What is a crypto wallet?
What a crypto wallet really holds, how an address differs from a private key, how to get one for mining, and how to keep your payouts safe.
What does a crypto wallet hold?
A crypto wallet holds your keys, not your coins. The coins live on the blockchain.
Your keys are the secret that proves the coins are yours and lets you spend them. Whoever has the keys controls the coins. That is why keeping them safe is everything.
What is the difference between an address and a private key?
Your address is public, like an account number. You can share it to receive funds.
A Qubitcoin address starts with bc1, 1 or 3.
Your private key, or seed phrase, is secret and must never be shared. A seed phrase is the list of words that can rebuild your keys.
When you mine, you only give the pool your public address. The pool never needs your keys, and you should never give them.
How to get a wallet for mining
To mine a coin, you need a valid receiving address for it.
- Download the official wallet from the project's own source.
- Generate your address.
- Use that address in your miner.
The pool checks the address at login. So a typo is rejected, rather than silently sending your earnings nowhere.
How to keep your payouts safe
Payouts are non-custodial, which means they go straight to your own address. So your security is your own responsibility, and it is entirely in your hands.
- Back up your seed phrase offline.
- Never type it into a website.
- Never share it with support or a bot.
Do that, and no pool or site can touch your coins.
