In the world of cryptocurrency, you have many options, like Exodus Wallet, for you to store your coins. Primarily, you’ll want to consider a “hot wallet” or a “cold wallet”. Hot wallets are software-based options to store cryptocurrency on a tablet, cell phone, or computer. A Cold wallet is a hardware device that will resemble a USB stick. It plugs into your computer and allows you to encrypt and transfer funds in and out.
Hot wallets are more popular because of their flexibility and low cost, often being completely free. One option that has risen to the top for a hot wallet is the Exodus wallet. This wallet supports many different types of coins/assets and can be installed on a variety of PCs with Windows, and Apple iOS or Android devices. In this example, we will be installing an Exodus wallet on a Windows 10 desktop PC.
Install Exodus Wallet
To install on a PC, start by heading over to Exodus wallet website and find the download link in the upper right corner or middle of the page.
After downloading, open the setup file and allow the application to install. It’s a quick install, and you’ll see the shortcut on your desktop when complete. To launch the Exodus wallet quickly, double-click the icon and it will load and run.
Secure your wallet
Once you’re in the application, the first thing you should do is set up a password. There is no password by default, and you want to make sure your wallet is secure. To set the password, look for the settings icon in the top right corner.
Next in the menu, you will find the ‘Backup’ option. Select it, and this is where you’ll be prompted to enter a password.
In the designated space, type an alphanumeric (numbers and letters) password that is 10 or more digits long. You’re going to want to make sure this nice and secure, and not something that can be easily guessed.
After entering your password click ‘Next’. You show now see a twelve-word phrase listed out.
This phrase and the password you have created are the only two items that keep your wallet secure. Write down the 12 Word Phrase or print it off to keep it in a safe place. It is extremely important that you put both in a secure location. If you lose it, you will not be able to recover your account. All your cryptocurrency will be lost.
Once you have copied the words, the last step is to validate your copy. You will be prompted with a few words and asked to select one word that matches your one from your list. Once you have selected the correct answer, it will light up green. You now have secured and password-protected the wallet.
To access your wallet and any assets attached to it, you can go back to the main window and click on the wallet icon.
In the wallet area of the application, you will find a populated pre-selected list of coins. If you want to add or remove a coin to your personalized list, look to the upper right corner of the list and then select the ‘Add more’ option.
Now you will be given a list of supported coins that you can add or remove from your wallet.
Sending and receiving Cryptocurrency
When you are ready to either send or receive a transfer, you need to select the wallet icon in the main window from the top menu.
In your wallet, find the type of cryptocurrency you want to send or receive. Once you have made a choice select the coin. This example will be using Tether USD (TUSD).
We are now in the USDT Wallet. THis is where you can see your current balance, and you have two options, ‘Send’ or ‘Receive’.
When you select ‘Send’, enter the unique address in the first field of the person you want to send it to. After entering the address, then enter the amount you want to send, and for reference, a converted dollar amount will be shown below. Any fees associated with your transfer will be calculated and displayed at the bottom. Once you have verified everything, click send and the transaction will start. Once you have executed this transaction it cannot be stopped or recalled. Always double-check everything.
When you are at the USDT wallet, and you click on ‘Receive’ you will be shown your wallet address and QR Code. These are both unique to you and your wallet, and anyone. This address can be made public and share, similar to giving people your email address. It’s designed to only receive cryptocurrency. From this window, you can copy your address or QR code and email it, or paste the address anywhere you want. THere is also a link to view your wallet on the blockchain. When you select this option, you can see all transactions associated with your wallet.
This process is the exact same for any coin in the Exodus Wallet. Each coin you have in your wallet has its own unique address and can be shared the same way. All transactions for cryptocurrency can be viewed on the blockchain. Please be sure to never share your password or secure phrase as this is the only security measure you have. Additionally, if you lose your 12-word phrase, you will not be able to recover it and you will be locked out with no access to your wallet.