This is a summary of our Wallet Basics lesson, along with a walkthrough for the quest. Check out the full lesson to level up your knowledge and claim your badge!

• You’ll need a crypto wallet to access the world of blockchains!

• A wallet is like a blockchain account.

• Wallets are used to store cryptocurrency, log into blockchain apps, and more.

• These wallets work on both computers and phones.

• Creating a wallet is easy and takes around 5 minutes. We’ll show you how, in our video below!

Crypto wallets are an essential piece of web3 equipment, allowing you to use cryptocurrency on your computer or phone. Wallets are accessed using software called a wallet app — a web browser extension for your computer, or an app on your phone.

It gets better. Wallets are more than accounts for holding cryptocurrency — they’re our connection to the blockchain. We can use them to exchange cryptocurrency with others, log into blockchain applications, and even collect digital items like Bankless Academy badges. The more we explore, the more our wallets become — with some viewing them as the beginning of digital identity.

Wallets come with two core pieces of account information:

• A public key, that you can think of as your username. You’ll share it publicly to receive cryptocurrency.

• A private key, acting as your password. This should always be kept private, and cannot be changed.

Protecting your private key is critical because this key grants instant access to your wallet. You should never share your private key. You can learn more by taking the full lesson.

Today we will set up our first wallet, using our recommended crypto wallet: Zerion!

Set up your first wallet on your computer, using the walkthrough below, or keep scrolling for our phone wallet walkthrough.

It’s time to join the blockchain multiverse!

Don’t forget to collect this handbook entry for easy reference on your travels, and to support Bankless Academy.

Safe travels, Explorer!

Cryptocurrencies are a form of digital money, secured by cryptography. These currencies can run without the need for centralized authorities and banks, reducing possibility for fraud while increasing the financial freedom of the holder.

Learn more about cryptocurrency through our Bitcoin Basics lesson, and see how these digital currencies are revolutionizing the financial world!

Public/private key encryption allows your wallet to make some information public, like the address where others can send cryptocurrency to you, while keeping access to your cryptocurrency private. One key is like your cryptocurrency’s house address, and the other unlocks the front door.

You can share your public key with anyone you trust to send you cryptocurrency, but your private key is for your eyes only — because it grants access to all assets inside the wallet. Never share it, even if your contact claims to be from Bankless Academy or Zerion.

Learn more and get rewarded for creating your first wallet, in our Wallet Basics lesson.

Your recovery phrase, also known as a “secret phrase” or “seed phrase”, is your only backup if you lose access to your wallet on your device. If you lose your recovery phrase, your wallet’s holdings will be lost forever. This is why it’s important to store it somewhere safe — from not only theft or loss, but fire or water damage too.

Ethereum wallets can hold Bitcoin, but in a “wrapped” form. If you want to hold original Bitcoin, you’ll have to create a wallet that runs on the Bitcoin network, like Exodus or Mycelium.

Author

Tetranome is the Content & Design Lead at Bankless Academy, focusing on the learning journey, user interface & experience, and platform artwork.

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This walkthrough is powered by Zerion.

This article does not contain financial or tax advice. Bankless Academy is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make any financial decisions. Talk to your accountant. Do your own research.

Explore more lessons on Bankless Academy to level up your web3 knowledge.