From being unknown to currently one of the most talked about in business, cryptocurrency is taking the lead in the digital market where the future business takes place. When it was newly launched, you may be one of the many who thought it would just be temporary. But with its status, we can say that it really has the potential. If you’re planning to start your journey in cryptocurrency, this article is for you. After reading this, you will learn how to use cryptocurrency wallet.
What You Need to Know About It
From the word “wallet” you have a hint that it can be used for keeping money. But the difference is just the form. With the usual wallet that we use, we put physical money or the money that we can touch and feel – tangible!
While in the crypto world, you will be keeping digital currency. From the word “digital,” it means you can see them on the monitor or screen, but you cannot touch them because they are intangible properties.
- You might think that a cryptocurrency wallet, crypto wallet, or digital wallet is different from each other. Do not be confused, all these three are similar.
- It would be hard for someone to access it because a private key is needed. But the downside is if you lose this, you, too, will face the same situation.
- Before you can access your wallet and check it, you need to use your private key that is protected by blockchain technology.
- There are two types of crypto wallet – the hot and the cold. The hot wallet refers to the crypto wallet saved in your device, while the cold wallet refers to the offline wallet or something like a hard drive.
- Compared to these two, the cold wallet is safer because you can keep it, and hackers will have a hard time accessing it.
- This effectively tracks your transaction, shows your balance, and gives you details when you receive or send a cryptocurrency.
Using Cryptocurrency Wallet
Buy your crypto wallet.
Yes, you’ve read it right. You need to buy a cryptocurrency wallet. So before we teach you how to use cryptocurrency wallet, allow us to give you some tips on where you can buy the best crypto wallet. But before that, you must be wondering why you need to buy it. Well, making your own cryptocurrency wallet is not easy. You have to study the codes and master the procedures to successfully make yours. Not all of us have this talent, so your best option is to buy and when you do, you can be sure that it is safe because the blockchain technology is applied. Here are your options:
- Ledger Nano S
- Ledger Nano X
Run the software in your device.
So how to use cryptocurrency wallet? If you are using a hardware crypto wallet, you must run the software on your device. Follow the instructions that you will see on the screen and never leave out any. This process might take a while so load yourself with patience. After the installation, you will see an option on your screen whether you want to import a wallet or make a new wallet. This works for a hardware wallet. But if you want to use a soft wallet, you can download the software and install it on your device.
Set your PIN code.
This the most important part of knowing how to use cryptocurrency wallet. At some point, the installation process will require you to set your PIN code. So make sure that you can remember it or better yet, write it on a notebook or on your phone reminders. You can also set a recovery phrase just in case you forget the PIN code that you created.
Choose a ledger app for your device.
In this next step, you need to get a good ledger app that will help you access your wallet and read the history of your transactions. You cannot skip this part because this is what will make your transaction easier and safer. So here are some of the examples:
- Ledger Live
- Ledger Nano S
- Ledger Nano X
Finally, try it.
After setting up the ledger app on your device, you are close to knowing how to use your crypto wallet. This time, you have to try it so you know if it’s working well. Ask your friend to send you a coin in your wallet. If you successfully receive it, then it means it is ready to use. Another way is, send a cryptocurrency to your friend and see if the transaction is approved or successful. If so, that means you can start to use it anytime you want.
Start buying or trading.
Once the coins are stored in your wallet, you are ready to make a deal. You can either keep your digital money in your wallet and wait for the demand to rise or use it to invest in a platform where it will grow and multiply. But of course, you should be brave enough to do this because there is no guarantee if it would be a click or a flop. Find out more about cryptocurrency wallets here!
If you’re new to the world of cryptocurrency, there are things that you should learn before you start trading. This is similar to when you’re running your physical business. Once you have your profit, you place it in a bank or vault for safety. Likewise in the digital market, you need something that will help you secure your assets – and that is the cryptocurrency wallet. Now that we have educated you on how to use cryptocurrency wallet, it would be easy for you to secure your assets! Just follow the tips that we have shared with you and you can use them with ease!