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How To Choose a Crypto Wallet?

Custodial vs. Non-custodial Wallets

How To Set up a Hardware Wallet?

How To Set up a Software Wallet?

How to Set up a Crypto Wallet: A Beginner's Guide

Cryptocurrencies are stored in digital wallets. A digital wallet is a software program that keeps the public and private keys needed to access and spend cryptocurrencies.

Wallets can differ in several general characteristics, like security, utility, liquidity, etc. Not all wallets are created the same; while some offer more protection, others may provide more ease of use and be more affordable. The most popular crypto wallets are desktop wallets, mobile wallets, web wallets, and hardware wallets.

This blog discusses how to set up these different kinds of wallets. 

Key Takeaways

  • You can choose to keep a custodial or non-custodial wallet depending on how much ownership you prefer.
  • Hot wallets and Cold wallets are a great way to secure your funds and are easy to set up.

How To Choose a Crypto Wallet?

When choosing a Crypto wallet, you should consider the security of the Wallet, its ease of use, and its features. You should also certify that the Wallet is compatible with the cryptocurrencies you want to store. Some wallets are only compatible with certain cryptocurrencies. Finally, it would help if you researched the reputation of the wallet provider to make sure they are trustworthy.

Custodial vs. Non-custodial Wallets

What is a Custodial Wallet?

A Custodial Wallet is a type of Blockchain wallet that allows a third party to hold the private keys for your funds. This means that you have to permit sending or receiving payments, and the third party has full control over your funds.

What is a Non-Custodial Wallet?

Non-Custodial Wallets are Blockchain wallets that let you be your own bank. This means that users have full control over their funds and the associated private key.

When choosing between a custodial and a non-custodial wallet, key factors to consider are the following:

  • Ownership - who holds the private key
  • Transaction Type - non-custodial wallets reflect transactions in real-time
  • Security - custodial wallets have better security measures
  • Backup and recovery possibility - non-custodial wallets do not have this feature
  • Offline accessibility - non-custodial wallets do not require internet connectivity.

Non-custodial wallets are becoming more popular due to data breaches and users becoming more conscious about their data privacy and security. As a result, the future of the crypto world lies with non-custodial wallets.

How To Set up a Hardware Wallet?

Hardware wallets are a great way to store your Bitcoin and other cryptocurrencies. They are offline devices that store your private keys and allow you to transact with cryptocurrencies.

There are several different types of hardware wallets, but the most popular ones are the TREZOR, Ledger Nano and SecuX. These wallets are both very user-friendly and secure.

Setting up a hardware wallet is fairly simple. The steps are generally common for all such cold wallets. In this blog, we will take SecuX as an example of how to set up a cold wallet.

Step 1: Initiating Device
To start using your SecuX device, you'll need to charge it for a couple of hours. Connect the device to a USB power adapter and wait until it's fully charged.

Step2: Setting PIN and Recovery
Once it's charged, you can set up a PIN and give your device a name. You can also create or recover funds in the wallet using the recovery words generated by the device.

Step 3: Connect with Web Wallet
Finally, launch the SecuX Wallet Web App on your computer and connect your Wallet to your device. Select a supported crypto asset and create a new account. Now you're ready to start using your SecuX device!

You can connect with ATAIX SecuX to receive and send cryptocurrency and store it in your SecuX. To keep your device safe, store it in a safe place.

How To Set up a Software Wallet?

Software wallets are the easiest and most popular ways to store cryptocurrencies. They offer a high degree of security and are very user-friendly.

  1. The first step is downloading the software wallet client from the official website. Once the download is complete, open the installer and follow the on-screen instructions.
     
  2. The next step is to create a new wallet. This can be done by clicking on the "Create New Wallet" button. You will then be asked to choose a password. Make sure to choose a strong password and write it down somewhere safe.
     
  3. After that, you will be asked to enter your recovery phase. This is a set of 12 words that will allow you to recover your wallet if you lose your password. Make sure to write down the recovery phrase and keep it in a safe place.
     
  4. The next step is to enter your email address. This is optional, but it's a good idea to enter it so that you can receive notifications about transactions made with your Wallet. Deposit funds, and that's it! You have now successfully set up a software wallet.

Let's see how you can set up an ATAIX Wallet in just a few minutes.

ATAIX offers a simple and secure way to store your cryptocurrency. To set up a software wallet, follow these easy steps:

Step 1: Go to ATAIX.com

Step 2: You will be asked to create a new account or log in with an existing account.

Step 3: Once you have logged in, you will be asked to choose a password. Make sure to remember your password, as you will need it to access your Wallet.

Step 4: Click on Wallet Tab

Step 5: Click on Get Verified and fill in all the information asked. You'd be asked for personal information, a government-issued ID, and a selfie for verification. You can choose to upgrade Wallet to access the full-service suite.

Step 6: Finally, you will be asked to set up two-factor authentication. This is an extra layer of security that helps protect your account from hackers.

Step 7: Once you have completed all of these steps, your Wallet is ready to use!

Set up Mobile Wallet 

A mobile wallet is a great way to store your cryptocurrencies. They are apps that you install on your phone, and they allow you to send and receive crypto directly from your mobile device. Many of these apps sync with hardware wallets, a great feature. A mobile wallet stores the private keys straight on the app and allows users to make purchases from their mobile devices. The general trend seems to be directing toward the massive adoption of mobile wallets in the future.

When using a mobile wallet, be sure to install the application on your phone and walk through the setup steps for the app. Make sure two-factor authentication is enabled, as it provides an extra layer of security for your cryptocurrencies. Then, you're ready to start using your mobile Wallet! You can send and receive crypto, make purchases, and more. Be sure to explore all the features a mobile wallet has to offer.

Set up Desktop Wallet

Desktop wallets are becoming more and more popular for storing cryptocurrencies. Here are the steps you need to follow to start using one:

  1. Check if the coin you want to keep in a desktop wallet offers this option. Most will offer a desktop wallet.
     
  2. Download the desktop wallet software from its website.
     
  3. Install the software and get started. Not all desktop wallets are the same, but generally, you will have the choice to create the wallet and set up how to access it in terms of login credentials. Once that’s established, you can deposit funds, access them for trading and view your transaction history.
     
  4. To decrypt a wallet you created, you need to copy and paste your private key into the wallet software

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