Are you willing to get into the rapidly unfolding crypto world? One of the things you need is a crypto wallet, and there are plenty. Although a good thing for offering people multiple options, the long list can make how to get a crypto wallet challenging.
This post is a step-by-step guide, exploring the different wallets and what you need to pick the perfect option. We will also tell you about hi Wallet, which can help you to make passive returns on your coins.
What is a Crypto Wallet?
A crypto wallet is a program developed to help you store both private keys and public address of your cryptos. In addition, the wallet comes in handy in helping you to interact with the respective blockchain so that you can send/ receive coins and check balances. Although they work like physical wallets, they differ significantly in that crypto wallets handle digital coins like Bitcoin (BTC) and Ethereum (ETH).
The primary importance of using cryptocurrency wallets is providing security to your coins. If the wallet gets lost, your coins could also be lost.
How to get a crypto wallet depends entirely on you. Some wallets are designed to only work when offline, while others must be online. Therefore, the choice is yours and it is important to select what suits you best. Another important attribute is how often you need to access your coins.
Must You Have a Wallet to Trade Crypto Coins?
Yes, you will need to have a crypto wallet to trade your coins. If you target to regularly buy, sell, and receive crypto coins, it is advisable to go for a hosted wallet (custodial). These are the wallets in most cryptocurrency exchanges, such as Binnance and Coinbase.
In many exchanges, it is also possible to buy cryptos with fiat currencies. However, non-custodial wallets, such as Trezor and Exodus, only allow you to store and make transactions in respective blockchain networks. Therefore, it is almost impossible to make transactions with fiat money.
The Main Types of Wallets
- Hot Wallets: The keys in this category of wallets are stored in software or application.
- Desktop Wallets: In these wallets, keys are stored in the respective computer. They provide you with total control over the wallet.
- Mobile Wallets: As the name suggests, this wallet runs on your smartphone.
- Cold Wallets: Your keys, in this case, are stored completely offline. Good examples are USB wallets, such as Trezor and Ledger Nano.
How to Set Up a Hot Wallet
- Install a strong antivirus in your computer and update it.
- Clear the virus-prone programs in your computer.
- Download a non-custodial cryptocurrency wallet like Mycelium or Electrum onto your desktop or laptop computer. If you prefer a browser-based wallet, such as MetaMask, install it on the web browser.
- Note the private keys and keep it as securely as possible.
- Transfer your coins to the wallet.
The Process of Setting Up a Desktop Wallet?
- Go to the official website of the wallet of interest, such as Exodus.
- Select the preferred version of the wallet for your device.
- Download and install it on your computer.
- Set a very strong password and encrypt the wallet
- Save the wallet in the preferred location on your computer and let the computer download the blockchain data/client for the respective network.
How to create a Cold Wallet?
This is an external device or program that does not store the coins on the computer or smartphone. Investing in hardware wallets is considered the safest option for securing crypto coins. Here are the main steps to help you set up a cold wallet:
- Buy hardware wallets, such as Trezor or Ledger Nano.
- Download the software of the device from the manufacturer and install it on your computer or tablet.
- Follow the prompts provided by the app during installation to create the wallet.
- Transfer your coins.
How to Get a Crypto Wallet on hi and Use It for Passive Income
The easiest way to get a secure, easy to use, and reliable wallet is using hi.com. When you open hi wallet, you are rewarded with HI to use on hi ecosystem. hi also comes with hi Convert feature that you can use to convert crypto coins to USDT or vice versa.
Setting up your hi Wallet only takes a few minutes. Visit Telegram or WhatsApp to access hi and then type “hi” in chat to get a menu that will guide you on how to open an account. Once you are through with creating the account, hi Wallet will be created automatically.