Once you’ve bought your crypto, it will be sitting on the exchange/brokers website in a wallet.
If you’re brand new to cryptocurrency, start off by watching this video from one of our valued members, Benny Hall.
- Wallets don’t store actual tokens/coins. They are merely interfaces to the blockchain.
- Public keys are essentially your account number. Private keys are essentially your password. Don’t ever give your private key to anyone.
- Hot wallets (also known as desktop, exchange and mobile wallets) store your private keys online.
- Cold wallets (also known as paper wallets, hardware wallets) store your private keys offline.
- Ensure you record your seed phrase/mnemonic of your hot/cold wallet somewhere safe. Don’t show anyone.
2FA is the last line of defence for your accounts to avoid being hacked. In most cases, it is a software-generated time-based, one-time passcode.
2FA apps can be downloaded from the app store on your smart phone. Two popular apps are called Google Authenticator and Authy.
Normally you would use a username and password to login to an exchange but with 2FA activated, you will be required to enter a code as a third step.
This code will be generated from whatever app you have chosen to be your 2FA code generator.