What it is
How it works
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Addresses: like email for money; you share these to receive funds.
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Keys: your private key proves you own the coins—lose it, lose access.
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Blockchain: a shared database that confirms, time-stamps, and locks in every transaction.
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Fees & speed: vary by network and congestion (some seconds, some minutes).
Wallet basics
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Custodial wallets (exchanges): easy to start, but a company holds your keys.
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Self-custody wallets: you hold the keys—more control, more responsibility.
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Backups: write down the seed phrase and store it safely, offline.
Risks to know
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Volatility: prices can swing fast.
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Scams & phishing: fake sites, giveaway traps, support impersonators.
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Theft: stealers and clipboard malware target wallets and seed phrases.
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Irreversible: blockchain transfers can’t be “charged back.”
Stay safe
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Verify URLs; use bookmarks for exchanges/wallets.
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Never type a seed phrase into a website or share it with “support.”
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Prefer a hardware wallet for serious amounts.
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Turn on MFA (app or security key) on exchanges; use unique passwords.
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Keep your device and browser updated; avoid cracked software.
Cryptocurrency is not anonymous by default
Most public blockchains are pseudonymous: transactions and addresses are visible, while identity may be linked through an exchange, merchant, reused address, or investigation. Transfers are usually difficult or impossible to reverse, so verify the network and full destination address before sending. Use a small test transfer for a new destination.
Common scam signals
- A promise of guaranteed returns or a demand to pay a fee to unlock profits.
- A support agent asking for a seed phrase, private key, or remote access.
- An unexpected wallet-connect request or approval for unlimited token spending.
- Pressure to move funds immediately to a so-called safe wallet.
Never share a seed phrase or private key. Protect exchange accounts with strong MFA, keep offline backups of recovery material, and distinguish investment fraud from cryptojacking malware, which steals computing resources.