Explained: WEB 3.0 Wallets!
Read about what a WEB 3 wallet is and what are the key pointers one must look at before choosing their wallet.
Increasing interest in Web3 is leading to increased participation in various ecosystems. Furthermore, if you’re someone who is unfamiliar with the space, you may feel that entry barriers are high and difficult to overcome.
Perhaps, once you dive a little deeper into the industry you may notice that it is becoming more user-friendly. The crypto sphere is not only becoming more accessible, but it is also evolving due to intense competition, resulting in the launch of new Dapps, tokens, NFT marketplace, Web3 wallets and many more.
Cryptocurrency wallets play several important roles within Web3 as they fulfill many essential functions, besides just safeguarding your investment or purchased tokens.
Therefore, let us explore further into the crypto space and answer the question of “what is a Web3 wallet?”.
WHAT IS A WEB 3 WALLET?
Web 3 wallets can be considered to be a digital asset themselves that stores your digital assets. Confused right? Let us get this way.
Web 3 wallets are similar to your everyday physical wallets which you use to store essential things like money, coins, ID proofs, and maybe photographs sometimes. Similarly, WEB 3 wallets are virtual wallets that store your coins, tokens, NFTs, and other valuable digital items.
In simpler words, Web3 wallets are tools used to access the web3.0 economy. Rather than allowing centralized authorities to harvest your data, you can enjoy greater control over the data and privacy.
In order to provide utmost control and anonymity, a web3.0 wallet is non-custodial. As a result, you don’t have to complete tedious KYC/AML processes, preserving your privacy and anonymity. Your digital assets are stored securely without involving a third party.
On the other hand, you must take ultimate responsibility for securing your assets through a recovery seed/phrase and keep it to yourself. In case the recovery key is lost or stolen, the user shall bear the consequences then after, as it becomes easy for anyone to take control of the investment with that recovery key.
Now that we know what a WEB 3 WALLET actually is, you might be wondering why do you need a web3 wallet? Let’s shatter the puzzle;
WHY DO YOU NEED A WEB 3 WALLET?
The first use case for a Web3 wallet is the ability to fully manage your crypto assets. You do not want any intermediary controlling your investments or assets. The activities you engage in must be entirely safe with you.
Additionally, tokens can be bought, sent, and swapped peer-to-peer without hectic procedures or inconvenience in transactions.
Another reason to use a Web3 wallet is accessibility. Web 3.0 wallets provide an ideal gateway to a broad range of blockchain-based applications, including decentralized finance, gaming, and the NFT marketplace.
Since crypto assets are required to interact with most applications, Web3 wallets facilitate easy access to all of them.
KNOCK! KNOCK!
Who’s there?
Your investment’s bodyguard!
Bodyguard who?
THE BEST WEB3 WALLET!
Wouldn’t that be great if our wallets could speak and let us know whom we should pick? Perhaps since they can’t, here we are sharing some key considerations one must thoroughly scrutinize before choosing their WEB 3 WALLETS!
04 THINGS TO CONSIDER BEFORE CHOOSING YOUR WALLET:
01. Multiple platforms support
Using one wallet across multiple platforms is a no-brainer, isn’t it? Choose the wallet that integrates with multiple platforms, so you won’t have to connect it repeatedly to the platform you want.
02. Cryptocurrency Conversion Ability
The ability to convert from one cryptocurrency to another is a really handy feature to have built right into your web 3 wallet. It cannot be overstated how useful this feature is to have integrated within your wallet, as it also makes cryptocurrency hedging/investing very easy.
03. Backup Features
Make sure your prospective wallets have a proper backup mechanism. Consider a wallet that comes with a decent backup procedure that includes a rescue link, a password, and a number of passphrases to get everything back on track. Also having extra security features like 2FA (2-factor authentication) would be a cherry on the top.
04. QR Code Scanner
When it comes to mobile wallets, QR code scanners are a must-have. The best mobile crypto wallets will allow you to generate and scan a QR code to transfer coins, eliminating the need to type out your long public key. So, look for this feature to have more accessibility and ease in the transactions anytime, anywhere.
Get your WEB 3 WALLET selection right using our key tips & share it with your friends and encourage them to try it too! What other things do you think one should consider before they start using web 3 wallet?
Share in the comment section below!
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