How to Crypto: The Exodus Wallet App
A step-by-step guide for the smooth setup of your first Crypto Smartphone Wallet.
Crypto Wallet
Crypto-Wallet!? Receiving or sending Bitcoins or other cryptocurrencies? How does all this work and which oneis the right crypto wallet for me as a beginner?
Finally, the time has come: You have decided to buy your first Bitcoin! Whereby, let’s say, maybe not a whole, but at least you want to convert a certain amount of Euro into Bitcoin.
One method how this can happen on the same day is the purchase of crypto or Bitcoin at a so-called Bitcoin machine / Bitcoin ATM. You can find Bitcoin-ATMs one nearby here and soon within our “Crypto Advisor App”. We have tested the Bitcoin-ATM for you so that you can now easily get your Bitcoins.
Before you want to rush to the ATM, take a moment: since one thing has to be done in advance. After all, you want to “take your coins home”, so you need a wallet, a digital purse, in which you can also store your Bitcoins.
Very important: You can only receive Bitcoins on a Bitcoin Wallet.
Download the Wallet App on your Smartphone
We introduce you to the ‘Exodus’ wallet, which is available for both Android and Apple devices (iOS). Just download it for free and get started! A Smartphone Wallet belongs to the so-called Hot Wallets. This wallet is also available as a computer wallet.
Why did we decide to use this app? Right, because it is really simple. Why complicated, when it can be done easily?
GOOD TO KNOW: This wallet is a so-called multicoin wallet: means, there are wallets available for some more different cryptocurrencies besides Bitcoin.
After opening the app an interface with the command “Get started” appears, explains itself ;). After confirming, the user clicks through three pages, where the advantages of the wallet are briefly listed:
- “Private and Secure”
- “One-Click Exchange”
- “Control Your Wealth”
After clicking through you will land on this surface, which you can see on the left side of the picture. Here you can already see the different wallets for all the available coins.
However — according to the motto “SAFETY FIRST” — we leave this view directly and click on the symbol for our own profile in the lower right corner (see green circle in the screenshot).
Security
Next Step click on “Security”….
Recovery Phrase — Excursus
This consists (in this case) of 12 random words. This phrase is used as BACKUP to restore the wallet in case of loss/destruction of the device.
For this reason you should NOT keep anything about it on your device, but write the 12 words in the given order on a piece of paper and keep them safe from theft, water and fire.
Click on “Recovery Phrase” and you will be asked again if you are sure that nobody is looking over your shoulder and could read it.
NOTE: If third parties get your phrase, they will get access to your wallet AND your cryptos. So be careful!
You see the sentence “Press and Hold to Reveal” at the bottom left of the picture. By doing so the 12 words become visible.
After you have safely stored these 12 words and made them inaccessible for third parties, you should protect your wallet with a password.
Let’s Crypto!!
YOU MADE IT! Now you are optimally protected and can finally start!
So leave the security settings and go back to your profile. Here you can see a “purse symbol” in the lower left corner. Clicking on it you come back to the initial portfolio view.
Receiving crypto using the Bitcoin as an example
Now open the Bitcoin portfolio in the portfolio view…
To RECEIVE Bitcoin click on the down pointing arrow in the upper right corner — where you can see the green circle…
…and then this view becomes visible.
Short excursus: SegWit vs. Legacy
Legacy: The “original” Bitcoin address — each wallet can RECEIVE and SEND to a legacy address. These addresses always start with a number 1.
SegWit: An update in the Bitcoin blockchain that reduces the memory size of transactions within a block. This enables faster and more cost-effective transactions.
Not every wallet supports this update yet. But do not worry, you will notice immediately if a SegWit address is not supported, as sending to it will not be possible. However, you can always send from a SegWit address to a legacy address.
You can read more about this on the Exodus support page.
RECEIVING Crypto
You can see the QR code in the picture above and the “public adress” written below. Either the person who wants to send you cryptos can simply scan your QR-code and hey presto — your wallet will jingle and you simply get the coins. If, for example, you want to send cryptos from a crypto exchange to your wallet, you can enter the “public adress” with “Copy+Paste” and set it as the destination address to receive your cryptos directly.
Little advice: First do a “test send” with a small amount, before you transfer larger amounts, simply to make sure that the cryptos really arrive where they should.
Conclusion
With your new Crypto Wallet you now have the possibility to receive and send cryptos. This is an incredibly cool and new payment method for you. Every use and integration of payment systems leads us to a safer future of payment. Paying without relying on a financial institution also feels quite nicer.
If you need further information and advice, please contact us or visit our website!
