How to setup a crypto wallet

How to set up a crypto wallet

Crypto wallets, what are they?

If you have been online or watched tv in the past 4-to 5 years, then you have definitely heard about cryptocurrency. Cryptocurrency is basically virtual money. This virtual money is stored in crypto wallets. So, what are crypto wallets? Well, to put it simply a crypto wallet is what allows cryptocurrency owners to send, receive or store their “virtual money”. Crypto wallets can be hardware or software-based. But since they both fulfill the same purpose, what matters is which one you’re more comfortable with.

How to set up a crypto wallet

There are 4 simple steps to follow.

Step 1 – Do your research and decide which crypto wallet type suits you best. Hardware wallet or Software wallet?

Hardware wallets are generally more secure as they can't be accessed remotely. The actual device needs to be plugged into a computer in order to get access to the stored crypto. This reduces the risk of cyber-attacks by a significant amount. Whereas, software wallets are downloaded as applications on devices that are connected to the internet. The best part about software wallets is the fact that the owners can access it from anywhere, as long as they have internet access.

Step 2 – Hardware wallet – There are different wallets to choose from. So choose a brand you prefer and purchase the device.

Software wallet – Choose a software wallet and download it to your device.

Almost there!

Step 3 – Setting up your wallet.

Both software and hardware wallets need to be set up. For software wallets, you register and create an account. Hardware wallets will require you to select a pin and more. Once you have set up your account you have one more thing to do.

Step 4 – The final step, purchase and deposit your cryptocurrency into your wallet. That’s it! You now have a crypto wallet. Easy right?