Simple. Wallet. Guide.

By: Pete

2021/06

3 min read

[tutorial, crypto wallets]

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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.

1. Install a Wallet

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.

2. Setup, Backup

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.

  • Open the wallet app.
  • Create a new wallet.
  • Write down the seed phrase it shows you.
    • If it does not prompt for you now, you'll find this seed phrase in settings.
  • Store this phrase somewhere safe.
    • This phrase is all that is required to access and send the crypto in the wallet.
    • Be sure to have it written down, and stored somewhere safe.
  • Done. You now have a crypto wallet ready to use.

3. Receive

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...

  • Open up the receive screen in your wallet.
  • Send the public address...
    • If in person, show them the QR code.
    • If withdrawing from a website, copy the address and put it into the withdraw address field.
    • If getting from a donation, copy the public address and send it.
  • When the crypto is sent to your wallet, there should be a notification, and the balance will update. 🎉

4. Send

Now that you have some crypto in your wallet, you can send some.

  • Open the send tab.
  • Enter the address of the wallet you're sending to
    • Or scan the QR code
  • Enter the amount to send.
  • Confirm the steps within the wallet.
    • Confirm the address
    • Confirm the amount
    • Take a look at the transaction fee*

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.

5. Restore

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.

  • Re-confirm your seed phrase is backed and secure from step 2.
  • Find an option for "import", or "restore" wallet.
  • Enter the seed phrase.
  • Your wallet and all the funds in it should be restored and accessible again.

Note: Anyone with the wallets seed phrase can do this step to access the funds. Keep the seed phrase / private key private.

Further

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 many more details, nuance, variations, and advanced features. We'll continue to dig deeper in further articles.

1. Install a Wallet

2. Setup, Backup

3. Receive

4. Send

5. Restore

Further

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