Wallet

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Wallet

Definition:

A leather container frequently found in a Boomers pocket full of pieces of plastic that they insist have intrinsic value, as opposed to your non-custodial immutable blockchain money which they say is worthless. Also, more often, refers to a crypto wallet which is where you track your crypto holdings. Crypto wallets should come with private keys or a 12 or 24 word mnemonic seed phrase that only you know. Never give your seed phrase to anybody for goodness sake!

Degen Chat

Degen 1: “Wait, where do I store crypto after I buy it?”

Degen 2: “Get a MetaMask wallet, store your seed phrase offline and you are ready to rock web3. Oh… and join MHOUSE of course!”

Related Terms:
  • Dictionary: DAO
    A DAO is an entity with no central point of authority. It is essentially a member-owned crypto community with a shared wallet and distinct token. Amongst other utilities, the token gives community members voting rights. Other key rules are written down in code and enforced by a smart contract on the blockchain. All activity is transparent and public.
  • Dictionary: GTD
    Going to dust. Say goodbye to that crypto token or NFT you bought. Gonna be worthless soon fren.
  • Dictionary: Hot Wallet
    A hot wallet is a cryptocurrency wallet that is connected to the internet with the private keys also accessible on the internet. Storing assets in this way can leave them susceptible to a hack. The other option is to have a hardware wallet.
  • Dictionary: Key
    Like a physical key, your crypto key provides access to your crypto wallets. In cryptography, messages are secured by a combination of public and private keys. Appearing as a large string of numbers, the private key is the password to everything and if it gets leaked, you’re in strife. Don’t store this on any physical device.
  • Dictionary: Multisig
    Short for a multi-signature wallet, it is a crypto currency wallet that requires two or more signatures to make a transaction. This is ideal for DAOS that require multiple people to sign things before conducting a course of business.


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