A cryptocurrency wallet is a software application in a website account or mobile device that allows people to store and retrieve their digital assets that are on a blockchain. Cryptocurrency wallets work as the an interface or medium for you to easily interact with your assets.
The assets you store on the blockchain have a private key and a public key, and your cryptocurrency wallet stores these private keys and public keys for your assets, which rest safely on a specific blockchain network.
- The public key or public address is like your bank account number, serving as your wallet address which can be shared publicly to receive payments from people.
- The private key is like your Bank’s PIN password, which allows you to access your crypto assets. When you own cryptocurrencies, what you really own is a “private key.” A private key unlocks the right for its owner to use the associated cryptocurrencies. Never upload/copy/paste your private key unless you are 100% sure it is safe to do so.
- Secret Phrase: A secret phrase, seed recovery phrase or backup seed phrase is a list of words (12 to 24) that stores all the information needed to recover cryptocurrency funds. If your device gets broken or your wallet is damaged, you will be able to upload the same wallet and use the seed phrase to get your cryptocurrency funds back. Always keep your seed phrase safe and never disclose it to anyone.
Basically, a wallet is like your online bank account platform, your public address is like your bank account number, the private key is like your PIN or password, and the blockchain is like the bank’s ledger.
As mentioned in previous Medium Blogs, the Aurus app enables you to create or link two different wallets to store and manage your tokens:
- an in-app software wallet, and/or;
- an Aurus Vault Card (and Aurus Gold Card V1), which you can scan and link to the Aurus app.
In this tutorial you will learn how to create a digital wallet in the app (option 1).
Grab your smartphone and download the Aurus Mobile App for free.
You can download the app “Aurus — Precious Metals & DeFi” here:
Open the Aurus app on your device, go through the onboarding process and in the screen of “Wallet Setup” tap on “Create a new wallet”.
If you already have a wallet and would like to import it to the Aurus app, just tap on “I already have a wallet” and insert your private keys or mnemonic phrase (24-secret words).
When you are creating a wallet for the first time, always remember to generate a backup of your wallet. This means writing down your 24-word secret phrase and keeping it in a secure place.
The 24-word secret phrase is the only way to recover your funds in case your device is lost or stolen. Always keep these words safe and never share them with anyone.
To buy and receive Aurus tokens from a distributor or another user, you will need to share your Wallet Address (public address) with the sender.
Tap on the center button of the app (Λ) → tap on “Deposit” → copy your wallet address and share it with the sender via WhatsApp or email.
Well done! Now you can share your wallet address and start receiving Aurus tokens from your favorite distributor or from your family and friends.
Aurus provides the software, network and crypto infrastructure for global precious metals businesses to merge with the future of finance, in the form of DeFi and Web3 applications — giving them high tech products, a huge addressable market and passive revenue streams.