What is a Burner Wallet?
A burner wallet is a crypto wallet that is created to do a specific task and then optionally deleted.
A wallet is a digital wallet where you store your cryptocurrencies.
Why use a burner wallet?
The reason is security.
There are so many scam links, or scam projects, on NFT projects that can drain your entire wallet if you make the wrong clicks.
With Ethereum, it is even possible to steal all your NFTs with SmartContracts.
How does this work exactly?
With most wallets (e.g. Metamask, Phantom), you can simply create a 2nd wallet with the same credentials.
Then you send the cryptocurrency you need for the Mint to your Burner Wallet. However, always a little more so that it is enough for the gas fees.
After that, you mine the NFT and then you send that to your main wallet.
This way your NFTs on the main wallet are always safe 🙂 .
With Ethereum, a burner wallet can quickly become very expensive due to the gas fees. That’s why I always send myself the Ether from FTX or Bison.
These two exchanges don’t charge for the gas fees and take care of them for you.
Why is it called Burner Wallet?
It’s called Burner Wallet because it gets deleted / burned again after mint.
However, I personally send my NFTs to my Main Wallet and keep my Burner Wallet.
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