A cryptocurrency wallet is a piece of software used to access and exchange your purchased coins. You need one to purchase crypto on Paybis.
It contains two sets of keys: private and public. Both keys are a string of letters and numbers only associated with your wallet.
The private key is used to access your cryptocurrency. It must be kept safe and secret; whoever has it can access your crypto. Likewise, you cannot access your crypto if you lose it. There is no central authority who keeps all the records, so you cannot call anyone to restore your access.
The public key can be freely shared; it is impossible to derive your private key from the public key.
Your wallet also has an address, derived from the public key. It is public, and anyone can check all transactions involving this address. Paybis will ask for this address and only this address to send you the cryptocurrency you purchased.
You should also keep in mind that crypto transactions are irreversible: once the funds are transferred, they belong to the wallet holder. Always be careful when entering the wallet address, as mistakes might lead you to lose your money.
We recommend using wallets provided by Paybis.