Week 29 — “You Get A Wallet!” “You Get Another Wallet!” “Everybody Gets A Wallet!”

What is a Wallet?

How do I set-up my Hosted Wallet?

  1. The transactional fees that you pay are much lower than most exchanges.
  2. They boast a daily average transactional volume of $3.88 billion dollars so you can trust that they won’t run out of business anytime soon.
  3. It is the best access point to the Binance Smart Chain (BSC), which is their own blockchain built on top Ethereum
  4. You can do a bunch of cowboy crypto stuff because they are regulated in Malta which has super laxed regulation. (That requires a separate article on go into greater detail)
  5. Security … Well, they’ve held up well so far as a centralised solution.

How do I set-up my User-Controlled Wallet?

This is a real 12 word mnemonic phrase, you can actually access this wallet by importing an account when you launch the Trust Wallet app.

Final Warnings

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