Using Crypto Wallet to Get Started with Bitcoin in South Africa
As the name implies, crypto wallet helps you to manage any digital currency that you have. It could store your assets, send, or receive new assets. It could be a device, a software on your desktop or mobile phone, or a web-based application that helps you to manage all of your assets in cryptocurrency.
So, let’s say today you are facing the biggest milestone in your life; The day you decided to get involved in cryptocurrency. (Congratulations by the way!) And there’s no going back from here, so let’s make sure you do it right!
Your first plan of action would be to school yourself up on what is Bitcoin, since it is an example of cryptocurrency. You can find out why people buy Bitcoin, so you can learn more about your investment options and where you’re putting your money.
You can learn any other example of cryptocurrencies too, though we might suggest you start with Bitcoin. To watch a short and interesting video on what Bitcoin is and why it has such potential, click here.
Exodus as an example of cryptocurrency wallet
Crypto wallet is what you could call your ‘crypto bank account‘. A cryptocurrency wallet is a digital account that you store your cryptocurrency in. Cryptocurrency wallets typically come in the form of an app on your phone or a program on your computer. Or, it could be a device.
There are plenty of types of cryptocurrency wallets that are available in South Africa, ranging from safe to bulletproof, but today we will show you what works best for most customers of ours. It’s called Exodus, founded by JP Richardson and Daniel Castagnoli in 2015.
How to set up your crypto wallet with Exodus?
Follow these simple guides to set up your cryptocurrency wallet with Exodus.
- Download Exodus via its website
You can get Exodus on your PC or mobile, and it’s compatible with Windows, Mac OS, and Linux, IOS and Android. You can visit Exodus website to download it legally. It’s free!
- Get Exodus installed on your devices
There is a thing to note here, Exodus will only run on a 64-bit system. Please make sure to check your devices, first.
- Launch Exodus for the first time
Now that Exodus is already installed on your devices, get yourself to take a look.
- Backup your wallet to keep it’s safe
Now that you have downloaded and launched Exodus, you will want to buy and send some crypto to it. The reason that we have told you to buy some crypto first before backing up your wallet is that you are required to have funds in your wallet before you back it up.
This is just the way that Exodus works, but this can be one dollar or one million. You can either buy Bitcoin easily with Easy Crypto or have a friend send it to you, but if you don’t want to do either of those just yet, flick us an email and we can help by sending you a tiny amount of crypto to get you kick-started.
Once your wallet has received some funds, a red exclamation mark will start flashing over ‘Backup’, so click it and follow the instructions provided, as seen below.
- Create your password
Through this Backup-menu, you will be able to set yourself a password, and you will receive a phrase of 12 random words. Make sure to write these down in order and store them safely, and not on your devices.
- Receive your assets in cryptocurrency
When the backup process is completed, you can start to receive any kind of digital asset that Exodus supports.
- Exchange blockchain assets
One of the great features of Exodus is you can trade between blockchain assets, directly from your wallet. And you don’t have to worry about its security.
Now that you’ve set up a cryptocurrency wallet and have backed it up securely, you are all set to jump straight into buying and selling Bitcoin or any other cryptocurrency you might feel interested.
And if you still have no idea where to buy your first Bitcoin in South Africa, you know you can come to us anytime you want. We are always ready to help 🙂
Visit Easy Crypto to start buying and selling Bitcoin at the best prices in South Africa.