GM!🚀 Web 3 frens 🧠
Here is a Web3 Wallet 101 thread🧵which I thought of creating as a net giver (giving back to the community, learnt so far about Web3 Wallet)
Hope you like it & provide feedback for further improvements. LFG!
#Web3 #Wallet #DeFi #MetaMask #WAGMI
Why Wallet in Web3?:
Wallet is a gateway to the Web3 world.
All you need is Internet access and a Web3 wallet to access the wonderful world of web3 🌎
Let's break the topic and understand it better.
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What is a Web3 wallet?:
A self custody digital wallet, just like your physical one but in digital format with more features. Act as a tool where you can send or receive cryptocurrency & other digital assets like NFT, access Dapps also store your digital identity or more.
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Why store digital Identity?:
When using Dapps you can use digital identity stored in your wallet as login credential keeping your personal info safe. Instead of leaving your info like name, age, pwd or others at centralized databases eg: your login credentials on FB servers.
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What are the different types of Wallet?
Ans: Hot (software) and Cold (hardware) wallet.
What the heck is it?
Do I need to buy cold storage or a hot pan for Web3 now??
Let me break it for you in a simple sentence.🤓
External link refer it later:(ethereum.org/en/wallets/fin…)
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A Hot wallet that is connected to the internet all the time (like your @binance spot wallet or @MetaMask )
A Cold wallet that is not connected to the internet like a Pendrive or piece of paper or a titanium sheet @Ledger @Trezor
Easy! right? now be cool using such terms 🤓
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What is @MetaMask ?:
It's a browser extension hot wallet; which many uses for their daily Web3 interaction (They claim about the security of wallet but never know what may get hacked). So, only keep assets which usually you use for Web3, rest keep it in a cold wallet IMO.😉
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How to access your Web3 wallet?:
Via Private key or say Password (in case of @MetaMask )
Private key?:
Analogy: Private key is like your ATM pin which you SHOULD never ever share with anyone not even with your partner IMO.🤑
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Some Private key Caution🚨
You can't reverse your transaction because there is no customer support in crypto😆 but you can trace it to which account it got transferred bcoz of open DLT (Distributed Ledger Technology) provided by the blockchain.
So never ever share it! 🚨
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What if I lose my password?:
In that case, you can use 12 words Secret Recovery Phrase which you MUST store in cold space like writing it on a titanium sheet or a piece of paper in a book which I do as of now coz don't have money to buy cold space rn. Broke😝
@CRYPTO_TAG
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Where do I get those words?:
When you initially set up your Web3 wallet you get to see those words so that you can save them, if you miss or ignore them in the rush of getting into web3 like me😅, don't worry @MetaMask gives you an option to see those words once you log in.
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Public key?:
Analogy: A public key is like your bank account number which you provide others to receive money in your account. In real life, you may provide details like account number, bank code or more for fund transfer, not in Web3, you just share your public key.
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How long will be my bank account number a.k.a public key to share?:
It's big 130 characters long. So, it leads to difficult times for many to share public key coz even if you miss or swap a single character it may lead to some other public address (Some Lucky guy🤡)
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So here come domain services like @unstoppableweb or @ensdomains to save you!
Where you can buy your domain and create a unique short address like a name that will direct crypto to that specific address.
Cool right, want to know more?
Check out my fav @unstoppableweb
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After knowing all this info where do I start now?
Take a deep breath 🫁 & clap 👏 for yourself coz now you know a lot about Web3 wallet and after you come back from a small walk🚶♂️ and sit back in front of the screen then we will continue...
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Glad you're back!
Set up your first Web3 wallet on @Metamask for free by visiting the website (metamask.io) & following the steps mentioned thereby.
Hurray! you have your Web3 wallet ready and can connect to the wonderful world of Web3🌎
WAGMI! my dear Web3 fren🚀
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