Setting up your wallet
A short guide to get you trading in no time.
Not that chunky piece of leather which used to hang out your bum pocket. The days of crumpled receipts and dirty coins are beyond us.
The golden ticket to enter everything in Web3 - feel free to bring Grandpa Joe. Fair.xyz operates on the Ethereum network. To engage with our site, you will need to set up a cryptocurrency wallet (if you don't already have one).
Just like a physical wallet, some brands are better than others. There are two type of wallets that you can use; hot and cold.
A hot wallet is stored digitally, and is accessible with an internet connection. Whilst hot wallets provide quick transactions with little verification or user friction, they are exposed and prone to getting scammed, phished or hacked.
A cold wallet is a physical item that holds all your funds offline. Having all your information stored offline means maximum security, and all only at the expense of some technical legwork.
Setting up a hot wallet
If this is all a little confusing, here's a table with an overview of each.
We strongly recommend you acquire a cold wallet as the best way to hold all your blockchain assets, due to its enhanced safety.
Security. We know no one enjoys doing this, but when your NFTs are sorting your pension, it's best to keep to the smartest practices.
Here are some top hints from the team at Fair.xyz:
- Never ever ever ever give out your 12-24 word seed phrase or mnemonic, not even if someone from Fair.xyz support asks you for it. Keep your seed phrase or mnemonic offline and stored safely where only you can access it
- Use the most memorable yet complex passwords/pins you can for both your cold and hot wallets in case your physical devices ever fall into the wrong hands
- Try your best to avoid visiting sites without safety ticks
- Do not sign messages on your wallet from untrusted or suspicious websites
- If you're using a hot wallet, make sure you lock it on your browser when you're finished using it
- The more funds you're storing/accessing, the more you may look into using a VPN (virtual private network), this will make all your internet activity far safer.
You're up and running - now get creating and get collecting!