How do crypto wallets work?
Every Cryptocurrency wallet has two keys- A private & a Public Key (which is the wallet address). The private key is supposed to be your identification and the proof for holding a wallet and enables you to send the cryptocurrency and finish the transaction.
The public key enables you to receive crypto, where a cryptographic code is matched with a private key. While anybody can make transfers to the public key, a user needs the private key to access the funds and demonstrate that they are the owner of the cryptocurrency received.
How can I use my crypto?
While crypto payments have started being the norm in certain areas of the world, there’s a long way to go. Users have several options, but are not limited to:
- Buying NFTs
- Staking particular coins
- Staking on protocols
- Transfer funds to wallets
- Send crypto to other wallets as a mode of payment
How to Send crypto through Defy?
- Sending and Receiving Crypto through Defy is a very easy process. To send some Crypto, you will need to have some Crypto. You can buy Cryptocurrencies like ETH, BTC, BNB, SOL, MATIC, DOGE, TRX, XRP, XLM, LTC, USDT, USDC & BUSD from the Defy app via UPI.
Once you have any of the aforementioned cryptocurrencies, You will need the wallet address (Public Key) of the wallet to which you want to send the funds.
- Enter the receiver’s address and make sure you double-check it.
- After adding the address, select the crypto that you want to send and select the amount via the slider and press send.
- If it is your first time sending crypto to the address, you’ll need to enter your MPIN and also OTP which will be sent to your registered email address. Once the crypto has been transferred to an address, you can withdraw crypto by just validating the email OTP
How to Receive crypto on Defy
Receiving crypto is easy, as you just need to share your wallet address with the sender. Once the sender follows the steps mentioned in the previous section, you’ll receive the crypto in your Defy wallet.
To ensure that a sender has sent you the cryptocurrency, ask for the transaction hash and you can track the progress of the transaction on the blockchain using a block explorer.