Answered

Waves Wallet

Kai0007 3 months ago in How to? • updated by deeplizard 2 months ago 8

I want to buy Waves, I looked in the internet, and have not saw a wallet where I can store my waves only the waves lite client, So would you please tell me if there any secure wallet to store my waves, or just stay with the own waves lite client and this will be secure and good enough to store my waves.


Thanks

Fees Bitcoin Gateway Ethereum Gateway Waves Decentralized Exchange (DEX) Assets

Hello,


Thanks for your quick answer. as I said before I am new in the cryptocurrency world :0), I thought every time I send cryptocurrency I need to enter my Private Key for security purpose, to ensure that I am the one who is sending, after watching some videos, I have not seen that, when I send waves, I dont need to do that, so my question is that right how I understood that, that for sending waves dont need to enter my private key, and Please tell me for what purpos is the Private Key?


And is that possible to export my waves to a paper wallet? if yes, How?


Thanks a lot

Kai0007,


Your private key is encrypted and stored on your computer using your password. When you open the Waves client and type in your password, the Waves client is able to decrypt your private key and use it to sign transactions when you create them from within the client. You do need the key to prove who you are to the blockchain. The Waves client takes care of the signing process behind the scenes. The purpose of the private key is to digitally sign transactions that are sent to the blockchain.


I have made this video for you regarding the location of the private key on your computer and in the Waves client:




Additionally, see these links to under stand the purpose of the private key better:

https://en.wikipedia.org/wiki/Digital_signature

https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-digital-signatures


It is possible to export your Waves wallet to a paper wallet. Just write down your passphrase and remove your account from the Waves client. If you do this on an air gaped computer, your private keys are never exposed to malware.

You should test your backup phase before removing your account. See this video for that:



Hello,


WOW this is 5 Star Support.


I want to buy waves and keep it for minimum 1 Year, so I dont want to trade etc. So allow me to ask you again, to be sure that I have understood right:0)


If I simple delete my account by clicking remove button on the main waves lite client, before login, then remove the waves client from my computer. THIS will secure my data even if my computer is attacked with viruses etc.? I am right?


Sure I will back up all data what I see on the Backup botton after login, and password etc.


And when I need to login, I can go to import account and give the data etc., and everytime I can do the sam (deleting and importing) in this way I will be save, it need more works, but this is the save way? I am right?


Thanks a lot

Kai0007,


It sounds like you have it. Here are a couple of points to consider:


1) If your computer is already infected with malware, your data will be exposed the first time you create your account.

2) If you use this technique, always test your backup phrase before deleting your account/data.

3) The safest option is to create your account on an air gapped computer. See: https://en.wikipedia.org/wiki/Air_gap_(networking)

4) When you are not logged into your Waves client, your passphrase is encrypted using your password.

5) If you go totally to paper, make sure you do NOT lose your passphrase. If you lose it, it will be IMPOSSIBLE to recover your account! YOU are the ONLY person that has the phrase!

6) If you intend to hold Waves for longer term, consider leasing your Waves to a mining pool. See here:



Note that I am not official Waves support! I'm just a member of the community trying to help teach crypto topics!

Thank you for the 5 stars!


Kind regards,

deeplizard

https://twitter.com/deeplizard

https://www.youtube.com/channel/UC4UJ26WkceqONNF5S26OiVw



Hello,


Could you please help me or advise me, which exchange should I take, is bittrex.com the best, I am looking for one with many coins and easy to buy and sell, I am from Germany, if there a possibilty to buy with euros will be the best.


Thanks

Hey Kai, 


GDAX is considered the gold standard. They are Coinbase's exchange. The fees are 0 if you place limit orders that don't execute immediately. Check them out:

https://www.gdax.com/trade/LTC-USD

https://support.gdax.com/customer/en/portal/articles/2425188-which-countries-and-states-can-access-gdax

GDAX supports BTC, LTC and ETH. 

One way to operate, is to use GDAX to move from fiat money to crypto, then send to other exchanges like bittrex or personal wallets when wanting to purchase other cryptos. 


If you have general crypto questions non waves related, it's okay to post to the deeplizard twitter/youtube. 

Good luck!


Kind regards,

deeplizard

https://twitter.com/deeplizard

https://www.youtube.com/channel/UC4UJ26WkceqONNF5S26OiVw


Thanks a lot, great work and advice. THANKS