Homework Task 2 | Blockchain Wallet- Chapter 2 | by @sapwood

Hello, everyone. It's my pleasure to be here today to talk about Blockchain wallet. I can boldly come here because of the lesson I've learnt from the crypto professor @sapwood and in this piece, I will be talking about how to download and install a blockchain wallet. Also, it will cover how to back up my keys for safety. I enjoined you stay with me till the end as I release the impact of the crypto professor.

The blockchain wallet I will using is Blockchain.com wallet.

Blockchain.com wallet is an OG cryptocurrency wallet. The wallet allow users to buy and save cryptocurrency assets in it. The blockchain.com cryptocurrency wallet supports Bitcoin, Bitcoin Cash, Stellar, USD Digital and Ethereum. The wallet also provide Bitcoin data charts, stats, and market information.

The best practice to download the blockchain.com wallet is to visit your Google playstore from your Android phone or use the Apple playstore for Apple phones. In this case, I will be using the Google playstore. Navigate your phone to the playstore and search for blockchain.com wallet. The screenshot is shown below.

From the above, as a first time user trying to download the blockchain.com wallet you will see the install button, hit the button and in a short while the App will be downloaded and installed to your mobile phone. Go to the newly downloaded App, open it and you will have the interface as shown below where you will see a few buttons to click; create an account, login and recover funds.

Select create account button and you will be led to another page to input your email address, password and agree to terms and conditions to proceed with the creation of the wallet.

After a successful input of your details above, the create an account button will be activated and you will be requested to create a four digit pin. Then your account is fully set up and you will receive welcome message to Blockchain on your dashboard. Confirm your email address. The screenshots are shown below.

There will be an interface that tells you to buy crypto, you can skip that to proceed to your dashboard.

Verify your email address for swift use of the wallet.

Your blockchain.com wallet has been completely set up but it's important to back up your account and I will be talking about that sooner.

It's important to backup one's fund in the blockchain wallet to avoid loosing one's fund if there are cases of lost phone, new phone or forgotten password. The process of backup is very easy, locate the three horizontal lines by the top left of your dashboard and select backup funds.

The backup words are displayed one after the other in a box, write them down carefully and serially. They are 12 words, be sure to write all.

Press next until you get to the last word. And after the 12th word, a page will be displayed asking you to input some of those words you've written down, write and verify.

You have successfully backup your funds and click done.

When there are cases of lost phone, new phone purchase (that you want to move your funds into it), or forgotten password, the only way to restore one's fund is through the private key/Mnemonic key/Keystore file. In blockchain wallet, they call it backup funds' words (secret phrase), as explained earlier it is important that you write down the 12 words somewhere secure such that you can easily use it to backup your funds if there are cases that warrants that. Open the new blockchain wallet to start the process of restoration. From the screenshot below, select recover funds.

The system request that you input the secret phrase to recover your funds. Input the 12 words and click recover funds button.

Input new email address, password, agree to terms and conditions then proceed.

Create a pin

Your funds are recovered.

The secret phrase on blockchain.com wallet represents Mnemomic key or private key or keystore file which is connected to all other keys associated to one's wallet such that anyone that has access to these words can easily backup the funds and convert it to theirs. The usefulness of the secret words for the owner helps him to easily backup his funds should in case there is a case of phone theft, forgotten password or a new phone purchase. It is important to treat these keys with care and save it securely.

It is important to save these keys offline to avoid the cases of theft of the keys which may lead to total loss of one's fund. It is recommended to keep it written down in several pieces of paper, laminate and place in a secure place to avoid being used by another person.

Thanks for reading this far and I believed I've been able to do justice to this homework. Thanks to @sapwood for his teachings and I look forward to learning from the crypto professors at @steemitcryptoacademy.