๐Ÿ“Œ Your First CBFI Account
Let's generate a CoinBox wallet account, address, and private key in 3 steps.
When creating your first CoinBox account, it will auto-create a wallet for Bitcoin, Ethereum, DDKoin, and 20++ other assets. The list of assets can be seen here: List of Available Assets. It will also generate each blockchain address and one private key for each coin. To add more tokens, you can add by entering the Smart Contract address for ERC20 and BEP20.
What is a blockchain wallet, mnemonic, and private key?
Like Bitcoin or Ethereum, major public blockchains use the terms wallet, mnemonic, and private key. What's does all this mean?
In one wallet, you might have many blockchain addresses. A blockchain address is similar to a bank account. In a public blockchain, the blockchain address, balance, and all the transactions to/from the address are known by everyone. Each blockchain address has a corresponding private key. Anyone with a private key can send digital assets from the blockchain address to another one. Therefore, it is crucial to keep your private keys secure.
Similarly, as a blockchain address has a corresponding private key, each wallet has a corresponding mnemonic. A mnemonic is sometimes called a "seed phrase" and represents a wallet. The mnemonic allows you to create a new blockchain address and corresponding private key in the wallet or recover a private key for a blockchain address that belongs to your wallet. Never reveal your mnemonic to anybody. Otherwise, you can lose all your funds.
To learn more about how public and private keys work, check out this article: https://www.mycryptopedia.com/public-key-private-key-explained/โ€‹
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