Reasons that may stop you from opening your first crypto wallet and solutions that could change your mind
Like the cellphone, we will eventually have a crypto wallet to unlock a new technological world. Here are 5 common reasons many people are not ready to open a crypto wallet. But with some education, helpful tips, and some encouragement you can make the move.
I am not sure how I would use a crypto wallet.
Diversify your financial assets by owning cryptocurrencies such as Ethereum, Bitcoin, or others.
Support digital artists by owning their original work.
More major brands are incorporating digital assets to unlock exclusive perks, VIP experiences, and events.
Receive certifications and proof of attendance tokens to show you completed training programs or classes.
I keep hearing about people who are getting scammed.
Remember, if it is too good to be true, it probably is. Don't fall for get-rich-quick schemes.
Scrutinize web addresses to ensure they are official links and not fake.
Explore and connect to new sites with a burner wallet. Keep your valuable assets in an external hardware wallet.
Take your time to do research. Mistakes happen when you rush. Pay attention to details.
I'm worried that I will forget my recovery phrase and lose access to my assets forever.
Get a safe to hold your valuables, including passwords and recovery phrases.
Consider using a password manager program (here are a few options https://www.wired.com/story/best-password-managers/)
Talk with your family and create a legacy plan for all your digital assets.
Setting up a wallet will be too technical for me to understand.
Many of the popular wallet companies have easy-to-follow step-by-step videos.
If you are comfortable using online banking apps, you can confidently learn how to set up a crypto wallet.
Practice with small amounts of money to get comfortable with the new process.
I don't know how to start or who to trust to help me.
Listen to podcasts, watch videos, or read articles to familiarize yourself with the terms and process.
Join communities that educate on the basics of Web3.
Attend Tokens Square's free video call on Thursdays to ask questions and to create a plan to get started confidently.
Explore further:
Ledger is an external hardware wallet that can store your private keys more securely. Because you physically disconnect it from the internet, you can feel confident that your most valuable digital assets are safe. Take a look at Ledger’s learning academy to discover the ways that they are helping people become comfortable about using crypto wallets.
Have questions about this article?
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