Here are the instructions how to open a Crypto Wallet:
Crypto Wallet is a software, which enables you to store crypto currencies. This software actually only stores your personal key and private key. The software itself interacts with blockchain for each individual crypto currency (crypto coin or token).
There are many types of Crypto Wallets:
- On-Line wallet (accessible on the internet)
- mobile wallet (on smart phone or tablet)
- desktop wallet (on personal computer)
- hardware wallet – i.e. “Trezor” or “Ledger“
- paper wallet (manual recors of your personal key on a sheet of paper)
Level of security differs upon a selected type of wallet. My personal recommendation is to open an On-Line wallet here: COINBASE
Why do I recommend to open an On-Line wallet with Coinbase?
- Because I have been using their servisec several year and never had any problem with them! Good user experience, good and prompt support team!
- Because Coinbase wallet enables me to buy, trade and store many different crypto currencies. For example: Bitcoin, Ether, Litecoin to name just the most popular ones and they keep adding new crypto coins all the time. This way you can have a complete portofolio of your own crypt coins all in one place.
- Because it is very safe (they offer many levels of security)
- Because it is backed by a big and wealthy company, so the fear they will dissapear with my money is minimal. They are in compliance with USA laws, which brings additional trust.
- Because they offer their own VISA debit card, which you can use to withdraw your money on any ATM cash machine! You can withdraw your local currency ($ USD / € EUR). This means your crypto wallet has the ability that you can spend your money anytime, 24 hours a day anywhere in the world, where there are ATM machines available! What more could you wish for?
- Because with registration on Coinbase, you can also get FREE coins – just complete the learning course they offer here: Coinbase EARN
Of course, you can open your On-Line wallet with ANY provider, there are many available! Just google for “bitcoin wallet”!
Instructions how to open an On-Line wallet at Coinbase:
- First you have to register a new account – here: Register
- Enter your name, e-mail and password (PLEASE choose a good and complex password, a good password is your primary defence!). Hints how to choose a good password can be found here: Password hints
- Next you will receive mail from Coinbase with confirmation link, to verify that you have used a valid e-mail address. Open that message in your email client and click on the confirmation link: “verify email address”.
- Next you have to activate additional security – enter the number of your mobile phone and you will receive a SMS message with security code (7 digit number) which you enter on the website and confirm with click on button “Submit”.
- Next you proceed with entering your personal information so that Coinbase can verify your identity (Name, birth date, address (Use the data you have on your perosnal documents like personal ID or Passport, because you will have to upload a picture of your official document to verify your account!) You also have to choose answers to the following questions:
- What is the purpose for opening an account with Coinbase? (i.e. online payments)
- What is the source of your income? (i.e. occupation)
- What is your employment status? (i.e. employed)
- Next step is to choose which type of document you will upload to verify your identity. You can choose between driver’s licence, personal ID or passport. Once you select the document type you will have to upload it. You can also use your webcam to complete this. You have to upload the front and back side of the document.
- When the documents are uploaded, the company will verify them and if everything is in order, your account will be verified. This process takes from a few hour up to several days. They will notify you by mail when they complete verification or if the verfication has failed for any reason.
- Next they verify your address – for that you have to upload a document which has your address on it (i.e. bank statement, utility bill or credit card statement). Document must not be older than 3 months.
- Once you succesfully complete the verification process, you will be able to use your Coinbase account fully. You can buy any crypto coin they support with your credit card or with bank transfer. They also support SEPA bank transfers which are completed in 1 day.
- If you find this process to complicated, you can of course open your On-Line crypto wallet with ANY other provider, just make sure you choose a trusted company. One possible alternative is this one: BLOCKCHAIN
Informative links – YouTube video, how to use Coinbase: