Specifics of Crypto Wallets & Assets | FAQs – 🌐 Biswap News Portal

1. Can I lose my assets if I connect the wallet?

When you connect your wallet to the website, you confirm the interaction and exchange of information between the website and the wallet application. You will not lose your assets if you connect your wallet to the official, trusted platform. However, if you connect your wallet to a fraudulent website or a platform, you most likely will lose half or all of your assets. That’s why it is essential to double-check the domain.

Moreover, at the first interaction with contracts, you must “Approve” future transactions with the smart contract. You should approve only the smart contracts you trust so your tokens are not stolen.

Learn more on how to stay safe in the crypto world: https://bit.ly/3QcyZHN

2. How does the wallet import work?

A wallet application (such as Metamask) is simply a UI for accessing a wallet address on a blockchain. That is, using a seed (recovery) phrase or a private key, you can access your wallet address at the same time with different applications. Your crypto is located not in the application but at the wallet address.

Importing your wallet means moving your wallet address from one crypto wallet application to another. For example, you have a Metamask Wallet and a few other crypto wallets, and you decide to import all the different wallet addresses to Metamask so that you can access all your assets from the same app.

Learn how to import or export your crypto wallets here: https://bit.ly/3gyvXNO

❗Note: Even though it is possible to do so, it’s not recommended. Having more than 1 crypto wallet prevents you from losing all your assets at once.

3. What a “sign message” is? Which adjustments can I set there?

With a Signed Message, you can prove the ownership of an address via a digital signature. Information is authenticated by a digital signature using a mathematical algorithm. Cryptocurrencies often allow you to generate a signature using the private key of an address.

4. Can I provide custom tokens to liquidity?

The Liquidity page allows you to add liquidity for any token pair. So the answer to your question is yes, you can add liquidity for a custom token if you have the token’s contract address.

Additionally, for providing liquidity on Biswap, you’ll receive trading fees for that pair and LP tokens you can stake in Farms to earn BSW rewards! Guide on providing liquidity on Biswap: https://bit.ly/37ORbG2

5. If I stake money in the pool, can anyone else withdraw it?

If you stake your assets in the pool from your own wallet address, no one else can withdraw them. Only you can do so with the same wallet address. Just make sure no one else has access to your wallet. Never give your seed phrase or private key to someone else. Learn more about safety here: https://bit.ly/3GPfTmM