Crypto wallets

Just some crypto wallets tips

This is just my option. This is not financial advice. Do your own research.

Almost every wallet support Bitcoin.

If you want to invest in anything, you ought to have a portfolio and manager your money like a business.

Portfolio

A general portfolio could be 11 sectors plus 1 crypto assets. For a total of 12 sectors.

95% invested on the 11 sectors.

Of that 1 crypto sector only 5% of your general portfolio might be invested.

And from that 5% you might invest 50% bitcoin, 25% Ethereum, 25% other alts

And from that 25% other alts, you might invest 20% holding and 5% experiment investment with high risk/reward.

Crypto is till very risk. High reward and high risk.

Decentralized wallets vs Centralized wallets

Decentralized wallets you have to do everything yourself and you have to interact with all the different applications yourself. No NYC (no know your customer meaning you don’t need to show proof of identification).

You hold your own crypto.

You can lend your crypto to earn passive income.

Centralized wallets pay interest to you because they are holding your crypto.

So basically what they do is take your crypto, lend it out to earn income then pass a portion of that income back to you. NYC (know your customer, meaning you need to show proof of identification)

Wallets

Metamask is one of the popular Decentralized wallets, great wallet to interact with blockchains. It’s a browser wallet on your computer and an application wallet on your phone. Unlike other wallets, Metamask is not really affiliated with any particular exchange.

Metamask allow you to access decentralized applications, decentralized protocols, decentralized websites.

For example you can link metamask to any ethereum virtual machine (evm) comparable.

The con is that you can’t see NFT on the wallets, it’s there but you just can’t see the picture. Although the workaround for this is just to use something like Etherscan, or polygon scan to be able to see the NFT.

Coinbase only support Ethereum token, you pay a lot of fees to do transfer in and out.

Trust wallet has support for Binance chain mainly, it support Ethereum base and Finance smart chain.

Ledger – This is a hardware wallet – you can think of a USB storage where you can keep your crypto. This help keep your important data offline like you private keys that should never be shared.

You’ll need both a software and the hardware wallet to be able to trade crypto.

Note: hardware wallet just hold your private keys not your seed phrase.

Nexo – centralized wallet – pay passive income on everything that you have with them. They take your crypto, lend it out to earn income then pass a portion of that income back to you.

Celsius – centralized wallet – pay passive income on everything that you have with them. They take your crypto, lend it out to earn income then pass a portion of that income back to you.

Paper wallets – The word paper ought to give you an indication to avoid at all cost.