Use of wallets?

[CazzataMalanga]

Hello all!

I've never used any wallets (like Electrum and such) but everybody tells me I should because of safety reasons. Why?

Isn't it like a fiat wallet where I put my cash in and it can't grow anymore? I'm confused 

Thanks.

[1713901967]

1713901967

[khendjer]

Hello all!

I've never used any wallets (like Electrum and such) but everybody tells me I should because of safety reasons. Why?

Isn't it like a fiat wallet where I put my cash in and it can't grow anymore? I'm confused 

Thanks.

Consider Electrum and Electrum-like wallets like your own vault which you have at home and your keep your money in. The only way to get an access to it is to use the key which have only you and no one else. You can be sure that nobody can steal funds from your vault until they somehow get the key from you. From the other side consider another type of wallets, most commonly online wallets, as something similar to your friend's vault where he keeps your money on your behalf. When something happens to him, his vault or key, that's all. You no longer have your money and you probably wouldn't be able to find out who stole your money, your friend or someone else who stole your friend vault's key. You have to trust a lot to your friend to allow him to keep your money. That's the most important reason you have to use a wallet which allows you to control private keys. Not less important is to keep the private keys from your wallet safely so no one could steal them.

[CazzataMalanga]

So everytime I buy fresh crypto I should ASAP put it all in some offline wallet to be safe(r), correct?

Thx

[SungkZ]

A Wallet allows users of it to store the crytocurrency they have like in my case, I used MyEtherWallet (Because most of the projects now a days are all Ethereum based) for me to receive my reward from the bounties I have participated. You're also correct that it's like a wallet for fiat money but it's not true that the current funds you have will not grow in there, since cryptos are Volatile, you will often see changes about their values when converted to USD. It may be a pump or a dump 

[QuestionAuthority]

Hello all!

I've never used any wallets (like Electrum and such) but everybody tells me I should because of safety reasons. Why?

Isn't it like a fiat wallet where I put my cash in and it can't grow anymore? I'm confused 

Thanks.

Consider Electrum and Electrum-like wallets like your own vault which you have at home and your keep your money in. The only way to get an access to it is to use the key which have only you and no one else. You can be sure that nobody can steal funds from your vault until they somehow get the key from you. From the other side consider another type of wallets, most commonly online wallets, as something similar to your friend's vault where he keeps your money on your behalf. When something happens to him, his vault or key, that's all. You no longer have your money and you probably wouldn't be able to find out who stole your money, your friend or someone else who stole your friend vault's key. You have to trust a lot to your friend to allow him to keep your money. That's the most important reason you have to use a wallet which allows you to control private keys. Not less important is to keep the private keys from your wallet safely so no one could steal them.

This is probably the single best plain English answer to any question I’ve ever seen come from a Jr. Member.

[Panda_Pendek]

If we have plunged into the world of cryptokurensi of course we must have a wallet to store our assets, at least we must have the wallet of the most widely used people such as ETH wallet. As we know the common usability of the wallet is to save our money as well as our digital wallet used to store the digital coins we have. Because Wallet is a storage place of our assets of course we must be extra careful, and secure our wallet especially his private key we should not know anyone else, if others have our private key then they can access our wallet and make transactions with it. With his or her wallet we can accept or mail our coins with others.