I know what a hardware wallet is but what is a local wallet? Does it store the BAT in a file that I can put on an external drive and give to other people (in person) as a form on “anonymous” payment? Or is it just kinda like a 2FA only you have to use a file instead of a changing code?
I am still confused, Is it a form on 2FA? Does it allow someone to draw a specified amount of BAT? If I out the local wallet key on a flash drive, can is act as a slightly less secure hardware wallet? I still don’t understand it’s purpose.
What is the purpose of this if we can’t move our earned BAT into it without going through Uphold?
No, it doesn’t do that.
It is not a 2FA mode/application
It won’t allow you to draw BAT. It is just a medium to do crypto transactions. Whatever you earn as part of Ads it won’t be moved into Crypto Wallet.
As mentioned before it is not a replacement for your hardware wallet.
A local wallet is just a way of enabling you to do crypto transactions in the browser. You can link your hardware wallet with the local wallet and do transactions. To put in layman terms you need a browser to surf the Internet and visit sites, similarly, you need a local wallet to do crypto transactions on a browser(Brave). A local wallet gives you an address to which you can deposit ETH and then visit any web3 site it will detect your browser support for crypto wallets and allows you to do transactions on the site via the local wallet. I hope this helps clear your confusion about local wallets
If you need to convert your crypto into fiat value(USD/EUR/your local currency) you need to go through uphold verification. If you don’t want to go through the uphold process you can still use the wallet and earn ads and use it to tip and auto contribute. Hope this clears up.
I’m still confused, so it enables you to do full transactions with BAT instead of say ETH or BTC? Instead of just anonymous tips?
@Gamegenorator You are getting confused with rewards.
Crypto wallet is not connected to rewards so you wont be able to do any anonymous tips using that crypto wallet. BAT is added as a token in crypto wallet but for any transaction you will still have to use Eth. With rewards you can do anonymous tips but you cant do crypto transactions on websites such as cryptokitties.co. Cryptowallet on the other hand does the opposite you can do crypto transactions but wont let you do anything that rewards does.
Ok, so Rewards and Crypto Wallets are separate things. Rewards are for anonymous tips, crypto wallets are for full-scale transactions.
BAT is added as a token in crypto wallet but for any transaction you will still have to use Eth
So outgoing payments must be in ETH but inbound payments can be converted into BAT and stored locally on your device or on a hardware wallet. Is that it?
That is correct.
Inbound to your local wallet address should be in BAT. You can’t convert inbound ETH to BAT directly. But whatever you have locally(ETH/BAT) that you can transfer to your hardware wallet.
Do note anything that you send out of your wallet will use ETH for gas.
ok, so inbound must be in BAT, but you can send outbound both ETH & BAT, making it a Crypto Wallet for your browser that supports local wallets and happens to work with bat. Right?
Yes you got it right. Again even if you are trying to send BAT from your local wallet it will still makes use of ETH for gas.
Ok then, thank you for you time! (And Patience)
Going to close this thread for now. @Gamegenorator please open a new thread if you have any other issues/doubts about crypto wallet