Author: CosYe
<aside> 🦋 Don't click on ads, especially Google Search ads. They are most likely phishing ads/sites that will attempt to hijack your wallet through your seed phrase or other means. Use official links and bookmark them.
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<aside> 🦋 In relation to Discord, it's suggested to turn off DMs. Mods, developers, and team members will never ask for your seed phrases or passwords.
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<aside> 🦋 If you leave DMs open, be wary of impersonators. Always verify that you're interacting with the correct person or bot.
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<aside> 🦋 Ignore giveaways. If it's too good to be true, it probably is.
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Seed Phrase - A seed phrase is a series of 12-24 words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet. Think of a wallet as being similar to a password manager for crypto, and the seed phrase is your master password. As long as you have your seed phrase, you'll have access to all of the crypto associated with the wallet that generated the phrase - even if you delete or lose the wallet.
<aside> 🦋 SAFETY WARNING — NEVER GIVE AWAY YOUR SEED PHRASE TO ANYONE! DOING SO LEAVES YOU AT A HIGH RISK FOR LOSING ALL CRYPTOCURRENCIES / NFTS ASSOCIATED WITH THAT WALLET!
Keeping your seed phrase safe from hackers, phishing attacks, or just simple loss is absolutely crucial.
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A private key is a similar to a password that allows you to access and manage your crypto funds.
A crypto wallet stores your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.
A custodial wallet is a crypto wallet where another party is in control of your private keys. Most custodial wallets are web-based exchange wallets, ie. Coinbase, Kraken, Gemini, Binance, etc.
A non-custodial wallet is a crypto wallet where you have sole control of your private keys, which in turn control your cryptocurrencies and prove the funds are yours. Non-custodial wallets can be browser-based, coming in the form of software installed on mobile devices or on desktop, ie. Metamask, Trust Wallet, etc., or they can be hardware devices, ie. Trezor, Ledger, or Lattice.
<aside> 🦋 While non-custodial wallets don't require you to trust a third party, they require you to trust yourself to keep your keys and your wallet safe and secure.
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A hardware device that securely holds your cryptocurrency that usually looks like a USB storage with a screen and analog buttons. Hardware wallets must be connected to a computer or mobile device via USB ports or Bluetooth to transact.