We use crypto wallets to keep crypto securely. There are different types of crypto wallets. The most popular ones are<ul><li>hosted wallets,</li><li>non-custodial wallets, and</li><li>hardware wallets.</li></ul> The right wallet for you depends on what you want to do with your crypto.

Types of crypto wallets

The hosted wallet is the easiest to set up. When you buy crypto using an app like Coinbase, your crypto is automatically held in a hosted wallet, where a third party keeps your crypto for you. The main benefit is that you won't lose your crypto if you forget your password. However, a hosted wallet can't access everything crypto can offer. How to set up a hosted wallet:<ul><li>Choose a trusted platform, considering security, ease of use, and government and financial regulations.</li><li>Create your account. You can buy crypto using a bank account or credit card.</li></ul>

Hosted wallets

A self-custody wallet puts you in control of your crypto. While non-custodial wallets provide the software necessary to store your crypto, you have to remember and keep your password, known as a "private key" or "seed phrase". If you lose it, you can't access your crypto. How to set up a non-custodial wallet:<ul><li>Download a wallet app.</li><li>Create your account. You don't have to share any personal info to create a non-custodial wallet.</li><li>Ensure to write down your private 12-word phrase key.</li><li>Transfer crypto to your wallet. You won't always be able to use traditional currencies with this wallet.</li></ul>

Self-custody wallets

This wallet is a physical device that stores the private keys to your crypto offline. Hardware wallets are more complex and expensive but have some added benefits, such as keeping your crypto secure even if your computer is hacked. How to set up a hardware wallet:<ul><li>Buy the hardware. Ledger and Trezor are well-known brands.</li><li>Install the software. Each brand has its own software that you should download from the official company website.</li><li>Transfer crypto to your wallet. This wallet doesn't allow you to buy crypto using traditional currencies (US dollar or Euros),</li></ul>

Hardware wallets

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How to set up a crypto wallet

Crypto wallets store your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.
They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online.

The Crypto Wallet

Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. 
If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinbase.

Importance Of Crypto Wallets

Crypto wallets range from simple-to-use apps to more complex security solutions. The main types of wallets you can choose from include:<ul><li>Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. </li><li>Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto.</li><li>Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption.</li></ul>

Using A Crypto Wallet

Paper and hardware wallets are harder for malicious users to access because they are stored offline, but they are limited in function and risk being lost or destroyed. Online wallets offered by a major exchange like Coinbase are the simplest way to get started in crypto and offer a balance of security and easy access. 
(Because your private info is online, your protection against hackers is only as good as your wallet provider's security – so make sure you look for features like two-factor verification.)

Pros And Cons Of The Various Formats

Using an app like Coinbase Wallet or Exodus gives you easy access to your crypto holdings. You can:<ul><li>Manage all your digital assets in one secure place </li><li>Control your own private keys </li><li>Send and receive cryptocurrency to and from anywhere in the world </li><li>Interact with usernames rather than long, hexadecimal “public key” addresses </li><li>Browse dapps (decentralized finance apps) </li><li>Shop at stores that accept cryptocurrency</li></ul>

Using A Crypto App

<ul><li>The main Coinbase app (or Coinbase.com) allows you to buy and sell crypto or exchange it for fiat currency and transfer it to a bank account. If you just want to invest in Bitcoin or another digital currency it’s all you need. The Coinbase app will securely manage the rights to your private keys.</li><li>Coinbase Wallet is a separate app that allows you to store your private keys and to send, receive, and spend digital money; browse and use DeFi applications, and more. You don’t need a Coinbase account to use Coinbase Wallet.</li></ul>

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