The Easiest Way to Set up a Cryptocurrency Wallet

If you're thinking of investing in cryptocurrency, you should set up a cryptocurrency wallet first.

First, What is a Cryptocurrency Wallet?

Cryptocurrency wallets are a physical or digital wallet for your cryptocurrency.

Just like the name suggests, a cryptocurrency wallet is a safe, secure way to store and transfer cryptocurrency coins, such as Bitcoin, Dogecoin, Ripple and others. (Different wallets support different cryptocurrencies). There are two main types: hot wallets and cold wallets. A hot wallet is best for people who trade cryptocurrency frequently, because they allow you to transfer your currency immediately, just as you would with dollars on the Internet. But these types of wallets are only recommended to be used when conducting short-term trades. Cold wallets cannot be accessed from any type of Internet connection and must be made completely offline. These types should be used for long term storage and not for daily transactions. Remember: If you're going to be conducting long-term investments in cryptocurrency, it's best to keep them in cold wallets - but also keep a small amount of currency in a hot wallet just in case you need to make an urgent trade!

Cryptocurrency Wallet Addresses

A cryptocurrency wallet address must be distinct from the recipient’s address and some wallets allow you to generate multiple addresses for this purpose. When you send someone your coins, they will be sent through the blockchain on their way to that specific address. Just like a bank account.

Read more about different types of cryptocurrency wallets here

How To Set up a Cryptocurrency Wallet

Setting up a cryptocurrency wallet should take no more than five minutes to create. As long as you have access to the internet any device can be used as long as it has access to view their specific ‘wallet-provider’ website such as Payperless:

How to setup crypto Wallet
Setup Crypto Wallet

Payperless is one of the safer and easier crypto wallets in the market, and setting it up takes only minutes:

  1. Start with downloading the Payperless app, from either the Play Store or AppStore.
  2. Register using your mobile number, There's no registration or KYC process - just sign up and start trading!
  3. Use your credit card, debit card, bank transfer or cryptocurrency exchange to fund your account balance with crypto currencies like Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
  4. Use Payperless to spend cryptocurrency on goods and services worldwide.