Investing (US)

How to create a crypto wallet: guide for starters

Do you want to use cryptocurrencies but don't know how to begin? Learn how to create a crypto wallet in a few simple steps!

What is a crypto wallet and how to create one?

Read our tips to learn how to create a crypto wallet! Source: Unsplash
Read our tips to learn how to create a crypto wallet! Source: Unsplash

Cryptocurrencies are becoming increasingly popular, and many people want to get in on the action. If you’re new to cryptocurrencies, one of the first things you’ll need to do is create a crypto wallet. This post will show you how to do just that. Wallets provide a way to store your cryptocurrencies securely, and they also allow you to access and spend your funds. There are many different types of wallets available, so it’s essential to choose one that’s right for you.

Therefore, keep reading this post to learn how to create your crypto wallet and manage your investments!

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Crypto wallets: what is it?

Find out what crypto wallets are! Source: Unsplash
Find out what crypto wallets are! Source: Unsplash

A crypto wallet is a safe place to store your digital funds. Also, you can use this type of digital wallet to send and receive money. Plus, you can manage all your cryptocurrencies from a digital wallet. Moreover, you can easily use your wallet on your smartphone wherever you are. So, if you are new to investing in crypto, you might be wondering how to use this digital wallet and if it is worth it to create one. We’ll explain everything here, so keep reading.

Are crypto wallets safe?

Crypto wallets can be a safe way to manage your investments, even if you are a beginner in the crypto investment world. In addition, you can take some precautions to add more safety to your crypto wallet. For example, you can enable two-factor authentication. This way, even if a person accesses your wallet through your password, they won’t know the code sent to you.

Moreover, there are other things you can do to keep your crypto wallet safe. Another example is that you don’t have to keep all your funds in on wallet. Keeping your investments in more than one digital wallet might be best. Plus, you should do a lot of research into which type of crypto wallet is best for you.

Types of crypto wallets

As we mentioned, it is best to learn which type of crypto wallet will be best for you. Moreover, choosing a type of crypto wallet includes thinking about how secure you want your crypto to be and if you travel a lot and need to access it from any location.

Plus, there are custodial and non-custodial wallets. Custodial wallets will manage your private keys and your funds. And they can be perfect for beginners as you won’t need much experience to manage your investments. As for non-custodial wallets, no one holding your private keys, and you will need to keep them safe and manage your funds. Also, you might lose your investments if you forget your private keys. So, check our list to learn some of the different types:

Online wallets

This type of wallet keeps all your data on the cloud, and you can access and manage your wallet from anywhere. However, you need to beware that there might be some risks as this wallet is vulnerable to hackers.

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Desktop wallets

As the name indicates, you can download your desktop wallet on your computer. Also, you can only access your wallet through one computer. This type of crypto wallet is the safest one because everything is only stored on your computer, making it harder for hackers to attack.

Hardware wallets

This type of wallet is for those who want to access their wallets from any location but don’t trust an online wallet. Also, hardware wallets keep all your data stored on a device such as a USB. Plus, this type of wallet can be very secure.

How to create one?

Always secure your private keys! Source: Unsplash
Always secure your private keys! Source: Unsplash

Now that you know more about crypto wallets and some of the types of wallets available, we’ll show you how to create one. But before that, we recommend that you research well about which type of wallet is best for your investment goals.

Also, you need to know about some terms you will read when creating your wallet. For example, a seed phrase, you will need to create a phrase required to recover your wallet and data in case you forget your password. This part is crucial because you might have very high-worth cryptos invested in your wallet, and if you forget your password and your seed phrase, you might lose it all.

In addition, you must keep your seed phrase as safe as possible, so we don’t recommend that you write it online. It may be best to write it on a piece of paper or print it out somewhere. Also, keep it physical in a place you will remember, and no one else has access to it. Moreover, you can even store your seed phrase somewhere like an actual physical safe to secure it even more.

Moreover, there is a difference between creating a crypto wallet and using one. If you have already learned how to use one and want to create your own, we can give you some tips on how to do it.

Find a code

To create a crypto wallet, you will need to find a free code on a platform online. Plus, you will need to install an API from a website and look for how to create a wallet name and set up permissions.

Use templates

You can easily find templates online to create your crypto wallet. Plus, you can use open-source libraries to do that as well.

Consult a professional

If you think you need more experience to create a crypto wallet all by yourself, you can ask for help. Also, a cryptocurrency developer can help you learn the details of creating a wallet.

Test your wallet

This is probably the most crucial part of creating a digital wallet. You will need a lot of testing before your wallet is complete and 100% functional. Plus, you will need to constantly check if everything is running smoothly after finishing everything.

In addition, if you want to learn more about cryptocurrencies, check out our post below about the cryptos with the most potential for you to invest this year!

image of one physical Bitcoin coin

Top 5 Crypto with most potential to invest in 2022

Check out the crypto with the most potential in 2022, so you can start investing with confidence and reliability. The five best digital currencies are here!

About the author  /  Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by  /  Aline Barbosa

Senior Editor

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