Embarking on your cryptocurrency journey involves setting up your first digital wallet. This crucial step might seem daunting due to the myriad of decisions to make, the technical jargon, and the need for secure backups. Moreover, the risk of losing your crypto assets due to a mistake can be intimidating. But fear not! This comprehensive guide will walk you through the process of setting up your wallet and executing your first transactions.
We'll cover the installation, setup, backup, restoration, receiving, and sending of cryptocurrency on both desktop and mobile wallets. For this tutorial, we'll use the Bitcoin Cash (BCH) blockchain, the Electron Cash desktop wallet, and the bitcoin.com mobile wallet. However, the principles we'll discuss apply to most wallets and cryptocurrencies.
Bitcoin Cash (BCH) is an excellent blockchain for beginners due to its long legacy, active development, diverse applications, expanding retail use-cases, and similarities to Bitcoin (BTC). Its low transaction fees are particularly beneficial for newcomers, allowing you to experiment with small transactions before committing to larger ones. This way, you can start using crypto confidently without worrying about high transaction fees or congested blockchains.
Electron Cash and the BitcoinCom Mobile wallet are full-featured Bitcoin Cash (BCH) wallets. They support all basic operations while offering privacy features, point of sale support, and other advanced features. Electron Cash is an excellent desktop wallet with strong privacy, advanced coin control, and flexible usage. The Bitcoin.com wallet is a versatile mobile wallet optimized for daily use.
While these wallets focus on specific blockchains, they offer a learning opportunity as they often have chain-specific features. Wallets that support multiple blockchains usually only implement basic features (send, receive) and rarely support the unique aspects of each blockchain.
Once Electron Cash is installed, you're ready to start your BCH adventure. Here's how to secure your wallet:
new wallet and give it a name.
standard wallet and create a new seed.
seed phrase and
Always keep your seed phrases secret. They are all someone needs to gain access to your crypto wallet assets. Any addresses derived from a compromised seed phrase should be considered public and not used to store assets.
If you need to restore your wallet, use the existing seed phrase. If the seed phrase was created from the same wallet you're restoring with, this should work seamlessly. If not, you may need to enter the derivation path the wallet was created with.
Faucets give away small amounts of a cryptocurrency, just enough to pay for 1-3 transactions worth of fees. This is a great way to start using crypto without any initial investment.
receive tab to see a QR code representing one of your receiving addresses.
send tab, and scan the QR code in Electron Cash.
Congratulations! You now have two wallets ready to use, one for Mobile, and one for Desktop. You've successfully sent micro amounts of funds between them. With this same process, you can send any amount to anyone.
Your wallets are capable of much more; we've only scratched the surface. Explore the menus to discover features like CashShuffle or CashFusion, spend individual UTXO (coin control), change the fiat currency conversion, turn on quick-send, claim a CashAccount, and more.
Each wallet typically shows its current balance and transaction history. For more details on individual addresses or transactions, use a block explorer like Blockchair.com, Blockchain.com, or Etherscan.io.
Thank you for reading this guide. We hope it has given you a solid understanding of bitcoin wallets and the basics of digital cash. Follow us on Twitter at @BuyHodlSell for updates. If you'd like to suggest an improvement, correction, or anything else, please get in touch with us.