Creating a Bitcoin & Crypto Wallet
Creating Your First Crypto Wallet
Step 1: Choose a Wallet
Make sure you’re using the right wallet for your intended purpose. How wallets are best used for smaller amounts of crypto used for spending. They are the simplest and fastest way to start sending and receiving crypto while still maintaining control over your private keys. In today's example we are going to be using Trust Wallet. For more information on the different types of wallets and trade-offs 3rd-party custody click here.
Step 2: Download & Install Wallet Application
To download trust wallet on your mobile device, head over to their official website. If have an Android device, then click on "Get it in Google Play". If you are using an iPhone, select "Download on the App Store". You will then be taken to you device's app store, where you'll be able to install Trust Wallet on your phone. Once this is complete, you can go ahead and open the app!
Step 3: Create Your First Wallet
As soon as you open the app for the first time, you'll be prompted to create a new wallet. This will be a mult-coin wallet, meaning you will be able to send, receive, and store a variety of different coins.Press on the blue button and a new wallet will immediately be generated. Once you have done so, you will be required to back up your wallet. Press "Continue", and you're already onto step 4!
Step 4: Backup Your Wallet
There's always the possibility that your phone will be lost, stolen, or damaged. We want to make sure that if this happens, we do not permanently lose access to our crypto assets. As a result, you are provided with a recovery phrase: a randomly generated list of twelve words numbered 1 through 12 (order matters). As long as you have a copy of these words, you are safe even if you lose or damage your device. To regain access to your crypto, you just need to download Trust Wallet on a new device, select "I already have a wallet", and then enter your recovery phrase when prompted. It is essential that you make multiple physical copies of your recovery phrase and store them in safe locations!
We recommend copying the 12 words by hand onto a piece of paper using an a non-smudge pen and making two copies. Once you have copied down your recovery phrase, press continue. You will now be tested to make sure you have copied down the right words in the right order. Trust Wallet will now provide you the 12 words from the previous screen, but out of order. You need to place them in the right order to pass the test and prove to Trust Wallet that you copied down your recovery phrase accurately! Once you complete this task, you can finally start using your wallet. The most important point to remember: Anyone who has access to your recovery phrase has access to your cryptocurrency. Do not show or tell this list to anyone. Anyone who has it can steal your coins in an instant, and they’ll be gone forever!
Step 5: Start using your crypto wallet!
Now that you've generated your first wallet and backed it up, you'te now finally ready ito enjoy its many functions, which include sending and receiving cryptocurrency, keeping track of your assets, including how much you have of each and their current market value, and much more! This is something we can generally teach you during your first visit to your office. For those interested in learning more advanced functions, you can schedule a lesson with us during which we can show you the ins and outs of the wallet of your choice. We love helping crypto newbies being their exploration into the world of blockchain!
Get in Touch
Contact us today with any questions you have or to set up a trade. We look forward to hearing from you!
- 604-356-4882
- hello@cryptovancouver.ca
- 400 - 601 West Broadway
Vancouver BC V5Z 4C2