What is a Crypto Wallet and Why Do You Need One?

If you're new to Midcontract and digital payments, think of a crypto wallet like your digital bank account – it's where you store, send, and receive digital money. But there's a key difference: your crypto wallet gives you complete control over your funds without relying on a traditional bank.

Choosing your wallet: two simple options

At Midcontract, we offer two ways to manage your digital funds:

1. Embedded wallet (recommended for most users)

Our embedded wallet, powered by Alchemy technology, is like having a built-in digital account that's ready to use right away. Here's why most users love it:

✔ Instant Setup: Create your wallet in seconds 

✔ Zero Transaction Fees: We cover all network costs 

✔ Bank-Grade Security: Enterprise-level protection for your funds 

✔ Full Ownership: You control your keys and can export them anytime 

✔ 24/7 Availability: Send and receive payments instantly

✔ Built-in Crypto Exchange: Buy or sell crypto directly using your credit card through our trusted partner Transak 

✔ Seamless Experience: Everything works right inside Midcontract

With our Transak integration, you can easily convert your traditional money (USD, EUR, etc.) to crypto and back again, all without leaving your wallet. Whether you need to add funds for a new contract or withdraw your earnings, it's just a few clicks away.

2. External wallet (for experienced crypto users)

If you already use MetaMask, Rainbow, or other crypto wallets, you can connect them directly. This option is great if you:

• Already have a preferred wallet
• Want to use the same wallet across different platforms
• Are comfortable managing network fees

Security: your funds, your control

With either option, you maintain full control of your funds. Here's what you should know:

• Your Keys, Your Coins: Only you can access your wallet
• Bank-Level Security: Enterprise-grade encryption protects your assets
• No Central Control: Funds are secured on the blockchain, not in a bank
• Backup Protection: Easy recovery options if you lose access

Getting started is easy

1. Choose "Create embedded wallet" - just enter your email
2. Start using your wallet instantly for contracts
3. Access your backup phrase anytime from wallet settings

No complex setup needed! Your embedded wallet is ready to use right away. You can always export your wallet or get your backup phrase later from your wallet management settings when you need it.

Common questions

Q: Can I lose my money if I forget my password? A: No. You can always recover your wallet using your backup phrase.

Q: Are there any hidden fees? A: With our embedded wallet, we cover all transaction fees. External wallet users pay standard network fees.

Q: Can I move my funds to a different wallet later? A: Yes! You can export your embedded wallet or transfer funds anytime.

Q: How can I add or withdraw traditional money? A: You can easily convert between traditional money and crypto using our integrated Transak service. Just use your credit card or bank transfer to buy crypto, or convert your crypto back to your local currency when you want to withdraw.

Q: Is my money safe? A: Yes. Your funds are secured by blockchain technology and enterprise-grade security measures.

Start your digital payment journey

Ready to dive in? Click "Create embedded wallet" below to get started in seconds. Join thousands of professionals already using Midcontract's secure payment system for their business needs.

Remember: Your wallet is your gateway to secure digital payments. Choose the option that best fits your needs and start transacting with confidence on Midcontract.

Need help? Our support team is available 24/7 to assist you at support@midcontract.com.