How to set up Crypto Wallets

Wallets play an important role in Cryptocurrency economy because it is the place where we store our funds.

It’s like our bank accounts. BUT, with one crucial difference. We are completely responsible for their security. If a bank gets hacked and somebody steals our money, the bank has to replace them.

If our wallets get hacked or if we lose the keys then we lose our crypto money. It is the price of freedom and we have to learn to be extremely careful with the keys and passwords of our wallets.

There are various options when it goes to Crypto Wallets.

Software Wallets

They are computer programs and the keys are stored in our computer. They provide high security , unless someone hacks your computer. My suggestion is to write down all of your passwords/keys in a piece of paper so that you can have access to your wallet, in case something goes wrong or you just lose your computer.

Other benefits is that you can store multiple currencies/tokens in the same wallet and there are more features like an instant exchange.

I use Exodus Wallet. They have versions for both Mac and PC.

I like the interface. It is clean and light and you can store most of the existing digital assets.

Sent and receive are very easy. You just copy/paste the appropriate addresses.

And one more thing. Don’t be lazy ass like myself and backup your wallet.

Web Based Wallets

There are also web-based wallets, which are applications that run on your browser. They store your keys in the cloud and this is why I don’t recommend such wallets. Unless you have no other choice like DogeCoin for example.

Exodus Wallet doesn’t support DogeCoin so I have to use this site : https://my.dogechain.info/#/overview

If you want a new wallet you just click “Create Wallet” and you set up your passwords.

If you have an existing wallet you can log in to it.

It is clean and easy to use. Here I store the DogeCoins I get from this faucet : http://freedoge.co.in/?r=3091013
( The link is my referral link )

You can sent your coins to exchanges and convert to other crypto and store them in your software wallet.

Faucet Collectors

These are websites that you can store funds you earn from Faucets or Crypto Games. You can loosely call them wallets as well. Certain faucets and games sent funds only to specific places and when you collect a certain amount for example 30000 satoshis you can send this amount to your regular software wallet.

One of the most known is FaucetHub : http://faucethub.io/r/48658500
( The link is my referral link )

The user interface is crowded and there are some annoying ads. No pop ups though. You can see your balances.

You can link your hardware wallet here and start to withdraw when you reach a certain amount.

This Hub is connected with some faucets and games that I will cover in an upcoming post.

A post about wallets wouldn’t be complete without mentioning hardware wallets, which is the most safe option available. These are USB sticks like devices that are connected to your computer. The keys are stored inside the device , so this provides extra safety. Just don’t lose it .

That was it. It is important to learn to store properly our cryptos.

As they become more mainstream there will be more threats and we have to be prepared.

Be healthy , Smile and Steem !