Cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records. We provide a more detailed explanation and guide for receiving and sending digital payments.

Accepting crypto payments gives you access to an international audience. That leaves you and your fans without any annoying middlemen, like a bank.

To use crypto as payment method, you will need a crypto wallet. Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps, which makes using crypto as easy as shopping with a credit card online.

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 money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider.

Blockchain

The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed.

How do you use a crypto wallet?

Crypto wallets range from simple-to-use apps to more complex security solutions. The main types of wallets you can choose from include:

• Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. This of course makes using your crypto harder, because as digital money it can only be used on the internet.   
• Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.
• Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.   

Each type has its trade-offs. Paper and hardware wallets are harder for malicious users to access because they are stored offline, but they are limited in function and risk being lost or destroyed. Online wallets offered by a major exchange like Coinbase are the simplest way to get started in crypto and offer a balance of security and easy access. (Because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification.)

Some Wallets To Consider

Trust Wallet  Trust Wallet can handle a wide range of cryptocurrencies. In addition, a formidable array of features contribute to a reputation for solid security. For example, you can use Two-Factor Authentication (2FA), Google Authentication, and even SMS or email verifications.

Coinbase Wallet Coinbase has built a formidable establishment thanks to official licensing and regulation in the United States. Unlike independents like Trust Wallet associated with Binance, Coinbase owns and operates both the crypto wallet and exchange. This integration makes things a lot easier since you’ll only need a single account to access everything. Coinbase initially only supported Bitcoin, but today you can use it with almost anything. 

Luno Wallet Luno makes things especially easy for new cryptocurrency owners. Grab the app and set up your account, and you can be buying crypto within moments. In addition, the high degree of localization for many places helps make funding your wallet easy. Unlike many crypto wallets that are highly mobile-focused only, Luno makes web access available as well. The experience mirrors the mobile one, so there’s no shock moving from one interface to the other.

Exodus Unlike many crypto wallets, Exodus has moved past the “most secure” label and gunned for billing as the un-nerdy public’s crypto wallet. It claims intuitive design and tries hard to simplify what many find to be a daunting topic.

Trezor For the unfamiliar, Trezor is a cold or hardware wallet. This type of wallet is meant for the morbidly paranoid, capable of keeping cryptocurrency away from the Internet. Trezor wallets support a wide range of cryptocurrencies

Crypto credit/debit card?

Crypto credit and debit cards are not confusing at all, in fact, they function the same as regular payment cards. The only difference is that you are using cryptocurrencies to pay for products and services. You can connect your crypto credit card with the wallet that you already use. By doing so, you remain the sole owner and operator of your digital assets.