If you are buying cryptocurrency, first you need a place where you can securely keep your crypto, and this is called a crypto wallet. Not sure what to do or how to get started? Use this Digital Women blog as your handy guide to setting up a crypto wallet.
Learn to set up a crypto wallet
Learn to set up a crypto wallet 〰️
The main benefit of keeping your crypto in a hosted wallet is if you forget your password, you won’t lose your crypto.
A drawback to a hosted wallet is you won’t be able to access advanced crypto features. But this isn’t an issue when you’re just getting started, so this blog is concentrating on hosted wallets alone.
1 – Decide which type of crypto wallet you need
There are many different types of crypto wallets, but the most popular way to get started is to use a hosted wallet because they come with a certain level of safety net which is ideal for new users. This blog explores hosted wallets because they are the easiest to use and a popular option if you’re new to crypto.
2 – Choose your platform
Choose a platform you trust. Think about security, how easy it is to use, and if it complies with government and financial regulations. There are several crypto wallet apps to choose from: Coinbase, Binance and Exodus are all suitable for beginners.
3 – Create your account
As you enter your personal info you need to choose a secure password and use two-step verification. This extra layer of security is important because it immediately neutralises any risks associated with compromised passwords. Without approval at the second factor, a password is useless, even if it has been guessed, hacked or phished.
4 – Buy or transfer crypto
If you own crypto already, you can also transfer it to your new hosted wallet. If you’re completely new to crypto, most crypto platforms and exchanges allow you to buy crypto using a bank account or credit card.
In real life, cryptocurrency makes it super convenient to transfer funds between two parties. You don’t hold the currency physically yourself, instead, it lives on the blockchain. But although it is a medium of exchange, a cryptocurrency is not issued by any central bank or monetary authority. Cryptocurrency is a digital currency so it is decentralized nature is also the main reason why governments are also afraid of it.