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A Brief Guide to Tezbox Fundraiser Wallet

Digital wallets are a rage in the modern digitised world. With almost every industry rapidly transitioning into the digital platform, the use of digital wallets have not only become handy but they have also become extremely necessary. Blockchain platforms are on the rise these days especially for business owners and traders and as such, securing their digital assets and tokens also becomes increasingly important. Hence, it become even more important that you have a knowledge of tezbox Fundraiser wallet and all its functions and features.

If you are an active user of any cryptocurrency platform then you need to have already signed up for an account in a digital wallet. This is because you will need a source to store and organise your cryptocurrencies and digital wallets are this handy source for you. Even though many people already own digital wallets, they may not know the difference between a real wallet and a digital wallet. Digital wallets do store your cryptocurrencies but they do not store it in the wallet itself. Rather, they store it in the blockchains. Their main function is to keep the accurate record of transactions.

Cryptocurrency wallets introduction

Cryptocurrency wallets like tezbox Fundraiser wallet are software platforms that are used to store your private keys as well as your public keys. They have an extremely easy to use and user friendly interface in order to enable the users to manage their digital assets easily and effectively in a timely manner. Users of blockchain platforms can easily check and maintain their balance, send and receive digital currencies, and perform other digital functions through this platform easily. Sometimes you may receive currencies from other accounts to your wallet. This is done when the sender signs off the digital coins’ ownership to the address of your digital wallet.

If you want to access these digital coins and assets or perform transactions using the same, you will need to access the wallet using your private key. The private key, in turn, should match the public address which has been assigned to the currency. If both of your private key as well as your public key matches, then your digital wallet’s balance will automatically increase while the balance in the sender’s digital wallet will decrease. This means that the transaction is successfully done. The record of this transaction is then stored in the blockchain.

Digital wallets types

When it comes to digital wallets, there are three main types which are mentioned below.

  • Software wallets are wallets that can be used either in one’s phone, desktop, laptop, or on the web itself. You only need to download the software wallet like tezbox Fundraiser wallet and install it in your device to access it. You will also need to set up a strong private key so that it is secure and actually private. However, you need to be very careful about using the wallet in your phone or computer. This is because sometimes they may not be protected against viruses or sometimes, someone else may be using the device due to which it can be vulnerable to hacking. Software wallets can also be accessed through the web and this is a more insecure way to use it because the websites will store your information due to which it can be victim to fraud means.
  • Hardware wallets, unlike software wallets, are accessed through a USB device which is attached with the wallet box you purchase. You only need to connect or plug in the USB and install the wallet to your device. Following this, you have to set up an account and also set up a private key for private access. You will also need to deposit some coins in order to activate the wallet. Once this is done, you can store, manage, and organise your digital coins, assets, and tokens and perform digital transactions as well.
  • Paper wallets are also a type of digital wallet even if the name may give off the idea that it is a wallet used to store real money. They are known to have an easy to use interface and they also have a very enhanced form of security. Hence, they are mostly sought after by cryptocurrency users. The reason why this digital wallet is referred to as a paper wallet is because the private key and the public key of the wallet needs to be printed out in physical paper. In order to transfer funds using the paper wallet, the user has to first transfer their cryptocurrencies to a software wallet and then perform the transactions to the public address. If you want to withdraw any cryptocurrencies or digital currencies using the paper wallet, you again have to transfer your funds to the software wallet and perform the withdrawal. Hence, you cannot make digital transactions through paper wallets directly nor can you perform withdrawals through the paper wallets directly.

Safety and security

Digital wallets like tezbox Fundraiser wallet are extremely safe to use since they have been in use for many years and hence. they are reliable. However, you need to keep the following points in mind to ensure the safety and security of your cryptocurrencies as well as the safety of your wallet too.

  • Firstly, the rate of security of the wallet largely depends on the types of wallet you are using. As mentioned above, there are three types of wallets – software wallets, hardware wallets, and paper wallets.
  • Hardware wallets store your currencies offline even though you need to be online to perform transactions. This makes it secure because no information of your wallet is stored on the web.
  • Online wallets, on the other hand, make your digital assets more vulnerable to theft and misuse because the details of your wallet may sometimes get stored online which is extremely risky.

This means that it can easily get hacked and your funds may get stolen as well. Offline wallets, however, cannot be hacked easily because the keys are encrypted and hence, no one accesses it nor can they hack it.

Hence, these are some important points to remember when using a digital wallet.

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