Wallet Basics
You Will Learn
- •How to install and set up Vespr wallet on testnet
- •What a seed phrase is and why it's critical for security
- •Best practices for wallet security and backup
- •How wallet addresses work and how to share them safely
What is a Wallet?
A cryptocurrency wallet is a digital tool that lets you store, send, and receive crypto assets like ADA and tokens. Think of it as a secure digital bank account that you fully control.
Unlike traditional banks, crypto wallets are non-custodial, meaning you—and only you—control your funds. No company or third party can freeze, access, or take your tokens. This gives you complete financial sovereignty, but also means you're responsible for your own security.
Vespr is a user-friendly Cardano wallet that supports both mainnet and testnet networks. It's perfect for learning because you can easily switch between environments.
Installing Vespr (Testnet Mode)
To get started with testnet learning, you'll need to install Vespr wallet and switch to the testnet network.
Installation Steps:
- Visit the official Vespr wallet website: https://vespr.xyz/
- Download Vespr for your device (iOS, Android, or Desktop)
- Install the app and open it
- Choose "Create New Wallet" (or "Restore" if you already have one)
- In Settings, switch the network to Testnet (Preview)
Security Reminder: Only download Vespr from the official website or your device's official app store. Beware of fake wallet apps designed to steal your funds.
Seed Phrases: Your Master Key
When you create a new wallet, Vespr will generate a seed phrase (also called a recovery phrase or mnemonic). This is typically 12 or 24 random words.
Your seed phrase is the master key to your wallet. With it, you can restore your wallet on any device and access all your funds. This makes it incredibly powerful—but also a major security responsibility.
Critical Security Rules:
- ❌NEVER share your seed phrase with anyone—not friends, family, or support staff
- ❌NEVER type it into websites or save it digitally (no photos, no cloud storage)
- ❌NEVER send it via email, text, or messaging apps
- ✅DO write it down on paper and store it in a safe, secure location
- ✅DO make multiple backup copies stored in different secure locations
If someone gets your seed phrase, they can steal everything in your wallet. If you lose your seed phrase and lose access to your device, your funds are gone forever—no one can recover them.
Wallet Security Best Practices
Beyond protecting your seed phrase, here are essential security practices for keeping your wallet safe:
🔒 Device Security
- Use strong passwords or PINs on your devices
- Enable biometric authentication (fingerprint, Face ID) in Vespr
- Keep your device's operating system updated
- Avoid using public Wi-Fi for wallet transactions
🎣 Avoid Phishing
- Beware of fake websites and apps that look like Vespr
- Never enter your seed phrase in response to emails or messages
- Vespr support will NEVER ask for your seed phrase
- Double-check URLs before entering sensitive information
💾 Backup Strategy
- Write down your seed phrase immediately when creating a wallet
- Store paper backups in fireproof/waterproof containers
- Consider keeping one copy in a safe deposit box
- Test your backup by restoring your wallet on a different device (with testnet only!)
Understanding Addresses
Your wallet has a public address (also called a receiving address). This is a long string of letters and numbers that uniquely identifies your wallet on the Cardano blockchain.
Think of your address like an email address—it's safe to share publicly because it only allows people to send you tokens, not take them.
Example testnet address:addr_test1qz5xk7h2... (truncated for display)
QR Codes for Convenience
Vespr can generate a QR code for your address, making it easy to share. Instead of copying and pasting a long string, others can simply scan your QR code to get your address accurately.
In later modules, you'll practice sharing your testnet address with peers to send and receive practice tokens.
✅ Next Steps
Before moving to Module 2, make sure you've:
- Installed Vespr wallet on your device
- Created a new wallet and written down your seed phrase
- Stored your seed phrase securely (paper backup in safe location)
- Switched to testnet network in Vespr settings
- Located your receiving address in the wallet
Test Your Knowledge
Check your understanding with these questions. This is an honor system—use the reveals to learn at your own pace.