How to store cryptocurrencies in wallets

What is a crypto wallet?

A wallet is a place where you can store your digital currencies. All wallets have a public key (an address) and a private key.

Your private key can access the wallet and you must therefore never share it with others or lose track of it. Your public key, or address, can be compared to an account number. If a person wants to send crypto to you, they will have to send it to your address.

At Firi you already have a wallet

At Firi, we ensure a safe and easy storage of your funds, and we take care of all the technical aspects of securing and storing your assets. This means, quite simply, that the only thing you need to access your funds is either your phone with Vipps or the username and password for your Firi account, as well as BankID.

In this way you don't have to worry about any private keys, but are still assigned public keys in order for you to receive cryptocurrency from other wallets.

Important: Different cryptocurrencies often have different addresses (public keys). This means, for example, that you cannot send ether to the same address to which you send bitcoin. You will find your addresses in your wallet at Firi.

Wallets outside of Firi

If you want to use other wallets you need to be aware that:

  • There are many different types of wallets. You can have physical wallets (cold wallets), such as Ledger or Trezor wallets, or you can have software wallets (hot wallets) such as MetaMask, Exodus or Keplr. There are also mobile wallets and paper wallets.
  • Physical wallets, or cold wallets, are considered the safest as these are physical devices that you store yourself and in this way keep your private keys separate from vulnerable devices with internet connection. In order for such a wallet to be hacked, the hacker must steal the physical device, and even then it is protected with a PIN code that you decide. The disadvantage of physical wallets is that they cost money and that you are responsible for securing your keys.
  • Hot wallets are software that is downloaded to the device you are using. Most such wallets are free and relatively easy to set up. The disadvantage of choosing this type of wallet is, as with physical wallets, that you are responsible for securing your keys, but in addition, software wallets also require stricter precautions when it comes to security. If your computer gets a virus, gets hacked or stolen, then the thief can access your private key, wallet and funds.
  • Not all wallets support all cryptocurrencies. For example, you can not send bitcoin to a MetaMask or Keplr wallet. It is therefore important to be aware of which cryptocurrencies the wallet you use supports before sending funds.

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