3.6 min read
#tutorial #crypto wallets
A minimal introduction to using your cryptocurrency wallet. This guide is targeted towards Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) but the steps are applicable to most other block-chains and crypto-assets.
This guide focuses on the basic steps to get started. If you hold significant amounts of crypto-currency, we recommend reading more detailed guides to continue learning about how cryptocurrency works, to keep your funds secure and to keep your financial data private. let's get started.
First, we need to install a cryptocurrency wallet. Each wallet has different features, support different assets, and various levels of privacy. But for learning the basics, any decent wallet will do.
Here are some of our top picks which support Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH).
We also have a Wallet finder tool to explore some more options, or use your wallet of choice.
Time to setup the wallet. Most of the wallets will guide you through the process when you start it for the first time. Here are the steps you should expect to go through with every wallet.
seed phraseit shows you.
Now to receive a small amount of crypto.
You'll likely be withdrawing from an app/exchange, or receiving some from a person near you. Either way, you will need to send them your
public key / address - as text, or as a QR code. To do so...
receivescreen in your wallet.
Now that you have some crypto in your wallet, you can send some.
Success, the crypto has now been sent to the other wallet. Good job.
* The transaction fee depends on the network (BTC/BCH/ETH) and how congested it is. While learning, we recommend using networks with low transaction fees. Out of the 3 we focus on, BCH has the lowest fees.
This step isn't crucial for using a wallet immediately, but it is a crucial step eventually. So it's useful to be aware of it early.
This step is needed to import your account into a new wallet and re-gain access to your crypto assets.
seed phraseis backed and secure from step 2.
Note: Anyone with the wallet's seed phrase can do this step to access the funds. Keep the
seed phrase / private key private.
The above steps are an outline for getting you started on your cryptocurrency adventure.
We hope this article explains the core steps you'll encounter in many wallets, and that you'll be more confident when moving crypto off of exchanges, and into your own custody. Be sure to continue learning about your favorite crypto assets, how the technology works, security, and maintaining financial privacy.
Each of the steps here have more details, nuance, variations, and advanced features. We'll continue to dig deeper in further articles.