What are crypto wallets?
A Crypto wallet is a software program or physical device that allows you to store your private keys (in simple terms “the passwords that give you access to your cryptocurrencies”), keeping your crypto and NFTs safe and accessible. They allow you to send and receive cryptocurrencies, NFTs, and also to login to applications like bircle.io.
They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like MetaMask Wallet, which makes using crypto as easy as shopping with a credit card online.
How it works
Crypto wallets consist of three parts: a public key, a private key, and a public receiving address.
** Address: An address is a string of digits and characters that can be shared with anyone who wants to send you crypto or NFTs. Addresses produced from public keys consist of a string of numbers and letters. They can also be represented as QR code, to make transactions easier.
Why are crypto wallets important?
Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital assets and allow you to make transactions. If you lose your private keys, you lose access to your digital assets. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like MetaMask.
The 3D digital twins of garments launched on Bircle.io, are NFTs. You can login and interact with Bircle using a crypto wallet, redeeming the digital assets, or, if you are not ready to web3, use a google account or email.
They provide safe and accessible transactions for users and allow them to:
- Send, receive, and pay with crypto.
- Store crypto.
- Create a digital “vault” online that only you can access.
- Interact with web3 applications.
- Buy, sell, and store NFTs.
- Access token gated platforms, events or loyalty programs.
As crypto wallets rely on cryptography, the art of protecting data through codes and digital puzzles called ciphers, you are 100% in control of your assets which stay safe from hacks, scams, and theft.