Lesson 5: Wallets & Keys

What is a Crypto Wallet?

A crypto wallet is a tool that allows users to interact with blockchain networks. It stores your private and public keys, helping you send, receive, and manage cryptocurrencies like $FOFI, Bitcoin, or Ethereum.

Types of Wallets

• Hot Wallets: Connected to the internet (e.g., MetaMask, Trust Wallet)
• Cold Wallets: Offline and more secure (e.g., Ledger, Trezor)

Public Key vs Private Key

Every wallet has two keys:

• Public Key: Like your bank account number. You can share it to receive crypto.
• Private Key: Like your password or PIN. Never share it! It gives full access to your funds.

Think of it like an email: you give people your email address (public key), but only you know the password (private key).

Seed Phrase (Recovery Phrase)

When you create a wallet, you're given a seed phrase — usually 12 or 24 random words. This phrase is the master key to your wallet. Store it safely and offline. If someone gets your seed phrase, they control your wallet.

Examples of Wallets

• MetaMask: Popular browser extension and mobile app for Ethereum and BNB Chain
• Trust Wallet: Easy-to-use mobile wallet supporting many blockchains
• Ledger: Hardware wallet for high-level security

Best Practices

• Always back up your seed phrase
• Never share your private key
• Use cold wallets for large amounts
• Use hardware wallets for long-term holding

Next up: In Lesson 6, we’ll explore how crypto transactions work step by step.