Crypto Academy Week 2 Homework Post for @sapwood (100% Power Up)

iamlynxie (64)in SteemitCryptoAcademy • 3 years ago (edited)

Hello my Steeming buddies, the crypto academy is really engaging and enlightening with numerous homework for us and I am here with one of my entry. I would be talking about how to setup a blockchain Wallet or restoring an already existing wallet so stay tuned while I use TRUST WALLET2 as the case study.

INTRODUCTION

Trust Wallet

There are several types of blockchain wallets available for saving cryptocurrency assets and each of them varies by several advantes each has over the other. I would be taking you through setting up a wallet on **Trust Wallet** so stay tuned till the end.

When trading cryptocurrency, a user is given a public private key to send and receive coins or tokens securely and it key is generated by a complicated mathematical algorithm. It comes in different forms like alphanumeric characters and very important to keep the key safe to avoid your Cryptocurrency Wallet from being compromised. When a transaction is done, the private key is always needed to verify and complete.

HOW TO DOWNLOAD AND INSTALL TRUST WALLET

In this article I would be focusing on **Trust Wallet** so what you have to do is go to your playstore for android users or apple store for iOS users. Click the search part and type in **Trust Wallet**. While downloading do ensure that it is properly installed before proceeding to open the Trust Wallet App.

For android users, simply click This Link to download and install Trust Wallet.

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HOW TO OPEN A NEW WALLET

Trust wallet Dashboard

Open your trust Wallet app and click on the Settings Icon which is located on the down right part of the app.

Trust Wallet Settings

Click on Wallets

Trust wallet Accounts

Click on the + Sign located on the top right side of the app

Trust Wallet New Account

Click on Create A New Wallet

Trust Wallet Private Policy

Highlight the box to show that you have read and accepted the terms of service and privacy policy then click on Continue

Trust Wallet Backup

Highlight the box to show that you have backed up your 12 words key phrases and understand that if you lose them you can't access your trust Wallet account and then click on Continue.
On the next page save the 12 words in a safe place and click continue to imput the 12 words in the same sequence as given to you in the previous page then click on Done
Your Wallet was successfully created.

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HOW TO RESTORE AN EXISTING TRUST WALLET ACCOUNT WITH MNEMONIC KEY PHRASE

Trust Wallet Dashboard

Open your trust Wallet app and click on the Settings Icon located on the down right part of the app

Trust Wallet Settings

Click on Wallets

Trust wallet Accounts

Click on the + Sign located on the top right side of the app

Trust Wallet Account Importation

Click on I Already Have A Wallet

Trust wallet Multi-coin Wallet

Click on Multi-coin Wallet
Imput the 12 word Mnemonic Key Phrase and click on Import

Trust wallet Importation Successful

Your Wallet was successfully Imported.

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HOW TO STORE/SECURE TRUST WALLET MNEMONIC KEYS

A Mnemonic key is also know as a private key and it is a collection of alphanumeric characters which is created with cryptographic functions when creating a Blockchain wallet. In the case of trust wallet, 12 words key phrases are used and it is important to keep your mnemonic key or key phrases safe in different forms. It is recommended not to save the trust Wallet key phrases on your email or send to another person's email, don't take a screenshot of it and don't save on a cloud storage. It is advised that you write down your key phrases on 3 to 4 different pieces of paper and keep them were safe. it can also be kept safe in a pen drive that hasn't been used before but with the hard copy of them still written on 3 to 4 pieces of paper.

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CONCLUSION

I am really excited that Iam able to show you how you can create a new cryptocurrency trust wallet, how to restore an already existing Wallet and how to save your trast wallet key phrases safe. I believe with this you can setup a trust wallets for yourself successfully. Thanks for reading through and stay tuned for more exciting homeworks@ my warm gratitude goes to @sapwood for such and engaging and enlightening homework.

Cc;

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