Do I need a Crypto Wallet? Or Can I just use my bank account?

If you’re interested in buying and selling NFTs with EQ, you need a crypto wallet. Just like the wallet in your pocket or your purse, your crypto wallet keeps all your digital assets—like crypto coins and NFTs—safe in one place. Your wallet takes care of all the technical stuff and provides a nice user interface for buying, selling, and transferring assets. It’s also a convenient way to track your assets across all your devices.

Unlike a physical wallet, your crypto wallet doesn’t actually contain NFTs or crypto coins. A crypto wallet is an app that allows you to store and retrieve those digital assets. So it needs to support whichever blockchain the NFTs are built on. It also needs to support the currency you buy NFTs with. At EQ we use the CELO blockchain and CELO coins (CGLD), because they do not damage the environment and they give back to good causes that benefit humanity. They’re also much cheaper to use because they don’t require you to pay the hidden charges known as “gas fees.”

Each crypto wallet comes with a private key—usually a series of random words called a “seed phrase”—that allows you to open the wallet and keep your assets safe from hackers. The private key is similar to your email password, with one big difference—there’s no password reset option. NEVER share your private key or seed phrase with anybody, and don’t store it on your computer or phone. Write it down, keep it in a safe place, and make sure you don’t lose it. That’s the best way to keep your digital assets safe. Nobody from EQ will EVER ask you for your private key or seed phrase. If anybody asks you for this info tell them to get lost.

Scroll to Top