Frequently Asked Questions

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A Faucet is a website that gives free currency for completing a captcha. All payouts are sent instantly to your FaucetHub account and are automatically credited to your wallet address.

A wallet is an account which stores your cryptocurrency. A wallet has 2 or more "keys" your public key and your private key. Your public key is what you use to receive currency and your private key is what you use to spend cryptocurrency. Do not share your private key with anyone or you may lose your cryptocurrency. Some wallets usually have recovery phrases if you lose your password have a hard copy and do not share this as well if you lose your password and recovery phrase there is no way to recover your lost coins it is "in the void" lost in the blockchain. This is also true if you send one cryptocurrency to another cryptocurrency wallet except for some exceptions but its better to double check the address to avoid the headache and stress.

There are many options: Online/Exchange wallets(not recommended for large or holding accounts), Desktop wallets, Paper wallets, and Hardware wallets( recommended for holding and most secure) lets go over these in the order above least secure to most secure.

Online/Exchange wallets: These are the most common wallets but also least secure. These are mostly used for buying and trading currency or short term holds. some options include Coinbase, Binance, Kucoin and other exchanges.

Pros:

  • Easy to use and convenient
  • Multiple coin wallets in one place
  • Good for traders and beginners (smaller amounts)

Cons:

  • Least secure way to hold
  • You do not own the private keys
  • Not recommended for large accounts

Desktop Wallets: This wallet is more secure than an online wallet and also a common way of storage they provide you with recovery strings and your private keys. They can be in 2 different forms a CLI (Command Line Interface) similar to a system terminal or miner terminal or a GUI (Graphical User Interface) which provides more of a visual overlay of information. They have pros and cons to each but usually the CLI is updated quicker than a GUI but the GUI provides more ease of use and visual appeal than a CLI type of wallet. You can get these by the cryptocurrency website for the coin you wish to store.

Pros:

  • Better security
  • More control and features
  • Own the private keys

Cons:

  • 1 coin support
  • Network sync
  • More password and account management

Paper Wallet: A paper wallet is like a cross between a desktop wallet and a hardware wallet. It is a piece of paper that has your public and private keys some with QR codes (those checkered boxes) and the password you'll need to access your funds when you upload the wallet to a desktop client. They come with instructions to fold hiding the private keys and showing your public key. This can be a form of offline storage but can easily be lost or destroyed ie.(water, fire, torn, dirt ect) there are a few ways to help protect it such as lamination, clear packing tape ect. This is less common than others listed because of the risk but also a secure way to store if you keep track of your paper wallet.

Pros:

  • Very secure
  • Physical and potential offline storage
  • Can be used on the go

Cons:

  • Easily lost
  • Easily damaged or destroyed by the elements without protection
  • Someone can steal all your coins if they take your wallet

Hardware Wallets: Hardware wallets are small cryptocurrency storage devices that connect to the computer and provide the most secure way to handle your transactions or long term holdings. They have their own software for updates, some shapeshift (BTC to ETH) for a small fee, account management, usually an LCD display and pin code to unlock. This provides you the best security online and offline. A lot are tamperproof which means someone cannot modify the device to steal your coins. You can find hardware wallets here KeepKey, Trezor, or Ledger Nano S

Pros:

  • Most secure storage
  • Multiple coin support
  • Physical and offline storage

Cons:

  • Cost
  • Sometimes sold out
  • Can be lost like the paper wallet

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