Crypto Wallet and Address FAQ

What is a crypto wallet?

• A crypto wallet is a tool that lets you store, send, receive, and manage cryptocurrencies by controlling your private keys. Learn more [here](What’s a crypto wallet?)

How is a crypto wallet different from a centralized exchange?

• A crypto wallet gives you full control of your assets, while a centralized exchange holds your crypto on your behalf, like a bank. Learn more [here](How is a crypto wallet different from a centralized exchange?)

Are crypto wallets more secure than centralized exchanges?

• Yes, non-custodial wallets give you full control of your assets, reducing risk from exchange hacks - but security depends on how well you protect your keys.

Does one crypto wallet work for every chain?

• No - most wallets are chain-specific, though some multi-chain wallets like Trust Wallet or Ledger support multiple networks. You can connect multiple wallets by signing into Squid.

How do I know which crypto wallet to use for different chains?

• Choose a wallet that’s compatible with the blockchain you want to use. For example, use MetaMask for Ethereum, Xaman for XRPL, or Phantom for Solana.

What are the different types of crypto wallets?

• Wallets come in two main types: hot wallets (online) and cold wallets (offline), with options like mobile apps, browser extensions, or hardware devices.

What is a cold wallet?

• A cold wallet is an offline wallet, like a hardware device (e.g. Ledger), ideal for long-term, secure storage of crypto assets.

What is a hot wallet?

• A hot wallet is a software wallet connected to the internet, such as a browser extension or mobile app, convenient for daily use.

What do source and destination addresses mean?

• The source address is where crypto is sent from, and the destination address is where it’s sent to always double-check both before confirming a transfer.

How long does it take for XRP to show up in my XRPL wallet?

• XRP transfers are typically confirmed within 3-5 seconds on the XRP Ledger, making it one of the fastest blockchains.

Can I lose my XRP if I mess up sending it to my XRPL wallet?

• Yes - if you enter the wrong wallet address or forget the destination address (when required), your XRP could be lost or stuck permanently.

Related Articles

• XRPL and the XRPL EVM Sidechain
• Swapping, sending, and bridging crypto
• Safety and self-custody in crypto