A cryptocurrency wallet is a secure digital wallet used to store, send and receive coins. Cryptocurrency itself is not actually stored in a wallet. Instead, a private secure digital code known only to you and your wallet, is stored that shows ownership of a public digital code (public key) connected to a certain amount of currency.

Most coins have an official wallet which can be downloaded on their official website. The following wallets can be used: 

  • Online wallet: Basically, it is a web-based wallet. They are offered as a service by different exchange platforms. You can open them on a browser on any computer. You are dependent upon third parties which means less security. Wallets used in browsers are suitable for short -term storage of small amounts of currencies.
  • Mobile wallet: Wallets which run on your smartphone or tablet.
  • Desktop wallet: This is the most common type of wallet. They can be downloaded from the official website. They are easy to access, but they have a lower mobility. You cannot access this wallet from another computer.
  • Hardware wallet: Dedicated hardware devices, like USB drives, which are specifically built to store cryptocurrencies and keep it offline and secure. It is immune to malware. Malware on your computer can never get to your private keys to make an online transaction.
  • Paper wallet: A paper wallet is possibly the safest way to store your coins. You will print a private key and address on paper (QR code). Because it’s printed on paper the wallet is resistant to computer viruses and hackers.

Note: With most wallets, if you lose your private key you will lose your money. There is no way to recover your money. You are responsible for your own wallet, keys and money!!

For a good and reliable online wallet we refer to Litebit. Litebit offers also a 2 step verification which makes it more secure.

Litebit is a broker which also offers an online wallet. A great advantage of Litebit is that you can trade with Litebit credits. LiteBit credits is an internal payment method used to limit transaction costs and payment times. When using credits, no extra transaction costs are added to your order, and your payment is always instant. If you have multiple sell orders it is recommended to be paid out in credits.

The benefits of LiteBit credits
 Fast transaction times.
- No transaction costs and wait times when ordering.
- Received LiteBit credits from sell orders can be directly used for buy orders.
- For withdrawing LiteBit credits received from multiple sell orders you only pay a single bank fee.

Step 1: Create an account at Litebit (at the top right of the website: create new account)
Step 2: After you create an account, you must activate your account. Litebit will sent you an e-mail with instructions
Step 3: You can start buyin coins. You can buy more coins, when you verify your account in multiple steps

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