A Crypto Wallet is an application or hardware device that allows individuals to store and transfer digital assets such as cryptocurrency and Non-Fungible Tokens (NFTs). To trade products on BAZHUAYU, you need to understand how to use CryptoWallet.
How does CryptoWallet work?
When you download a Crypto Wallet, you will have two 42-character keys. The public key ( known as your wallet address) and the private key. You can see the public key as shareable bank account information, so when people ask for your address, simply copy and paste it in. Your private key works as a password and should remain private.
CryptoWallet and BAZHUAYU
Decentralized applications (or "Dapps") work differently than traditional websites such as baidu. When you purchase an item on BAZHUAYU, funds are transferred directly from your Crypto Wallet to the seller's wallet. No company holds the fund/asset while the transaction is in progress.
Security: Ensuring the safety of your funds
Understanding the risks is the key to successfully entering the brave new world of cryptocurrency and NFT. The fact that BAZHUAYU never stores your funds or assets means that if you do not have access to your wallets or if they are damaged, we will not be able to retrieve them.
If you have forgotten your password, you can access your wallet via a seed phrase (a series of words that accompany all wallet addresses). It is a smart way to write down and securely store your seed phrase in multiple locations when you first download your wallet, so if you can't find your password, search for the seed phrase or contact your wallet provider before purchasing NFT or store your digital currency.