There are two types of wallets, the place where your cryptocurrency is stored. Custodial or Non-Custodial.

Your cryptocurrency is managed online by a third party provider such as a crypto exchange. This means your cryptocurrencies are available quickly and you don't have to worry about storage. The downside is that since they are stored online, they can become victims of theft or, in case the exchange goes bankrupt you may loose all your crypto depending on the legal situation.

You are the true owner of your cryptocurrency. This gives you full control. You can choose between online options or offline as My Crypto Card.

Shamir’s Secret Sharing is a cryptographic method that splits a private key into multiple pieces (called shares). You need a certain number of these pieces (called the threshold) to reconstruct the original key.

Example: You split a key into 5 shares and require any 3 of them to recover it. (This is known as a 3-of-5 scheme.)

An SSS-based wallet is a cryptocurrency wallet that:

- Splits the user's private key into multiple shares using SSS

- Stores or distributes these shares in different locations /devices

- Requires a threshold number of shares to reconstruct the private key and access funds

This improves security and redundancy.

Cryptocurrencies are based on blockchain technology. The blockchain is essentially a public digital register that stores all transactions on the blockchain, but the parties involved remain pseudonymous. This transparency creates trust and the technology ensures that no one can manipulate the blockchain.

Bitcoin was introduced in 2009 and was the first digital currency. It is decentralised which means that no one has control over it. The total supply is limited to 21 million coins. This is why Bitcoin is often referred to as digital gold.

In addition to Bitcoin, there are now countless other cryptocurrencies and projects. All of which fall under the Altcoin banner. They offer various functions and features, such as faster transactions, scalability or innovative technologies. Well-known are Ethereum, Ripple, Litecoin and Dogecoin.

Cryptocurrencies can be purchased in various ways for example via crypto exchanges, crypto ATM or My Crypto Card. It is important to thoroughly research the risks and opportunities before making a purchase. Once purchased, you should keep the cryptocurrency safe to avoid loss or theft.

To store cryptocurrencies you need a wallet, aka digital purse. There are two types of wallets: custodial and non-custodial. Custodial wallets are convenient but less secure as a third party provider manages your private key. Non-custodial wallets are more secure as you have control over the private keys, but you are fully responsible for securing them.

Cryptocurrencies offer the potential for high returns but there are also risks such as significant price fluctuations. It is important to do your research on the risks before buying cryptocurrencies.

Yes, in Australia cryptocurrency is taxed like property. You may pay capital gains tax when you sell your crypto. Always keep records and speak to a tax professional.

Yes, crypto exchanges must register with AUSTRAC and comply with anti-money laundering rules. But the industry is still lightly regulated compared to banks.

The technology is secure, but the market is volatile. Prices can rise or fall quickly. Always do your own research and only invest what you can afford to lose.

You can sell crypto on the same platform you used to buy it. Once sold, you can usually withdraw the funds to your bank account.

Think of it as the password to your wallet. Anyone who has it can access your crypto. Store it offline and securely, never on your phone or computer.

In most countries, including Australia, cryptocurrencies are legal to buy, sell, and hold.

Cryptocurrencies run on blockchain technology, which is a public digital ledger. When you send or receive crypto, the transaction is recorded on the blockchain, making it transparent and secure.