What is a Polkadot wallet
If you're new to crypto, you may be wondering what is a Polkadot wallet. Let's take a look.
Polkadot wallet is a device, app or a web-based service used to receive, store, and spend your crypto. In a way, it is similar to a bank account: it shows how much crypto you have, you can send it to another DOT wallet, and it also has a public address you can use to receive DOT.
Differing from a bank account, a crypto wallet is decentralized, meaning there isn't a singular authority responsible for its creation. This allows you the flexibility to choose a Polkadot wallet that suits your requirements.
What makes the Paybis wallet special? Although custodial wallets , like a Paybis wallet, have some risk associated with them, we addressed these risks and built a free Polkadot wallet that is both secure and easy to use. If you already have a Paybis account, you can get a reliable Polkadot wallet in just a few clicks!
How to set up a Polkadot wallet
Our wallet is an online Polkadot wallet. You can access it right from your browser – you only need a Paybis profile. If you don't have one already, signing up only takes a few minutes and is absolutely free.
Once you've logged on, the rest is as simple as it gets:
Click the “Wallets” tab or “Open wallet” button;
Press the “Add wallet” button”;
Enjoy your free DOT wallet!
Really, that's all there is to it. Your Polkadot wallet is now ready to use and fully functional.
How to use your new DOT wallet
Your new DOT wallet is empty. There are several ways how you can add crypto to it:
Deposit crypto from another source or another Polkadot wallet, using your public address;
Buy DOT at Paybis and it will be deposited in your wallet soon after payment confirmation (not available in the UK).
What can you do with your DOT? One option is to HODL, that is, keep it, waiting for the price to increase. With Paybis, you can be sure you're HODLing your crypto in a convenient and easy to use Polkadot wallet.
Of course, you can also send it to another wallet – there are no withdrawal restrictions, and you only have to cover the standard blockchain fees.
Having learned about what a Polkadot wallet is, how to obtain one, and its functionalities, the following action is to select a suitable wallet for DOT and begin exploring the world of cryptocurrencies.
