In order to facilitate everyone's understanding, here is an example:
Blockchain wallet: similar to a card bag that can't put money but can only put bank cards
Blockchain address: similar to a bank card
Blockchain private key: similar to bank card + password, losing the private key is equivalent to losing the bank card and bank card password.
1.Private key
The private key is usually generated by a random algorithm. Simply put, it is a huge random integer. For example, the BTC private key is a 256-bit random number, which is generated by the SHA-256 algorithm.
2. Mnemonic
A private key has hundreds of bytes. In order to facilitate people to record, there is a mnemonic, which is actually another form of private key. Usually, the mnemonic words are composed of some English words. For example, the BSV mnemonic word of Doing Wallet consists of 12 English words. As long as the user backs up these words and enters them in the wallet in order, the wallet can be restored or retrieved.
3. Keystore
Also in order to facilitate memory, some wallets will store the private key in a keystore. The keystore is a file after the private key has been encrypted. A password must be set to open this file. The advantage of Keystore is that even if the file is stolen, as long as the additional password is set securely, the private key will not be leaked in a short time, so that there is sufficient time to transfer the digital assets inside.
4. Wallet address
When someone wants to transfer money to you, we can't tell the other party the private key directly, but we need another thing-the address. The blockchain wallet address uses hash encryption technology. The private key is converted to a string of characters, which is the wallet address. The address can be disclosed to others, and the private key is definitely not good, otherwise the wallet will be insecure.
In general, a safe and convenient wallet is the choice of most users, so how to choose a wallet?
- Compared with the disadvantages of cold wallets such as high price and inconvenient operation, it is recommended to use a hot wallet that is free to download and easy to use! Dot Wallet is a hot wallet on the blockchain and also the most widely used BSV wallet in the world.
- It is recommended to choose a wallet that supports multiple currencies, and you can manage different currencies in the same wallet. For example, the dot wallet, which is well-known to the people in the currency circle, supports the storage of three major currencies: BSV, BTC, and ETH. A separate wallet can be created for each currency. One dot wallet can be used for multiple currencies, and no additional downloads are required. Wallet.
- Choose a decentralized wallet. The biggest feature of a decentralized wallet is that the user holds the private key (for example, the wallet, that is, the private key is self-held), and has absolute control over the assets. This also means that the user has to bear the responsibility of protecting the security of the assets. Responsibility requires users to have sufficient safety awareness and knowledge.
Security measures for blockchain wallets:
- Always back up your wallet mnemonics: mnemonics can help you retrieve and restore your wallet, and you must protect your wallet's private keys from leaking and losing.
- Keep the habit of updating software: Keep your wallet software up to date so that you have the latest security features.
+++++++++++++++++++
Blockchain wallet invites you into a new world. It is very important to have a high-performance blockchain wallet. DotWallet is the earliest and most used BSV wallet around the world. Here are more exciting services, welcome to download and enjoy it now: https://www.dotwallet.cn/en/download
Disclaimer: The material of this article comes from the Internet. The purpose of sharing is to convey more information but not give any investment and financial advice. If there is an issue regarding the content of the material, copyright and other aspects, please contact us and we will delete it as soon as possible.
■ ■■■■
Collaboration
（WeChat ID：yqw4322）
（Telegram: https://t.me/DotWalletMiemie）
Customer service
（WeChat ID：DotWallet-D）
（Official English Telegram Group: t.me/dotwallet）