Definition, different options and creating
Wallets allow to buy and store SafeCoins at any time and are therefore essential for every SafeCoin owner. For a wallet there are different options – from a web wallet to a software and hardware wallet.
On this page, we will explain what a wallet is in general, how you can easily get a wallet for your SafeCoins and how you can buy SafeCoin with it.
The concept of wallets
A wallet can be used to store cryptocurrencies such as SafeCoin. You should not think of a crypto wallet in the same way as a conventional wallet for fiat money that you can touch, but rather as a kind of (virtual) treasure trove that is protected by a password. This password is the so-called keys that allow you to do all kinds of transactions (buying, selling, sending) with SafeCoin. Wallets are therefore a storage place for private and public keys.
The keys to SafeCoin
Your password is your key to your wallet. You should store it in a safe place at any time.
Note: In principle anyone knows the location (public address) of your wallet. But this is not a problem as long as the person does not know the corresponding password (private key). SafeCoins are then safely stored.
Once you forget your password, you will be able to restore your wallet as long as you obtain your 24-words recovery phrase. So the recovery phrase is even more important. If you loose that one, your SafeCoins are definitely and forever gone. This is of course only valid for wallets that allow such a recovery phrase.
Hot or cold – the different types of wallets
There are different ways to store SafeCoin. A general distinction can be made between hot and cold wallets.
Hot wallets are generally understood to be the wallet on an exchange such as on Safetrade. The most obvious advantages of this wallet type include the quick setup and flexible day-trading possibilities without the need to move coins. They are also necessary to buy cryptocurrencies in general before staking or moving to a Ledger Nano. SafeTrade, therefore, is a secure exchange for this purpose.
Most common cold wallets are hardware wallets, that are run with a hardware like the Ledger Nano. This type of wallet offers a high level of security, because even if a computer is hacked, it still keeps the coins safe. This is due to the Ledger Nano, which cryptographically secures the keys and thus protects them from hacker attacks. You can buy the SafeCoin branded Ledger Nano S in our shop.
Moreover, you can store the Ledger anywhere at any time. That's why we always recommend this wallet option for storing SafeCoins, even though there are acquisition costs associated with it. Among the Ledger, you can choose between Ledger Nano S and Ledger Nano X. If you want to learn how to set it up, have a look into our tutorial.
Another type of cold wallet is the one in form of a software wallet. Here, the coins are stored on a computer desktop or mobile device. You can get one here.
Get your wallet for SafeCoin
You can easily get your SafeCoin wallet by choosing your respective option and following the single parts mentioned in our tutorial.
- Get a hot wallet on SafeTrade
- Get a cold wallet on SafeCoin (essential for staking)
- Install your Nano Ledger (hardware wallet) with SafeCoin
Transfer other cryptocurrencies to SafeTrade
To be able to transfer other cryptocurrencies from your wallet to SafeTrade, you just need to click "deposit" in your SafeTrade account and specify from which source you want to transfer the desired cryptocurrency. Make sure, your 2FA (two factor authentication) is activated. After a short time, the cryptocurrencies will then be available to you on SafeTrade and you can buy SafeCoin.
Frequently asked questions
What is a wallet for SafeCoin?
A wallet is the place where you can store your SafeCoins like you would do with fiat money as well. You can choose between different types of wallets, i.e. web-wallet or a hardware wallet suchas Ledger Nano X oder the Ledger Nano S. Both work with the SafeCoin App, that has to be downloaded on the device.
Why do I need a wallet?
As listed under Buy SafeCoin, you can conveniently buy SafeCoin on SafeTrade once you have created a wallet. To be able to trade there and to store the Safecoins safely, a wallet is necessary, especially for security and privacy reasons. You can set your wallet up in a few steps, choosing either the SafeCoin wallet at wallet.safecoin.org and by following our tutorial – or creating a wallet on Safe.Trade following our tutorial.
Which Ledger is the best for SafeCoin?
Comparing Nano Ledger X and Nano Ledger S, there is no favorite to store SafeCoin.