The suitable wallet type for an operator of a Velorex dATM would be a non-custodial smart wallet. In simple terms - that's a wallet that only you have access and complete control over.
You can think of your smart wallet as a digital version of your regular wallet or purse - only you should have access to it, and you confirm every transaction that goes in or out. As with a traditional wallet - your crypto wallet is still vulnerable to theft if you're not careful with your 'private key' or 'seed phrase'. You'll learn more about those and how to protect them further down on this page.
We've partnered with a wallet provider that offers a solution that is suitable for use with our system. If you want to learn more about our recommendation you can press here.
Otherwise - research about the different wallets that are available and make your selection. Whatever you decide on you should look for incredible security features as a priority, and you must not use a centralized exchange account/wallet as the liquidity wallet for your machines.
When it comes to security - you need to be constantly aware of updates regarding the rapidly changing technologies and how they can be affected by malicious attackers/hackers. You should take the preventative steps by staying on top of the news and always using the most up-to-date versions of software.
With that being said - there are some key principals that are the foundations of decentralized finance.
1. You are your own bank - this means that you're the sole person responsible for your funds, and if anything happens to them you don't have anyone else to rely on for help (usually).
2. Never share your private keys with anyone - this is one of the most important steps that you need to follow. Your private keys are the actual 'passwords' that dictate who owns those funds. If someone else is able to gain access to your private keys - they can take all of your funds.
3. Don't connect your wallet to suspicious/unknown applications - this point coincides with the previous point. Connecting your wallet to unverified or unknown websites / applications can lead to the loss of your funds. If you must connect a wallet to an application or input the private keys (as with the liquidity wallet you're using for the dATM) you should ensure that you completely trust the owners of the application. In the case of our software - you are the only person that will have access to your servers and software - and your private data is not externally exposed.
4. Always keep a backup copy of your private key/seed phrase - This is probably the most important consideration and is where the majority of people make mistakes which can result in the loss of funds. Whenever you create a cryptocurrency wallet you will be provided with some secret keys. These can be 'private keys' that you export from your wallet - or they can be a 'seed phrase' which is a backup phrase that you can use to restore a wallet that you lost access to.
You MUST write your secrets down or record them using the most permanent means possible. For example, you can purchase a kit that contains metal plates and letter stamps - these are used to record your secrets and are not only waterproof, but fireproof up to certain temperatures.
5. You should opt for a hardware wallet whenever possible - this is a wallet that must be physically present and connected for a transaction to be made. They are generally considered to be the most secure type of wallet.
Depending on which exact wallet and payment method you're using - there are a variety of ways you can top-up your crypto liquidity balance, or cash out some crypto back into fiat.
You should use a trustworthy and reputable service for purchasing cryptocurrency. You can purchase a particular cryptocurrency, such as Bitcoin, and then use an exchange to trade it into the currencies that you need for liquidity.
Here's an example of how you could top-up with crypto:
• Sign up for an account with the Binance exchange or use our DeFi token swap powered by Flooz trade)
• Purchase BNB (Binance Coin) using your debit card or other possible payment methods.
• Withdraw the BNB into your non-custodial wallet if you used Binance.
Here's an example of how you could sell your crypto and cash out fiat:
• Sign up for an account with the Binance exchange or use an off-ramp service such as MoonPay.
• Connect your wallet or transfer your cryptocurrency onto the exchange and convert it into fiat.
• Withdraw the fiat currency into your bank account or other holding accounts.