Tips on Getting Started with Crypto
Are you still confused on what the hell Bitcoin is? Have you asked the question, where do I start to jump on this bandwagon? Great I am here to help so ,first you want to set up a wallet. A Crypto wallet is like a bank account, different wallets store different tokens. Your wallet will reflect transfers, deposits, withdraws and balances for your currency exchanges. Once you set up a wallet you will be assigned an address. This address will be unique to the one or more currencies you are purchasing. Also it will be unique to your account. For example Electrum, Exodus, and Bitcoin Core are all mobile wallets that store Crypto Curriencies. The great thing about Crypto Wallets is that they act as a personal ledger. It’s like your online transaction history that you use today for typical online banking. Something else to keep in mind is your wallet will be assigned a private key for your eyes only, their will also be a public key that can be shared so you can request deposits from other’s. This is like your cash app username, just to give an example, but its way longer and full of numbers, letters symbols etc.. Once you have a wallet set-up for all the tokens / currencies you plan to use, you are ready to start your Crypto Currency adventure and explore the different things one can do with this new age online transaction system. Here are is some more info on different types of wallets to help get you started.
Types of Wallets
Be Sure to choose a wallet specific to your usage needs:
- Coin-Specific Wallet- A wallet that only works with a specific coin
- Mobile Wallet- A wallet that runs on a smart phone through an app
- Network Specific Wallet – A wallet that can hold multiple tokens on a single network
Popular Network Wallets
Coinbase wallet and Blockchain wallet are amongst the most popular wallets out their today. Both are free wallets that can be set-up easily today from your smartphone. Users must provide an email address and password to access/ set-up their wallet. Once the wallet is created you will be provided with an unique Wallet id.You will also be required to verify your email before using the network platform. Through these Network Wallets users can also purchase tokens such as Bitcoin, Ether and Bitcoin Cash. Their will be fees that apply , so be sure to read the fine print before confirming transactions.
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Disclaimer: None of the articles published on this site should be construed as investment advice. We strongly advise our readers to always do their due diligence before investing in any Cryptocurrency, Blockchain project, or ICO, particularly those that guarantee profits.