crypto:wallets
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What is a cryptocurrency wallet?
A cryptocurrency wallet doesn't actually store your coins — it stores the private keys that prove you own them. The blockchain holds the balance; your wallet is what lets you access and move it.
- Two Main Wallet Types: Hot vs. Cold
- Hot wallets are always connected to the internet. They're free, fast, and convenient for frequent use, but they're exposed to hacking, malware, and phishing risks.
- Cold wallets (hardware wallets like Ledger) store your keys completely offline. They cost $50–$200 but offer the highest level of security since your keys never touch the internet. Recommended for storing large amounts long-term.
- Public Key, Private Key, and Seed Phrase
- Public key — Your receiving address. Safe to share, like a bank account number.
- Private key — Proves you own the funds. Never share this with anyone.
- Seed phrase — 12 or 24 random words that back up your private key. If you lose this, your funds are gone permanently. Write it down and store it offline.
- Custodial vs Non-Custodial
- Custodial wallets (like Cash App) are managed by a company. They hold your keys on your behalf — easier to use, but you're trusting a third party. If they go bankrupt or get hacked, your funds may be at risk.
- Non-custodial wallets give you full control. You hold your own keys. No one can freeze your account, but losing your seed phrase means losing everything.
Recommended Wallets
- Bitcoin — Lightning Network
- To receive Bitcoin payouts from Reaper's Crypt, your wallet must support Lightning Network (BOLT11) and generate invoices valid for at least 2 hours.
- Any wallet that can generate a BOLT11 invoice valid for 2+ hours will work.
- Phoenix (Recommended) — Non-custodial, excellent Lightning support, iOS & Android
- Cash App — Beginner-friendly, supports Lightning, US only
- Wallet of Satoshi — Easiest option, custodial, iOS & Android
- Bitcoin wallets to avoid:
- Speed Wallet — Invoices expire too quickly for our payment processing window
- Muun — Does not support standard BOLT11 Lightning invoices