How can we go beyond crypto wallet basics

[Mega Mind]

I have come to realise that crypto wallets are not just only a place to store digital coins and that they can also be a gateway to access the whole Web3 thingy, because I have been used thinking that crypto wallets are just for storing coins like the early days of trust wallet, metamask and the likes.

Looking at the development we have had over time now, I have seen my friends using wallets for several thing like the Launchpads, airdrops, staking and the like of the BWB wallet that has all these and you wonder if there are much difference between an exchange and spot platform. 

If you have been actively participating in the crypto space lately you would have even noticed some folks minting NFTs with some of these wallets and it keeps me thinking of what can be made out of these things in future, I think if we there can be a place to merge everything together instead of separating them will help have a wholistic view of the whole wallets.

[Husna QA]

I have come to realise that crypto wallets are not just only a place to store digital coins and that they can also be a gateway to access the whole Web3 thingy, because I have been used thinking that crypto wallets are just for storing coins like the early days of trust wallet, metamask and the likes.
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As far as I know, cryptocurrency coins, including Bitcoin, are on the Blockchain, and cryptocurrency wallets are not used as coin storage but as private key stores that can access coins on the Blockchain.

Therefore, you must secure the Private key/seed phrase wallet because when someone else steals it, he can access your assets from anywhere and can even use a different wallet from the one you are using.

[ABCbits]

I have come to realise that crypto wallets are not just only a place to store digital coins and that they can also be a gateway to access the whole Web3 thingy, because I have been used thinking that crypto wallets are just for storing coins like the early days of trust wallet, metamask and the likes.

There's nothing wrong using wallet just to store coin private key of certain coin though.

Looking at the development we have had over time now, I have seen my friends using wallets for several thing like the Launchpads, airdrops, staking and the like of the BWB wallet that has all these and you wonder if there are much difference between an exchange and spot platform. 

If you have been actively participating in the crypto space lately you would have even noticed some folks minting NFTs with some of these wallets and it keeps me thinking of what can be made out of these things in future, I think if we there can be a place to merge everything together instead of separating them will help have a wholistic view of the whole wallets.

But it also add more burden to the developer and potentially create more security hole.

[akeemqaz]

I have come to realise that crypto wallets are not just only a place to store digital coins and that they can also be a gateway to access the whole Web3 thingy, because I have been used thinking that crypto wallets are just for storing coins like the early days of trust wallet, metamask and the likes.
-snip-

As far as I know, cryptocurrency coins, including Bitcoin, are on the Blockchain, and cryptocurrency wallets are not used as coin storage but as private key stores that can access coins on the Blockchain.

Therefore, you must secure the Private key/seed phrase wallet because when someone else steals it, he can access your assets from anywhere and can even use a different wallet from the one you are using.

The OP suggests that crypto wallets have many use cases beyond just storing coins. They allow users to access DApps, swap tokens, and perform various other functions. Certain wallets, like Zerion and Bitget Wallet, support multiple blockchains and provide notifications for them. Additionally, some wallets offer token incentives to users. For instance, Bitget wallet will incentivize users with BWB token which is already on thier CEX launchpad. These I've stated are more than just storing coins in these wallets.

[hugeblack]

The features you are talking about are great, but the first task of the wallet is to provide security for your currencies, so what is the benefit of collecting millions of dollars and having someone steal them?


Therefore, it is better to buy a hardware wallet or an open source wallet for cold storage, because most wallets that provide options such as Launchpads and airdrops are closed source.
The best open source wallet that provides these things is NEW wallet -----> https://www.myetherwallet.com/, so security with limited features is better than many features and zero security.

[Stompix]

Looking at the development we have had over time now, I have seen my friends using wallets for several thing like the Launchpads, airdrops, staking and the like of the BWB wallet that has all these and you wonder if there are much difference between an exchange and spot platform. 

Which all are basically the same thing, you have a key stored in there!
As for the gateway thing, common, it's a limit with what you do with that wallet, and it's all crypto, which is...not even 1% of web 3.0
With my gmail account I can do like 1000 times more things than with a crypto wallet, and even if I could do that with one I wouldn't use it, it would be like using your bank account to secure your onlyfans account?  Or sign in with it on a torrent website?

[Nothabeast]

Crypto wallets have really evolved tremendously beyond just being coin storage. These days, wallets like MetaMask, BWB & others offer gateways to the entire Web3 universe. I remembered back in 2022 when people Rumored about MM launching their own token and doing an airdrop. But now, BWB did that instead, heard of  their token launch today? Looks like they’re trying to beat MM. anyways the point here is you can do a lot all from within these multi-functional wallet interfaces. It consolidates the decentralized experience into one streamlined platform.

[Jeffy112]

Exactly the point, the evolution of wallets has been remarkable, especially with the emergence of multifunctional platforms like BWB Wallet. These wallets not only provide a secure space for storing cryptocurrencies but also offer a plethora of additional features like Launchpads, airdrops, staking, and more.One significant advantage of using wallets like BWB is the level of control they afford users. Unlike traditional exchanges, where users might have limited control over their assets, wallets empower individuals to manage their investments directly. With features like Launchpads, users can participate in token sales and early-stage projects, potentially unlocking unique investment opportunities.Moreover, the ability to engage in staking directly from a wallet adds another layer of flexibility and potential profit. Staking allows users to earn rewards by participating in the network validation process, contributing to the security and decentralization of blockchain networks while earning passive income.

[joniboini]

One significant advantage of using wallets like BWB is the level of control they afford users. Unlike traditional exchanges, where users might have limited control over their assets, wallets empower individuals to manage their investments directly. With features like Launchpads, users can participate in token sales and early-stage projects, potentially unlocking unique investment opportunities.

I'm not a fan of this trend, to be honest. Too many features mean the developer needs to code a lot of things, which can potentially affect the software's security. For a sensitive app like a crypto wallet, I'd rather get a verifiable and secure wallet instead of an all-in-one platform that can ask me KYC anytime just because they want to sell some meme tokens. I don't understand why we need to make everything so integrated when we can already interact with so many web3 apps. In addition to long-term storage, using a wallet designed solely for security purposes would be better IMO. If anything it feels like exchanges are trying to sell us new things that we don't really need.

[Aanuoluwatofunmi]

If you're by the virtue of professionalism call everything by their names, a wallet is having a good example in the likes of trust wallet or metamask, but when it comes to using exchanges, these are not to be called wallet because they are centralized and you have no access to their keys, we are to call them exchange accounts, a wallet should be that which you have access to its contents and can control it.