The journey to crypto salaries — From the wallet to the transaction

  • Receive money: In order to send crypto or other tokens to another user, you will need their public key or their address. These can often come in the form of a QR code.
  • Send money: If you want to receive money you can just share your public key with the issuer.
  • Hardware wallets: These are devices that can look similar to a USB-stick and individually handle your address and keys. It doesn’t have a battery in itself so you will need a computer to access it. Its price goes from 70 to 200 euros.
  • Paper wallets: It is a printed QR code. It is impossible to hack but it has other flaws such as having to generate a private key, the characters can fade over time, or not being able to send partial funds.
  • Desktop wallets: It consists of software you can download to your computer to keep your cryptos. They are connected to the internet so you will need an antivirus and they are considered hot wallets as you can see in Figure 1. An example of this wallet is Exodus.
  • Mobile wallets: A really convenient option is mobile wallets since you can always have them accessible on your smartphone. They are practical for daily operations but also riskier since you have them on you all day.
  • Web wallets: You can access this type of wallet via your internet browser. These are considered custodial wallets since you are trusting a third party holds your private key and funds. The most common custodian wallets are web-based exchange wallets. They are the less secure.
  1. Charly opens his mobile wallet and checks it contains the necessary funds. At the moment the exchange rate is 0.000040 so he needs 0,0653 BTC.
  2. In his wallet, he has other tokens such as ETH, ADA, and SOL. He selects bitcoin and presses “send”.
  3. Now he scans the public address of Max which he got in a QR code.
  4. He types the desired amount and double-checks the address since the transfer is irreversible.
  5. He clicks “send”.

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