Digital wallets are becoming more and more popular as we move into the digital age. If you're not familiar with digital wallets, they are essentially a digital way to store your money and other digital assets. You can use digital wallets for a variety of purposes, such as paying for goods and services online, transferring money to other people, or even Just storing your digital money. 

A digital blockchain wallet provides numerous advantages over traditional wallets.

For one, digital blockchain wallets are much more secure since they are decentralized and spread across a network of computers. This makes it virtually impossible for hackers to steal your information or funds.

Another advantage of digital blockchain wallets is that they offer greater privacy. Since your data is not stored in a central location, it is more difficult for third parties to track your transactions.

Finally, digital blockchain wallets are very user-friendly and easy to use. Even if you are not tech-savvy, you can still easily manage your digital blockchain wallet with ease.

There are a few different ways to set up a digital wallet. You can use your social account, email address, or even a hot wallet such as Metamask. In this article, we will show you how to set up a digital wallet using Metamask. First, you will need to create an account with Metamask. Once you have created an account, you will be able to log in and access your digital wallet. You will then be able to add funds to your wallet and start using it right away. Thanks for reading and we hope this article has helped you learn how to set up a digital wallet using Metamask.

Custodial wallets are automatically generated for Social Login users when they perform actions that would require a wallet, but they do not have one connected yet. For creators, this involves minting (publishing) an NFT if they haven’t yet connected a personal (non-custodial) wallet. 

Custodial wallets are also required for anyone who purchases with a credit card on our site, even if they have a personal wallet connected

When you create a digital wallet, you are typically assigned a 12 or 24-word keyphrase. This is your private key that you own and manage. This private key acts as a recovery phrase if you lose your password or are locked out of your wallet for any reason. You must store this key in a safe and secure place. If you lose it, you will lose access to your wallet’s contents forever.

Best practices for storing your private keys:

. Many people never even type their private keys once. The most secure place for a private key is in the “cold storage” of the physical realm where something is offline.

. There is never any reason to give anyone your private key. Don’t do it.

. Don’t lose it or store it in a place where the material on which your private key is written could be compromised.

Getting Started With Digital Wallets

At some point, old software installed, just has to go away. The million dollar question is when.

After recently experience of having a legacy system for about 8 years too long that prompted me to blog on this topic. I've seen the impact first hand with regard to project timelines, business climate changes, and constant tickets to the help desk. Project managers constantly asking, "Why does it take longer every year to do something simple?". - Really?

“A legacy system is an old method, technology, computer system or application program that continues to be used, typically because it still functions for the users’ needs, even though newer technology or more efficient methods of performing a task are now available.”

Those who are making these technology decisions are not typically directly affected by them. They’re looking at out-of-pocket cost versus total cost of ownership. While this takes place, I’m more concerned with all the time involved to resolve the same repeatable problems along with trying to figure out an escape from the legacy prison. So what do I do? Just keep answering those same ridiculous rhetorical questions of "Why does it takes so long and why is it so difficult" with a calm soothing voice, "Because you incurred Technical Debt".

During the course of 8 long years of projects, the project team took shortcuts due to a variety of reasoning, such as lack of technical ability, pressure of meeting project deadlines, or just flat-out lazy. You can imagine over time, these poor decisions accumulate huge backlogs of inefficiencies that keep getting kicked down the road. At some point, Peter may not let you rob him while Paul needs an early payment.

While the cost of maintaining an old system may indicate that a change is needed, it is also possible to spend more than necessary on a new solution. We need solutions that help us stay competitive, however wasting money on software upgrades, can be unnecessarily as it increases Technical Debt. When the old systems can’t keep up with the business demands or changes, it's time to replace. In the absence of due diligence, it is not always clear which option of replacement or upgrade, is best.

Most replacement systems at minimum, need to provide marginal benefits over any legacy system being replaced to justify the cost. Poor legacy software replacement decisions happen when technology decisions are not aligned with business requirements and strategy. Have you had lunch with your Enterprise Architect lately?

So let's encourage our product owners to make conscious decisions on if the economics justifies the cost of the incurring technical debt. Not all technical debt needs to be repaid as one can live with issues on a product nearing end of its life. Just like your payment of financial debt, it is good stewardship to first repay the "high interest" technical debt. It is preferable that technical debt be repaid incrementally (like making a monthly mortgage payment) through use of practices such as peer reviews, refactoring, continuous integration, and automated testing.

So what's your strategy for technical debt prioritization on your portfolio prison? A general rule of thumb could be based on comparing the degree of current value of business capabilities against the degree of business value that the system fulfills for future business needs. This may not get you out of an early prison sentence, however maybe, just maybe, feeling liberated removes illusions of being in one.

“That which we manifest is before us; we are the creators of our own destiny. Be it through intention or ignorance, our successes and our failures have been brought on by none other than ourselves.”
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