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How to Set Up a Crypto Wallet, and Why You Need One

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How to Set Up a Crypto Wallet, and Why You Need One
A crypto wallet is a way to store your cryptocurrency, be it Bitcoin or Ether or Dogecoin or any other token. These currencies are secured through the use of private keys, and you can store these keys in a number of different ways, all of which are simply called wallets. As a crypto investor, you don’t need to ‘mine’ the tokens you own — you can simply buy and sell them on an exchange or even directly from others, and once you do that, you transfer the ‘keys’ to the coins in order to access them. Here’s what you need to know about how this works.

What are private and public keys?

While we are talking about cryptocurrency wallets, it’s important to understand what public and private keys mean. Basically, without these, a crypto wallet is as good as no wallet. As the name suggests, cryptocurrency is based upon encryption technologies and this uses a combination of keys — a public one to identify the block of tokens, and a private one to access them. That’s already a massive oversimplification, but if you’re simply here to learn to trade about crypto, then it can be simplified further.

Much like your username on a payment app that allows you to receive money, your public key on a crypto wallet allows you to receive tokens. Private keys are the passwords that allow you to check your balance, execute transactions and other services. Remember both are equally important.

What exactly is a cryptocurrency wallet?

A virtual currency wallet or a crypto wallet is essentially software or an app on your mobile device where you store your digital assets such as Bitcoin, Dogecoin, and Ethereum. Not just that, you also use the same wallet to digitally sign your cryptocurrency transactions. A crypto wallet also keeps your digital currencies secure as access to it is protected by a password. Besides, if you are someone who likes holding a wallet, you can opt for a physical device on which you can run your wallet apps. Bitcoin price in India stood at Rs. 29.75 lakhs, Dogecoin price in India stood at Rs. 15, and Ethereum price in India stood at Rs. 2.05 lakhs as of 11am on August 6.

What are hot and cold wallets?

Hot wallets are on the Internet so that you can more easily access them, to use to buy or sell cryptocurrency. However, there is some concern about the security of such a system because it’s also more accessible to attackers. That said, active traders will typically maintain at least some funds in a hot wallet for transactions.

A cold wallet on the other hand is offline — instead of keeping your data on the could, you could download it to a USB device or a hard drive and keep your tokens safe there until you’re ready to trade. This sounds like a great idea in theory, but if the wallet is damaged and you can’t access the keys, then the coins are also gone forever, so you’ll need to weigh the pros and cons of both approaches. There have been many stories of hard drives failing, USB drives being lost, and coins gone forever, over the years.

Then there are also paper wallets, a more extreme cold wallet — where the private key is actually written down on paper, to make it impossible to hack. This is also susceptible to getting damaged from the environment, or being lost, or simply having minute errors in copying the codes, which would again render it useless, so whatever you do with your money, look into the risks first.

Store at the exchange

Besides hot and cold (hardware) wallets, many ask if storing money at cryptocurrency exchanges is possible. The answer is, yes, but it isn’t seen as the most secure place to store your valuable cache of digital tokens. According to a report, exchanges lose $2.7 million (over Rs. 20 crore) every day on average, and the figure is set to only increase in the future.

While you won’t face the same issues in a reputable exchange, simply as a security precaution it makes sense to spread your assets in a number of different ways, based on different security needs and on the amounts that you think you will be transacting regularly.

How to set up a digital wallet?

There are a number of digital wallets you can find online. Many exchanges also have their own wallets, which are separate from the exchange and can be used, but two hugely popular ones are Exodus and Mycelium.

Setting up and using these apps is pretty simple and just like using any online service. You create an account, log in with your details, and then follow the very simple on-screen instructions to transfer your cryptocurrency from other storages to these wallets.

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Microsoft Partners With Inworld to Bring AI Game Development Tools to Xbox

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Microsoft Partners With Inworld to Bring AI Game Development Tools to Xbox


Microsoft is teaming up with Inworld AI to create game development tools for Xbox, enabling developers to create characters, generate entire scripts and quests, and more. The multi-year deal brings an AI design copilot and an AI character runtime engine to the forefront, both of them being totally optional to use and to varying degrees. Of course, the use of AI in art has been criticised by many for simply lacking originality, in addition to running the risk of fewer jobs for artists — a growing fear among many considering the alarming number of layoffs seen at game studios this year in an attempt to cut costs.

“At Xbox, we believe that with better tools, creators can make even more extraordinary games,” Haiyan Zhang, GM, Xbox Gaming AI, said in a blog post. “This partnership will bring together: Inworld’s expertise in working with generative AI models for character development, Microsoft’s cutting-edge cloud-based AI solutions including Azure OpenAI Service, Microsoft Research’s technical insights into the future of play, and Team Xbox’s strengths in revolutionizing accessible and responsible creator tools for all developers.”

The aforementioned AI design copilot is a toolset that will help game designers turn prompts into scripts and dialogue trees. In contrast, the character runtime will enable dynamically generated plot beats and quests. We’ve already seen heavy AI integration in games by way of procedural generation — a more recent example being the 1000+ planets in Starfield. Not to mention, enemy AI has been around for way longer.

