Getting into crypto? Well the first thing your gonna need is a wallet.
Ok, let’s assume you spent good portion of your precious time on this earth reading about the THOUSANDS of crypto coins that are out there and available to get. And you’ve pretty much narrowed them down to a handful, even though your not 100% clear about what they actually do, your 100% ready to invest in that coin.
Well, choosing a coin is like choosing a wallet, your next step after picking a coin will be to download its wallet. This is how you will hold these coins. Visit the coins official website. Typically you will have options when downloading the wallet, most will have desktop and phone versions available, the choice is really yours as both will do the same job of holding your coins. You should be able to Send and Receive your coins with ease, you should be able to secure your wallet with a key phrase (usually 12 to 24 words). These key factors will apply to any coin you choose.
If You Don’t Own The Keys, You Don’t Own The Coins.
A good thing to remember when picking a wallet is to be sure that you are able to create a backup of that wallet. This is usually done by creating a key phrase, seed phrase, or 12 to 24 words. Some wallets can hold multiple coins as well. But just remember, if your not able to create a key phrase for that wallet, then one day you just might wake to a 0 balance. Own your own keys!
DYOR (Do Your Own Research)
Here’s a couple of sites I like to visit and get information on a coins project and news updates. These sites will typically have links to the coins website, source codes, social profiles and more. Most importantly, they are safe.
Oh No! I Lost My Keys.
If you don’t pick up on nothing else I say in this post, PLEASE pick this up. If by chance you’ve lost access to your wallet, and this could happen in several ways not all attributed to your lack of attention, but more like you accidentally crashed your computer, or broke your phone and had to buy a new one. These are both good examples of how quick you can lose your coins, permanently if you didn’t write down and secure those keys. By simple re-downloading the wallet and selecting to “Restore” a wallet will give you the option to enter your key phrase from your previous account and bring back all your coins and transaction history. Back to normal.
Yeap, you will eventually need one of these wallets. I highly recommend you invest in getting a cold storage wallet. These wallets are actually small devices much like what a usb thumb drive would look like. These devices are unplugged from the internet, meaning its highly unlikely that anyone can access your wallets content without you giving them access. You will have to plug this device into your computer to gain access to view your balance or send coins out, however you do not need to have it plugged in to receive coin. Two of the most popular cold storage wallets being used today are TREZOR and LEDGER .
My Final Sip.
Remember, choosing a wallet is like choosing a coin, be sure to do as much research as possible before downloading anything. There are a lot of good places on the web to find information on a coin. Dig, dig, and dig some more. Because by the end of the day, hopefully you will have a easy to use wallet on your phone, ready to hold coins, or ready to start sending and receiving coins from anyone. Good luck, and be safe.