Introduction

Crypto currency and assets such as Bitcoin, Ethereum, and hundreds of other alt-coins, have become increasingly popular the past few years. Along with the rise in popularity comes a rise in theft. This thread is dedicated to an overview of storing and keeping your assets protected.

Key Terms to Understand
  • Private Key - A randomly generated number. This key gives direct access to your assets.
  • Public Key - a 2D point coordinate on an Elliptic Curve derived from a private key. This key is public, meaning people can see the amount on your private key but cannot access it.
  • Mnemonic Phrase - In crypto terms, this is a group of words that generate a unique wallet phrase which gives you a human-readable list of words to back-up your wallet for recovery.
  • Multisignature - Also called multi-sig. In terms of Wallets, multisig has one private key on your computer and typically one on your phone. A signature is required from both devices before a transaction is sent.
  • Seed - A potentially-short value used as a seed to generate the master private key.


Different Variations of Wallets
  • Cold Wallet - Refers to storing crypto offline (i.e, encrypted media, hardware wallet, HDD, USB, paper wallet). Most secure!
  • Hot Wallet - A wallet connected to the internet in some way. These are less secure.
  • Hardware Wallet - Also known as Hard Wallets, these Wallets safely store your private keys. Very secure.
  • Mobile Wallet - May or may not control your private keys. Check if they control your keys before using! Also check if they are open-source.
  • Web Wallet - Wallets that are managed by 3rd parties and control your private keys. Please note, MyEtherWallet (MEW) is not a web wallet as it is strictly client-sided.
EasyMoney Reviewed by EasyMoney on . Crypto Wallets & Storage Guide Introduction Crypto currency and assets such as Bitcoin, Ethereum, and hundreds of other alt-coins, have become increasingly popular the past few years. Along with the rise in popularity comes a rise in theft. This thread is dedicated to an overview of storing and keeping your assets protected. Key Terms to Understand Private Key - A randomly generated number. This key gives direct access to your assets. Public Key - a 2D point coordinate on an Elliptic Curve derived from a Rating: 5