Let us start with an understanding of what are Tezos. It is a form of digital coin, which is called Lizzie or Tez. Instead of mining, it works on a proof-of-stake mechanism. It is one of the top ten valuable crypto-currency after Bitcoin. From October 2019 to February 2020, the price of Tezos almost increased tripled. However, to conduct the trading of Tezos safely and securely, one requires a reliable Tezos online wallet. There are many such wallets available, but you have to wise while dealing with an online wallet.
Let us understand what an online wallet is. You do not carry the physical cash in your hand. You require a wallet. Just like that, you need a digital wallet for crypto-currencies like Tezos. These wallets do the two main functions – buying and storing of Tezos. There are private and public keys, which have control over your funds. It is simple, Tezos online wallet address is like a bank account. You have to use this address for the transactions of crypto-currencies.
If someone wants to send you Tezos, then you require to give them your wallet address. With a digital wallet like Tezbox, you can have multiple addresses. However, no address can ever be the same. This address is a combination of alphabets and numbers. The address won’t reveal the real-world identity of the wallet holder.
There is also a private and public key. When you a bank account, there is a password you set up to transfer and deal with your money. This password no one knows, not even your bank for security purposes. Similarly, every wallet address has a unique private and public key. The private key works similarly as the personal bank account password. You use it for buying and storing your crypto-currency. On the other hand, a public key is an extra layer of security.
These keys might be longer than this. It may not seem similar, but the computer knows that they are linked together. It might seem technical, but once you start dealing with using the Tezos online wallet, it would be as easy as using a digital bank account.
You must keep in mind that crypto-currencies like Tezos are not physical in form. They are stored digitally through the block-chain. If you don’t know what is block-chain, it is simple. It is like a big account ledger, which has information regarding every transaction ever made. It is more or likes works like debit or credit card.
There is no physical money present, but still, transaction takes place. There are also different types of wallets available other than Tezos online wallet. For example, a desktop for use on the computer, a mobile wallet that is mobile user-friendly, hardware wallets are best when it comes to security, and paper wallets.
However, these digital platforms can be hacked as hackers are becoming smarter with technology. To avoid such a situation, make sure that your wallet is updated. Keep your private key safe, and do not share it with anyone; if possible, use double security authentication. If you are logging on to your computer, then a notification is sent to your phone.
