How can we help?
Our friendly team is delighted to answer any questions via Live Chat, every day, 24/7.
Expect a reply to your emails sent to [email protected] within 24 hours.
As with every payment method, there are terms you should definitely have heard of. Let's have a look what those words are.
Wallet
For owning Bitcoin & co. you need a virtual wallet, like a physical wallet containing real cash. A wallet (or often called e-wallet) is where you store your cryptos. In your wallet, you have full control of the owned amount. Wallets can be a software application on your phone of the PC, or a hardware device having a USB look a like.
Crypto Address
An address is a combo of letters and numbers that is attached to your wallet. It is unique and you share it when withdrawing bitcoin from your Ripper account, or receiving funds in general. Nobody can access your wallet with the address. You can compare it with an email address - individual and you have to share it to get in touch with others, yet no one can access it without the passcode. An example for a crypto address is: 3EmUH8Uh9EXE7axgyAeBsCc2vdUdKkDqWK
Private Key
The private key is a secret combo of letters and numbers. This is the key to your wallet. It is the confirmation that you have access to use the bitcoins stored in the wallet. It is generated automatically and you probably will never interact with it directly.
Public Key
Similar as to the private key, the public key is not directly seen or used. Its purpose is to verify that the owner of the linked private key has a valid signature to proof he owns the funds he wants to send.
Seed Phrase
The seed phrase is your master backup in case of a lost password, or a new device. It contains a row of random words that you should write down and safe somewhere. Do not share those or store them where they could get stolen. These are the ultimate proof, that the wallet is yours. if someone else gets them, your funds could be stolen. So never share them and store them safe!
Exchange Wallet
In short, an Exchange Wallet is where you can store your freshly bought cryptos. It is a midterm solution on online marketplaces to buy, sell and trade your coins. Before you can begin depositing and withdrawing, Australian members will need somewhere to store your crypto. This is where a cryptocurrency exchange website and wallet comes in.
It's important to note that not all exchanges are created equal, and you'll need to do your research before committing to one. Make sure you read reviews, compare fees and check out the security measures each platform has in place.
And remember, if you want to keep your crypto extra safe and secure, you can always transfer it to your personal wallet. Best would be a hardware wallet (such as Ledger or Trezor) for cold storage.