What’s a crypto wallet, and who needs one?

Tech expert Omar Gallaga says anyone who trades in cryptocurrencies or NFTs should consider one of these software or hardware tools to manage their stuff.

By Shelly BrisbinFebruary 10, 2022 9:56 am, ,

As the use of cryptocurrencies like Bitcoin and Ethereum continue to grow, both  as investment vehicles and a way to make online purchases, keeping track of what you have and how you’re spending it has become more important, especially if you use multiple crypto assets.

Tech expert Omar Gallaga wrote recently for Wired Magazine about crypto wallets – tools you can use to secure and manage your money. He told Texas Standard that these online wallets can store crypto assets, including currencies and non-fungible tokens, or NFTs.

Highlights from this segment:

– A crypto wallet can be a piece of software or a hardware device, like a USB stick. You may need multiple wallets if you have assets on several blockchains. Unlike a brokerage account, you manage crypto wallets yourself.

– You can choose from some 150 crypto wallets, some of which work best with particular currencies. Popular choices include MataMask, Coinbase Wallet and Phantom.

– Crypto wallets are secured with passwords and a seed phrase – usually a group of words that are easy to remember, but not easily guessed. You’ll need the seed phrase to access a crypto wallet if you lose your password.

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