QUESTS 101: Common crypto wallet basics to consider

Crypto wallets are important for your Quests journey because this is where you will receive and withdraw your rewards. However, choosing and using a crypto wallet can be daunting for beginners. Here are some essential things to remember when using a crypto wallet:

Always prioritize security

Security should be your top priority when it comes to crypto wallets. Here are some tips to ensure the security of your wallet:

  • Choose a reputable wallet provider and check their security features
  • Use a strong and unique password for your wallet
  • Enable two-factor authentication (2FA)
  • Keep your private keys offline and in a safe place
  • Backup your wallet and store the backup in a secure location
  • Keep your wallet software up-to-date

Be aware of fees

Using a crypto wallet often involves transaction fees, such as sending or receiving cryptocurrency. These fees can vary depending on the wallet provider and the type of cryptocurrency you are using. Always check the fees associated with your transactions to avoid unexpected costs.

Choose the right crypto wallet

There are different crypto wallets, including hot and cold wallets. Hot wallets are physical devices that store your cryptocurrency offline. They offer a higher level of security since they are not connected to the internet. On the other hand, cold wallets are digital wallets that are either web-based or mobile-based. 

Consider your needs and preferences when choosing a wallet. For example, a hardware wallet may offer better security if you plan to hold a large amount of cryptocurrency. If you prefer convenience and accessibility, a software wallet may be a better option.

Get an idea on which crypto wallet you should use by clicking here.

Keep track of your transactions

It’s essential to keep track of your transactions and monitor your wallet balance regularly. This lets you detect unauthorized access or suspicious activities in your wallet. You can use tools such as blockchain explorers to view your wallet transactions and monitor your balance.

Understand the risks

Cryptocurrency is a volatile and speculative asset, and using a crypto wallet involves certain risks. You should understand the risks associated with the cryptocurrency you are holding and the wallet you are using. This includes market risks, security risks, and regulatory risks.

Connect your crypto wallet to Quests

If you use Quests, connect your crypto wallet to your account to receive your rewards automatically. This ensures you don’t miss out on any earnings from completing Quests. Check out the available wallets you can connect here.

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