Setting Up Your First Cryptocurrency Wallet

Anne BecksFintech Comments

Setting up a wallet

As a matter of emphasis, your wallet is as important as the Cryptocurrency you’ll be storing in it. Like you would have read elsewhere, setting up most wallets are free. For some, all you’ll need is an email, while some are completely anonymous. Just like there are many Cryptocurrencies to invest in, there are many wallets to choose from also. Rather, there are many ways to open your first Cryptocurrency wallet. Choosing the right wallet will go a long way in determining your level of success and security as a Cryptocurrency investor. The infamous Mt Gox hack of 2014 which led to the loss of 450,000 Bitcoins was the end of many Crypto Investors.

If you are still wondering what a wallet means, just think of it as the Cryptocurrency equivalent of a bank account. This guide will show you how to set up three Cryptocurrency wallets; Exodus, Coinbase, and MyEtherWallet.

PLEASE BEWARE: When investing in ICOs, do not provide the ICO with an exchange wallet address! Most ICOs require an ERC20 compatible wallet. Check with the ICO team if you are unsure!

Exodus

Prides itself as the first desktop wallet that allows for multicurrency such as Bitcoin, Litecoin, Dashcoin, Ethereum, Bitcoin Cash and more. Exodus is built with numerous safety features as it is installed on your computer. Exodus wallet is best for multicurrency investors as Exodus also functions as an Exchange. Setting up an Exodus wallet is quite straightforward, just follow our lead

Exodus Home page

Exodus Home Page

  • Run the downloaded setup and in a matter of seconds, it’s already installed. This is what you should have after installing.
Exodus Landing Page

Exodus Landing Page

  • You just created your Exodus Wallet. Receive your first Crypto by clicking on Receive. Choose the currency from the numerous available.
Exodus Wallet

Exodus Wallet Page

Coinbase

Just like Exodus, Coinbase runs an exchange for Bitcoin, Litecoin, and many other Cryptos. Coinbase wallet is often touted as one of the best for beginners due to its simple user interface.

Coinbase Home Page

Coinbase Home Page

  • At the sign-up page, input the required details and voila! Unlike Exodus, you’ll need to provide your names, email, password, and location.
Coinbase Sign Up Page

Coinbase Sign Up Page

  • You’ll be required to verify your email. Click the link in your provided email and you’ll land on the page below. You’ll have to choose if you are opening an individual or business account. Next, phone number and payment options page. You can skip these processes and fill later.
Coinbase Account Type

Coinbase Account Type

  • In your account, click on “wallet”. It will reveal your wallet ID for whichever currency you intend to trade in. You can buy or sell also, just click on the appropriate button.

MyEtherWallet

Crypto investors like you enjoy the security and user interface of MyEtherWallet. Just like Exodus, you are in control of your Cryptos with MyTher Wallet. Creating a MyEtherWallet is one of the simplest and easiest.

  • Visit MyEtherWallet from a secured browser.
  • At the opening page, you’ll be prompted to input a password.
My Ether Wallet Opening Page

MyEtherWallet Opening Page

  • After inputting a strong password. You’ll be taken to a page where you’ll be prompted to download a Keystore file. Download the file and save in a secure location. Click “I Understand and Continue thereafter.
MyEtherWallet Keystore

MyEtherWallet Keystore

  • By clicking “I understand. Continue”, You’ll be taken to another page where you’ll have to save your private keys.
MyEtherWallet Private Keys

MyEtherWallet Private Keys

  • By saving your address, you’ll need to choose a means of accessing your wallet. As a newbie, choose the Mnemonic phrase option.
MyEtherWallet Access

Access Method

 

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