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What is a crypto-currency wallet and how to use it

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real 32622af9 01b2 4421 af91 c8bb084423fc - What is a crypto-currency wallet and how to use it

BitMarket Network Client crypto wallet user guide

Digital currency, like paper money, needs a reliable wallet. The main function of a crypto wallet is storage of digital currency. It can also be used for sending and receiving money transfers in cryptocurrency, paying for goods and services and exchanging.

 Create your crypto wallet

The clients’ creating conditions for wallets are different, but the principle of operation for most of them is the same. Typically, the process of creating a wallet consists of a number of steps. Let’s consider them by the example of the innovative multi-currency wallet –  BitMarket Network.

 Register

At this first stage users are ought to choose the way of communication with them: via phone number or email. It is worth entering real information, because the stated communication method will be used by the wallet developers for sending to their clients requests and letters. It is desirable that the email was set up on a reliable postal service.

 Make password

The user enters his own password or uses a random password generator for this purpose. Many wallet hacks have occurred due to too simple codes, so a complex password significantly increases the funds’ protection. When creating a password, clients should use letters of different registers as well as numbers and special symbols. It is also important to remember that losing the password will limit clients’ access to the wallet, so it must be stored securely.

 Receive identification information

Each user receives personal information that provides control of his account. These may include identification or pin code, mnemonic phrase and secret question. The received data must be stored in a safe place, not on the Internet.

 Check authentication settings

To provide 100% protection of clients’ funds, developers from BitMarket integrated two-factor authentication (2FA) in their wallet. This may slow down the transaction speed, but it will significantly reduce the risk of money theft or brute force.

These four steps complete the creation of the wallet, after which users can send and receive crypto money.

 Work with crypto wallet

Good multi-currency wallets have a simple and modern interface, which don’t require any special knowledge for using. At the same time, it is desirable to understand what cryptocurrencies are and how they function. It is also important to follow the safety rules and be careful, as with any transactions with money.

 Several recommendations for crypto wallet users from BitMarket Network Client developers.

●        Do not store cryptocurrency on your home computer that you use all the time. For these purposes, it is better to use a computer that rarely surfs the Internet and no one else has access to. Ideally, you should have a separate  Linux / Win / Mac OS X laptop or  iOS or Android phone only for working with cryptocurrencies,  The computer must have a powerful antivirus program, and its software should be constantly updated.

●        It is important to use all available protection methods provided by the service. The mnemonic phrase or password is best kept on paper. If the information related to the wallet is still stored on the computer, use special programs for supplementary protection.

●        Create a backup of your wallet to protect funds from possible technical failures or frauds. If you use cryptocurrency on a regular basis, store small amounts for day-to-day transactions on your PC or mobile phone.

●        Stay tuned for the latest security news to learn about new scam schemes and new ways to protect against them.

●        When making transfers from a wallet, always check your addressee. Especially while transferring cryptocurrency to an Internet or exchange, you should definitely check the correctness of the address in the browser (so as not to run into phishing) and the presence of an SSL certificate.

With BitMarket Network Client, your money will be safe and you will not know what’s like being deceived.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

Disclaimer: All content found on thecryptotime.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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