The need for a comprehensive solution and stepwise outline of how to import crypto wallets has become a necessity for our teeming new users and also existing wallets owners. It is also necessary for me to mention and elaborate on what wallet and wallet addresses are for educational purposes.
What is a cryptocurrency wallet?
According to Wikipedia, a cryptocurrency wallet is a device, physical medium, program, or service which stores the public and/or private keys for cryptocurrency transactions.
This can be in the form of hard or soft copies either as a digital device or in the form of paper, and also stored on a computer program. In addition to this basic function of storing the keys, a cryptocurrency wallet may more often offer the functionality of encrypting and/or decrypting signing information for the security of the users’ funds.
The private key is utilized by the owner of the wallet address to access and send cryptocurrency and is private to the owner, whereas the public key is what can be shared to anyone or a third party in order to receive cryptocurrency.
What are the types of wallets?
There are several types of crypto wallets such as the hard wallet, soft wallet, paper wallet, centralized wallet, and decentralized wallet. A basic explanation of what these wallets are is stated below:
- Centralized wallets and exchanges are trading platforms that, in essence, function in the same way that a traditional brokerage account or stock exchange would. Central exchanges are owned and operated by a central third party that maintains ultimate authority over the exchange, account, wallet, and transactions.
- A decentralized wallet means that the holder of the keys will be the sole person or custodian who has access to the crypto wallet. It allows the holder to use the keys to send or receive cryptocurrency anywhere on the planet. Some people regard a decentralized wallet to be anonymous, but it is not. It is pseudonymous.
- A hardware wallet is a type of cryptocurrency wallet where you can store your private keys in a secure physical device. The cryptocurrencies stored in the wallet are kept offline, making it more secure against malicious actors. However, when needed, the coins stored are readily available.
- A paper wallet is a piece of paper that contains the private keys that are used to facilitate cryptocurrency transactions. Because they are removed from the internet, at one point paper wallets were considered to be more secure than other forms of cryptocurrency storage.
It is pertinent to note that funds can be transferred from one wallet type to another wallet type but would require a basic stepwise procedure to enable the users to retain their funds upon transfer of such wallet types.
There are different types of wallets available, so when importing an address, the user is expected to keep the necessary information and apply the right processes to achieve a successful transfer.
How to import an address
When importing a wallet address, the user is expected to follow this simple procedure which is similar to supported blockchains like BSC and Polygon.
However, if the user misplaces or copied the private keys wrongly, the wallet would not be imported correctly. Some wallets may ask to create another wallet which may seem a bit frustrating for the users.
Klever Wallet allows you to import Accounts that are created using different software using their 64-hexadecimal characters private keys. To import an Account using a Private Key:
- Click on the (+) sign from the top-right corner of the Portfolio screen on the Klever wallet.
- Click on IMPORT WITH PRIVATE KEY.
- Select the blockchain of the Account you want to import.
- Type an Account Name and enter the Private Key.
Note, you can click on the pasting icon to paste the private key from the Clipboard. Once you enter a valid Private Key the address will automatically appear.
After, click on the Import button and the Account will be added.
The Klever Wallet operates on a simple principle with a friendly and easy-to-access user interface. The step-by-step method of importing wallets to the Klever Wallet is by far the easiest to accomplish as the Klever team ensures that using crypto and navigating your way around is made in the simplest form for the benefit of the users.
With a simple and concise user interface like the Klever Wallet, users would be able to access their funds conveniently from the Klever wallet in a Klever way.
It is indeed a Klever thing to do.