Inworld made headlines in August when it launched a modded story mode for Grand Theft Auto V, Sentient Streets, in which players had to investigate the rise of a bizarre AI-worshipping cult — a segment loaded with characters that spoke in AI-generated dialogue, on the fly. The mod was later taken down by publisher Take-Two, leaving a permanent strike on the creator Bloc’s YouTube channel. As per The Verge, Inworld’s AI technology can also be used for narration in top-down RPGs to warn players about any events awaiting off-screen and respond to questions like we’ve seen in the past year with AI chatbots like ChatGPT and Bing Chat. Microsoft has also been heavily banking on artificial intelligence, having made a $10 billion (about Rs. 83,254 crore) investment in OpenAI. The company has also integrated AI tools into its popular suite of services and also added an AI copilot to Windows.

Despite being a Microsoft-affiliated AI toolset, it would be interesting to see whether titles using them will be allowed to thrive on other platforms. In July, Valve claimed that it would be cracking down on games that included AI-generated assets if the developer didn’t own the copyright to the piece of art. For the uninitiated, when you insert a prompt to create something in AI, the software simply repurposes existing assets found online and mushes them together — basically stealing from other artists and writers without appropriate commercial licenses. Infringing them would lead to the game not being distributed on Steam, forcing the developers to seek proper licenses for the asset by reaching out to the AI companies involved. It’s unclear how Microsoft’s partnership will play out — as long as AI content is being used as a catalyst to innovate and create something new, it should be fine.


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BSNL Offers Free 4G SIM Upgrade: Here’s How to Get It

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BSNL Offers Free 4G SIM Upgrade: Here’s How to Get It


BSNL (Bharat Sanchar Nigam Limited) is a state-owned telecommunication company in India. Earlier this year in May, the government said that the firm started rolling out 4G services in the country. By December, the networks were said to be upgraded to 5G. However, at the India Mobile Congress, BSNL chairman P K Purwar said that the company will launch 4G services in December and then roll it across the country by June 2024. The chairman added that the 5G upgrades will take place after June next year.

In a post on X shared by BSNL’s Andhra Pradesh (@bsnl_ap_circle) unit, the company confirmed that BSNL users can upgrade their older 2G or 3G SIMs to a 4G SIM for free. Not only will the upgrade be free, but a promotional image shared with the post suggests that users who opt for the upgrade will also receive 4GB of free data that will be valid for three months. It is speculated that BSNL is aiming to boost its upcoming 4G services with this offer. The announcement was first spotted by Telecom Talk.

To access the free data offer and the free upgrade, BSNL users are requested to get in touch with executives at BSNL’s Customer Service Centre, franchisee or retailer stores, or contact one of their Direct Selling Agents (DSA). The promo image also adds in a finer print that the offer is available with certain terms and conditions, but hasn’t detailed any, so far.

Reliance’s Jio recently launched the 4G-supported Bharat B1 feature phone in India. The handset is priced at Rs. 1,299 in India. Alongside 4G connectivity, the phone comes with JioCinema and JioSaavn applications pre-installed.

The Jio Bharat B1 is equipped with the JioPay application, which is said to allow users to make UPI payments. Aiming to increase accessibility, the phone supports 23 languages overall, including multiple regional languages.


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Realme GT 5 Pro Teased to Feature 3,000 Nits Display; More Details Revealed

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Realme GT 5 Pro Teased to Feature 3,000 Nits Display; More Details Revealed


Realme GT 5 Pro’s launch date is not far away. The Chinese smartphone brand on Tuesday (November 7) confirmed the arrival of the new GT series smartphone in its home country. The Realme GT 5 Pro is teased to come with a display with over 3000 nits of peak brightness. It is also confirmed to pack a larger heat dissipation area for thermal management. The handset will ship with Qualcomm’s new Snapdragon 8 Gen 3 SoC. The Realme GT 5 Pro is expected to come as a successor to the Realme GT 5 that debuted in China in August.

Realme, via Weibo, announced the arrival of the Realme GT 5 Pro in China. The display of the handset is confirmed to offer 3000 nits peak brightness. It has also been teased to offer heat dissipation with a surface area of around 10,000mm2. It is confirmed to ship with Qualcomm’s new Snapdragon 8 Gen 3 SoC. The post doesn’t specify the exact launch date of the smartphone, however, given the release of the teasers, the launch could be just around the corner.

The Realme GT 5 Pro has been in the news a lot lately. It is expected to feature a 6.78-inch (1,264×2,780 pixels) AMOLED display and is tipped to come in 8GB, 12GB, and 16GB RAM options along with 128GB, 256GB, 512GB, and 1TB inbuilt storage options.

For optics, the Realme GT 5 Pro is said to have a triple rear camera unit comprising two 50-megapixel sensors and an 8-megapixel shooter at the rear. The camera setup might include a Sony LYTIA LYT808 sensor, an OmniVision OV08D10 secondary sensor, and a Sony IMX890 telephoto sensor. For selfies, there could be a 32-megapixel sensor at the front. It is said to carry a 5,400mAh battery with support for 100W wired charging and 50W wireless charging.

The Realme GT 5 Pro is expected to come with upgrades over Realme GT 5. The latter was launched in China in August with a price tag of CNY 2,999 for the base model with 12GB of RAM and 256GB of storage.


The Motorola Edge 40 recently made its debut in the country as the successor to the Edge 30 that was launched last year. Should you buy this phone instead of the Nothing Phone 1 or the Realme Pro+? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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