Basic Wallet Overview
by Team member JoeFromSJersey
How do cryptocurrency wallets work?
We’ve recently seen a number of people asking how their Metrix wallet works. Some of those asking also seem to have a fundamental misunderstanding of how their Metrix wallet, and crypto wallets in general function. So, we here at Metrix Coin decided to write a quick article to explain the general concepts and how your wallet works to help clear things up.
First things first, if you’re not familiar with the concept of a cryptocurrency wallet then you should go check out this excellent post on the Binance Academy here: Crypto Wallet Types Explained | Binance Academy. It does an excellent job of covering the basics and explaining the different types of wallets that are out there.
As far as the options that are available for Metrix, our focus will be on one of the basic types described in the Binance post, “Software Wallets”. Whether you’re running our desktop wallet “Altitude” or subscribing to our excellent web-based wallet “My Staking Wallet” you’re looking at a “Software Wallet”. Your Metrix wallet has two major functions. First, it is responsible for generating unique addresses associated with your Metrix coins. Second, it is responsible for holding the private key or keys associated with those addresses. You see, a cryptocurrency wallet doesn’t really hold the coins. It’s not like the wallet you keep in your back pocket with your money in it. A cryptocurrency wallet simply provides the tools necessary to interact with the coins you own on the blockchain. Your coins never leave the blockchain. So, if you ever lose your wallet on your desktop, you will still be able to interact with the coins you own as long as you have a copy of your private key.
In conclusion, think of your wallet like a window into the blockchain. Through that window you can see and interact with your coins, but their home is in the blockchain not in your wallet.
If you’re interested in finding out more about Metrix or would like to connect to our project please visit us at Metrix Coin — A Powerful, Secure PoS Crypto-Currency.