How to Set up Crypto Wallet as a Beginner
How does the banking system work? To have an active bank account, you will need two basic things. They are the bank account and your security code. These are the two tools you used to interact with the banking services.
It means to receive cash from someone, you need to send your account number. To withdraw your funds, you need to use your secret codes.
The mission of crypto is to replace how the financial system works. Instead of banks accounts, we have wallets. The wallet functions the same way your bank account function.
In this tutorial, I shall be guiding you on how to set up your crypto wallet securely.
What is Crypto Wallet?
A Crypto wallet can be likened to your bank account in the traditional banking system. Crypto wallet works the way your bank account works. It is simply a software technology that helps you to save and use your crypto assets. It means it is designed to enable a user to receive funds from others and access his funds without passing through third parties.
A good example is this. Let’s Trenndify team are paid with stablecoin. It means they will have to send the company their Wallet address, then the funds will be sent to the address. They will receive the payment in their wallet. To use it, they will need to access their wallet using their private keys called a passphrase.
All these happen without the need for a middleman. Crypto is decentralized, and it is the future.
How does crypto wallet really work?
How does a crypto wallet work?
To understand crypto wallets, you will need to know two components. These are the building blocks of the crypto wallet;
Here is how a public address looks like “bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh”. The function of this is to enable the user of the wallet to receive crypto from other people.
In the above example, the team will need to send this address (if it is for USDT) to Trenndify for payment. It is called a public address because anyone can see it and acts as your bank account number. People will need it to send your coins.
The crypto wallet private key is like ATM codes. When your codes are made public, consider your funds to be gone.
In the same vein, private keys are supposed to be kept private. When the public knows your passphrase, the coins and token you have are no longer yours.
This is what the phrase ‘not your keys, not your coins’ means. Here is how the passphrase, which represents the private keys, look like;
“Job Matt Joseph James
Pat tom cabin doctor
Biscuit crypto angel game.”
These 12 words are arranged in sequential order, and they are all in small-cap or small letters. With this passphrase, you should be able to access your wallet and easily make transactions.
The next important question is, how do you set up a wallet? In the next section, I shall explain how to set up a Trust wallet.
Steps by step guide to set up Trust Wallet
At Trenndify, we use Trust wallet because it is a browser for Dapp and easy to use. Here is the step-by-step guide to set a Trust wallet up;
Step 1: Install trust wallet on Playstore or Appstore
Install Trust Wallet from play store and app store for android and iPhone users, respectively. To know the real Trust wallet, you can go through this link to the play store. Ensure your phone has the storage space for it.
Step 2: Go to setting and click on the wallet.
You will click on the setting. This will lead to the wallet and other tabs. Click on the wallet and click on the plus (+) symbol in the top right corner. It will open a page where you will start creating your wallet.
Step 3: Write down your Passphrase
You will need to write down your passphrase in a secure diary. Ensure it is written in sequential order and in small letters. Then once done, you will be asked to input the words. When done accurately, you will succeed in creating your account.
Step 4: Add new coins and tokens to the homepage
You will go to the homepage at this stage, and at the right-hand corner, after token, finance and collectables, there is a sign. Click the sign and add the tokens and coins you want to display on the wallet home page.
For example, you can add USDT (TRC 20), BNB, BTC, ETH and so on to the homepage.
Congratulations, you now have a crypto wallet.
That is not the end; you need to learn how to secure your crypto wallet. Here is how to secure your crypto wallet
How to Secure Your wallet
Keep your Private key Away from third parties:
It is very important to keep your passphrase in places that are guarantee security. The goal is to ensure that no other person knows it and that it is safe and can’t be lost.
When you lose your private keys, you lose your crypto assets. When you reveal your private keys to other people, you will lose your coins. Ensure to always remember this phrase “not your keys, not your coins”.
Don’t Use your main wallet address for airdrop campaigns:
Airdrops can be an amazing way to make good money in crypto. However, it has a big risk; it is the risk of hacking. Most phishing attack comes through airdrops.
If you want to do an airdrop, ensure to use a different wallet for the purpose. Do not miss the token from the airdrop with your main wallets.
When you properly follow the above instruction, you will succeed in setting up a crypto wallet. It means you can use Dapp like pancakeswp to buy new crypto projects. You can now hold your portfolio in your wallet instead of an exchange.
Join the Trenndify community here to gain more insight into crypto.