wallets are three types of wallets: (SENBTC Automated Trade Marketplace)

  1. The essence of a cryptocurrency exchange is a commercial issue. To put it bluntly, it means that you spend money to buy the right to process part of the assets of the exchange. The exchange wallet provided at one time is the easiest to install but the least secure. (SENBTC Automated Trade Marketplace)
  2.  The actual operation will give you a more transparent understanding of why the installation is the easiest but the safety performance is the lowest. The process of transferring money in the app wallet is the process of packaging blocks. If we put this transaction process on the exchange platform, it is to conduct transactions through a third party, that is, the exchange app. (SENBTC Automated Trade Marketplace)

First, identity verification is required, which is extremely risky. Second, it is necessary to remove one’s own exchange assets before the packaged block is put on the chain。(SENBTC Automated Trade Marketplace)

Easy operation process: create an account on the exchange website—activate the account—wallet verification—set the ether address. (SENBTC Automated Trade Marketplace)

The popular meaning of hardware wallet is to store virtual digital property on the chip alone, disconnect the network and use it alone. Hardware wallet cannot guarantee 100% security, but compared with other storage methods, it is one of the safest storage methods. (SENBTC Automated Trade Marketplace)

The operation process is simplified. First of all, you need to prepare the USB cable of the computer and the hardware, follow the installation instructions provided by the hardware wallet manufacturer to operate the connection and initial settings, set the PIN code, record and confirm the mnemonic phrase, and then after the effective configuration is completed, you can use the ether wallet. (SENBTC Automated Trade Marketplace)

    3) . A software wallet is a computer-programmed device that exists in the form of software and is exclusively used to protect encrypted currency. It can be set up and used on the computer version, mobile terminal and cloud to provide comprehensive protection. So it is very safe and easy to use. (SENBTC Automated Trade Marketplace)

Operation process: Download the wallet software that supports Ethereum—create and set up a wallet account—private key—save it in the USB. (SENBTC Automated Trade Marketplace)

 

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