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How to Create a Crypto Wallet in 2022: Step by Step Guide

How to Create a Crypto Wallet in 2022: Step by Step Guide

Obviously, in the case of cryptocurrencies, the issue of safe storage is even more acute than in the case of ordinary physical money. Ordinary wallets will not help here, and it is unlikely that you will be able to put bitcoin in your pocket. That is why we decided to help you answer the most common question - how to create a crypto wallet and use it wisely.

A crypto wallet is a specific platform or application that is able to display the amount of your money, conduct a number of specific transactions, help you sell and buy coins, and invest and keep abreast of all changes in the cryptocurrency market. This is a multifunctional tool you cannot live without if you are the owner of bitcoin or any other cryptocurrency.

The wallet can be either completely online or exist physically. Physical wallets look like small modem that does not take up much space and can be easily transported. But the loss of such a wallet may not be the most pleasant moment, so it is important to evaluate and understand the risks that you bear when using this wallet format.

There are several types of wallets that can serve as your guarantee of security and protection of investments. The most relevant are the following two types:

  • self-custom wallet
  • hosted/custodial wallet

The first type of wallet implies that you are solely responsible for the safety and security of your money. You must take care of the access keys and passwords yourself, only you will be able to see the contents of the wallet and manage all transactions. The hosted type of wallets implies the division of responsibility with the so-called host. You share the responsibility for keeping your money to another person, while paying a certain commission for this. This system is more like a banking system in the real world.

How to set up a self-custody wallet

To create such a wallet, you will have to go through identity verification. This means that later you will need to upload a copy of your passport to the platform, thereby personalizing the wallet and protecting it from hacks or attacks. So, how to create a crypto wallet app we will describe to you right here. The registration algorithm step by step will look like this:

  1. Download the application of the necessary wallet on your phone and install it
  2. Log into the application as a new user and choose to register
  3. Add all information to your account
  4. Create a secure password and a phrase to restore access in case it is lost
  5. Set up additional security in the form of document reinforcement, fingerprint, or face recognition system
  6. Transfer money from your bank card to your wallet account and start managing it - sell and buy currency, invest, withdraw income

It is worth making a separate emphasis on the phrase to restore access, as this will be your only opportunity to return the lost wallet. This phrase usually consists of 12 random words, which, of course, no one but you should know. We do not recommend writing it down in notes on your phone or sending it to your mail, because if an attacker gains access to your phone, he will have the key to your money in his hands.

crypto wallet

How to Set Up a Hosted Wallet

In the case of a wallet hosted on a hosting platform, everything is a little easier and faster. This is obvious because you have less responsibility for this process.

There is a lot of controversy behind this choice as people try to figure out which type of wallet is more secure. This is a two-way point, since sharing access keys with another side is always risky, which is why you need to carefully consider the choice of a hosting platform and give preference only to reliable and proven ones. The best crypto wallet creation algorithm is as follows:

  1. Сhoose a platform for placement and go to it
  2. Кegister your account on this platform and it will automatically allocate you a wallet for storing cryptocurrency
  3. Deposit funds into your account and start making transactions.

We draw your attention to how to choose a wallet correctly and reliably. First, make sure the coin you will be trading is available on the platform. Be sure to read the ratings and reviews of the wallet, and do not trust unverified platforms, even if they offer better conditions. Only in this way will you be able to find truly reliable storage for your investments.

digital currency

More Crypto Know-how

When you have already registered a wallet, this is only part of the whole thing. I am sure that in the process of use you may have additional questions. It was for this reason that we decided to take care of them in advance. Here is an approximate list of topics that are useful and important for your development in the field of crypto business.

  • How to pass verification in a crypto wallet 2022
  • Which wallets are best for long-term investments, and which ones are best for short-term
  • What to do if you still lost access to the crypto wallet app
  • How to withdraw money from a wallet to cards of ordinary banks
  • What fees do you pay hosting wallets for hosting your account

Conclusion

Before registering a wallet, be sure to take the time to study the issue. Try to choose the most acceptable option for yourself, taking into account all your requirements. We are sure that you will have a wonderful trading experience and we hope that this article was useful and of high quality for you.

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