Thread by @AstrologyCrypto

Defi 101: Things to know BEFORE you get your first #Crypto Wallet

In this thread I will explain👇
📪Public addresses
🔑Seed phrases and private keys and why you should NEVER share them
⚠️Common scams and how to avoid them
💳My favourite crypto wallets & where to download them

What is a public address?
📪A long string of characters eg. 👇
0xae2Fc483527B8EF99EB5D9B44875F005ba1FaE13

📩Think of it like an email address, but for sending and receiving crypto instead of messages

📨Your public address is public and can be shared with others

What is a private key?

🔑A secret string of letters and numbers which gives full access to your account

⚠️This means anyone who knows your private key has full access to your wallet and any funds in it

📢NEVER SHARE YOUR PRIVATE KEY WITH ANYONE!! UNDER ANY CIRCUMSTANCE!!📢

What is a seed phrase?

🗒️A list of words used to give access to ALL addresses within your wallet

📝Write your seed phrase down and keep it in a safe & secure place in case you forget your private key or lose your device

📢DO NOT SAVE IT TO YOUR DEVICE OR SHARE WITH ANYONE!📢

To recap:
📪Public Addresses are safe to be shared publicly

📢THE BELOW SHOULD NEVER BE SHARED WITH ANYONE!📢

🔑Private Key gives access to a specific address
🌱Seedphrase gives access to ALL addresses in your wallet

⚠️No customer service will EVER need your keys or phrase⚠️

Common Scams pt. 1:
Most scams that intend to steal your funds in crypto fall into one of three buckets;
🔑Requesting your private keys or seed phrase
🌐Asking you to login to malicious websites
📩Asking you to download malicious software

Common Scams pt. 2:
The easiest way to avoid being scammed in these ways is to follow some simple rules;

1. Never provide your seed phrase or private key with anyone
2. Never download something unless you trust the source
3. Don't trust. Verify. (more on this later)

Common Scams pt. 3: Don't Trust. Verify.
🧐Don't rely on others to say something is safe. Always check for yourself.

⁉️Double check that someone is who they say they are via official sources

⚠️NEVER connect to a site until you know it's the official site of a trusted project

Common Scams pt. 4:
The most common scam is people reaching out as 'Customer Support'

⚠️CUSTOMER SERVICE SHOULD NEVER REACH OUT FIRST! YOU SHOULD ALWAYS MESSAGE FIRST!⚠️

In one way or another they typically request your private key or seed phrase
⚠️NEVER PROVIDE THIS!⚠️

Which wallets I use:

These are the wallets I personally use and find to be the most reliable
🐰@Rabby_io(Desktop Only)
🦊@MetaMask(Desktop & Mobile)
I use Rabby on Desktop and Metamask for Mobile devices

There are other options but these are the two I prefer to use

Getting your Wallet

🐰To set up Rabby, download the wallet from rabby.io
🦊To set up Metamask, download the wallet from metamask.io/download/

You will then install these wallets as an extension to your preferred web browser

I will go further into depth regarding the following in my next thread:
⚙️Preferred wallet settings
🧐Reading blockchain explorers
⚠️Checking contracts for basic issues
🥪Avoiding MEV sandwich attacks

If you found this thread helpful or think that it could be helpful for others please like and retweet the original tweet

If you want to see more of this, give me a follow as well

Original tweet is here;

https://twitter.com/AstrologyCrypto/status/1656524209001226242?s=20