A crypto wallet or digital wallet, is an application that helps you store your crypto. It functions like a bank account and makes it possible for you to send and receive that crypto from anywhere in the world.
Not all crypto wallets give you access to the same coins, tokens and blockchains. This is why creating a crypto wallet can become a task often repeated. Beyond that, moving crypto assets from exchanges like Robinhood or Coinbase can be confusing. But, once you understand how crypto wallets work it is pretty straightforward.
Crypto Exchange vs Wallet
A crypto exchange is a platform that allows you to trade cryptocurrencies alongside other users. An anonymous crypto exchange is no longer an option for many, as KYC verifications for users have become the industry standard. Because of this, exchanges require users to verify their identity before they can make a trade. Exchange transactions are carried out over the internet, and the funds are stored in an account held by the exchange too. If an exchange stops operating, users will have no way of accessing their funds without help from the exchange.
A crypto wallet is a set of crypto keys paired with a crypto address on a blockchain. These crypto keys are made up of a public key and a private key. Public keys are like bank account numbers and private keys are like passwords. The best way to keep your crypto assets safe is by moving all keys into a self-custody crypto wallet. This will allow you to manage your own private keys, keeping your funds safe from being accessed by others.
Deciding which one is better, crypto exchange vs wallet, all depends on the user’s intention and risk appetite. Both options for crypto storage have their own set of risks.
Anonymous crypto wallet
Creating an anonymous crypto wallet is easy, because self-custody blockchain wallets do not require KYC verification. With this easy tutorial, you will learn how to set up an anonymous crypto wallet, send transactions, use staking and more.
After installing a new (multi-blockchain) crypto wallet, users can make a crypto wallet address on whichever available blockchain they like. Not all crypto wallets allow access to multiple blockchains. However, Hana Wallet supports up to 6 blockchains per user.
Taking a look inside your crypto wallet is how to find your crypto wallet address. Pay close attention to the blockchain that is currently connected, and by clicking on the wallet name you will often get presented with your crypto wallet address. Two examples of what a crypto wallet address will look like on different blockchains:
- Example of an Ethereum address: 0x3574d0d1d48C031b443d1611239200b385121A60
- Example of an ICON address: hx103d2d8a6850521dbcdb87664d4a0404d719fe92
Move crypto from exchange to wallet
It is not hard to move crypto from a Robinhood or Coinbase account to an anonymous crypto wallet. You must always check if your exchange has enabled withdrawals for the coin, token or NFT that you would like to send.
In your anonymous crypto wallet, you can find your crypto wallet address. This is the address that you will withdraw your crypto to.
Memorizing your crypto wallet address is not easy, so it is smart to use copying and pasting when moving crypto from an exchange to your wallet. Always double check the address and make sure that it is correct.
When you complete the withdrawal from the exchange account, it will take some time for the crypto to reach your anonymous crypto wallet. On the Bitcoin blockchain, this may take up to forty minutes. On the Ethereum blockchain and the ICON blockchain, fast crypto transactions are more common.
Best crypto wallet for NFTs
Not all crypto wallets offer NFT storage in a visible and intuïtive way. Hana Wallet offers a simple and secure way to manage all your tokens and NFTs across multiple blockchains.