Brave, a popular open-source browser, comes with a self-developed wallet called the Brave Wallet. Although Google Chrome is, without a doubt, a powerful browser, Brave beats it when it comes to emphasizing user privacy.
This article focuses on the Brave Wallet. Learn its unique features and how to install it to start earning BAT tokens.
Components of the Brave Ecosystem
Brave Browser
When you become a Brave user, annoying ads will be a thing of the past. The browser has an ad blocker that lets users decide which websites should run advertisements and which ones should be blocked.
The best part is that if you choose to allow a certain website to run ads, you will be compensated with BAT tokens. As of January 2024, over 10 million Brave users have received rewards in the form of BAT, which can be used to tip content creators or redeem them for ETH.
BAT
This is an ERC-20 token. It tracks user activity on the Brave browser, and it is used to distribute rewards. BAT (Basic Attention Token) was launched through an Initial Coin Offering in 2017. At the time, Brave developers managed to raise over $40 million within 30 seconds.
Brave Wallet
Brave users use this wallet to store their BAT tokens. Moreover, they can use it to store other digital tokens and Ethereum NFTs. With the Brave Wallet, you don’t need to transfer ETH from an external source. Instead, you can use your debit/card to purchase the second-largest token by market cap within the app.
Exploring Brave Wallet’s Features
Price Matching
Brave Wallet comes with a price aggregator, allowing users to compare token prices from various platforms before buying or selling digital currencies.
Decentralized Apps
Brave Wallet isn’t just for storing tokens. You can use it to explore decentralized apps built on all EVM-compatible blockchains.
Import Wallets
Brave Wallet is compatible with several other self-custodial wallets, such as Trezor, MetaMask, and Ledger. This makes it possible for users to import these wallets.
Send and Receive Digital Assets
Brave Wallet users can purchase, send, swap, and store thousands of digital assets built on blockchains like Filecoin, Solana, Ethereum, and many more.
Pros and Cons of Brave Wallet
Pros
Superior security – Brave Wallet adopts several security measures to keep users safe. For instance, it does not store private keys for users. Instead, it lets them take charge of these keys. Moreover, the wallet requires users to change their passwords regularly.
Free to Use – Besides gas fees, you do not incur any other cost to use the Brave Wallet.
User-friendly Interface – Brave Wallet’s easy-to-understand interface allows even novice users to use the app.
Cons
Only Supports Few Decentralized Apps – Compared to its competitors, Brave Wallet offers limited access to Decentralized applications.
Doesn’t Support Bitcoin – Given that over 60% of crypto users hold BTC, it is unfortunate that Brave Wallet does not support the storage of the coin.
How to Set Up a Brave Wallet
To start using Brave Wallet, you need to download the Brave browser first. Once you install the Web3 browser, press the wallet icon located at the top-right corner of the browser. After that, follow the following steps to create a Brave Wallet.
Step 1: Hit the “Learn More” button. You will be redirected to a page where you will click the “Create New Wallet” button.
Step 2: Read the Terms & Conditions and then tick the boxes to confirm that you have understood them.
Step 3: Note down the seed phrase that Brave Wallet generates. You will use this phrase to regain access to your wallet when you misplace your password.
Step 4: Enter the seed phrase on the next page and hit “Confirm.”
Step 5: Click the “Done” button to access your new Brave Wallet.
Conclusion
Brave Wallet continues to become popular among novice crypto users since it is easy to use. The biggest disappointment about the wallet is that it doesn’t support Bitcoin.
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