How to set up a wallet
What is a wallet?
A wallet is equivalent to an online bank account where you can store, send and receive tokens and cryptocurrencies. A single wallet can hold multiple accounts. Each account can hold multiple assets and currencies.
What is a wallet address?
A wallet address, often known as an address, is the public key to your wallet. It is a unique string of numbers and letters where your cryptocurrencies are stored. You will share your wallet address with anyone who wants to send you some cryptocurrency or tokens.
What is a private key?
A private key is like a password that gives you access your wallet. It is used for verifying transactions and removing currency from your account. You will never share this with anyone. It is very important to keep it safe, and to keep copies in several places in case you lose one.
What kind of wallets are there?
There are three main types of wallet:
- Custodial (or hosted) wallet: where your crypto and private keys are held by a third party. In this case, you can recover your password if you lose it. Example: Coinbase
- Hot wallet: an online wallet used for frequent transactions.
Examples: Metamask, Trust Wallet
- Cold wallet: a hardware wallet used for secure and long-term storage. Examples: Ledger Nano, Trezor
What type of wallet do you need?
In order to receive Bright Greens you will need an Ethereum wallet. Ethereum is the network on which we built Bright Greens. You can find popular Ethereum wallets by searching online. I have mentioned some of them above.
How to set up your own wallet
- Take some time to learn more about wallets and private and public keys online. It can be a bit overwhelming at first because there is so much information, but it will start to make sense quite quickly.
- Decide which wallet you want to use and sign up for it. This is just like signing up for any online account.
- You may need to complete a KYC process. KYC means Know Your Client. It is required for financial institutions. You will need to supply a copy of your passport, driving licence or other ID so the wallet provider knows they are dealing with a real person. This is also part of preventing money laundering. It is normal. Follow the steps for your chosen wallet.
- Work out how you are going to store your private key or password safely. Do it now. It is important.
- Have a look inside your wallet. Don't panic if you don't understand everything that is there. You can't break anything at the moment because you don't have anything in it. it's the best time to play.
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