Hello everyone,
I’ve been using Brave regularly for several months. I’ve recently been learning about crypto in general, especially BAT. I’d like someone to confirm what I think I know:
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Coinbase and Uphold (among others) are a kind of “crypto bank”. You add funds to your account, exchange fiat with crypto, or crypto with crypto, and trust they will operate your funds as you would trust a dollar to your bank like Chase, Bank of American, or whoever.
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Kraken is a stock exchange website for Crypto.
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A wallet is just that, a wallet, in that it holds your crypto but you are responsible for it and its contents, much like how I am responsible for my physical wallet as well as the money and credit card inside.
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Wallets grant you a public and private key. You expose your public key to the world as a channel to receive crypto. You never expose your private key. Your private key is something that verifies incoming or outgoing crypto.
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Wallets give you a recovery phrase, which is a list of words that act like a password. This is used to recover that specific wallet in case you lose it. Lose the wallet and the recovery phrase and the wallet and its contents are gone forever.
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Brave has a limited function wallet that Uphold manages. This wallet contains Brave Reward BAT tokens. In the near future, we will be able to withdraw these BAT tokens into a wallet or a crypto bank like Uphold or Coinbase.
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Can I freely move BAT between Coinbase and Uphold, or any other so-called ‘crypto bank’?
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When the updates arrive, can I freely move BAT between crypto banks and my Brave wallet?
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What wallet does the Brave team recommend and why? General users, what do you guys recommend and why?
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General users, what crypto bank do you recommend and why?
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Is it pronounced “bat” or “B-A-T”?
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If a wallet and pass phrase is losti is any containing crypto ‘destroyed’ or lost forever?
Thank you for your help! I may be asking more questions if I get responses. : )