The world of crypto finance is growing rapidly with every single day and new wallets keep appearing. If you want to buy crypto, you need to know how to store it. In this article, you can learn everything about crypto wallets, how to fix possible issues, use them safely, and get through various procedures. Carry on discovering important details!
What’s a wallet identifier?
A wallet identifier is one of the most vital parts of a crypto wallet. It’s mainly because the identifier works as a username to log into your wallet. It’s composed of 32 characters and 4 dashes, so you have to save it not to forget later on.
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For the sake of safety, every wallet has its unique ID and so does yours. That’s why if you lose it, you can only restore your funds with a recovery phrase. Keep on reading to learn about it as well.
How do you store your wallet ID?
The safest way would be to store your wallet ID in an offline place. For example, write it down on a piece of paper and put it somewhere next to you. Nevertheless, if you’re a fan of online storage, you can also hold the identifier in the password manager.
What do you do when you lost your wallet ID?
There are 3 ways in total to restore your wallet ID. The first one works only if you know the email address used for the wallet. To begin, find a Wallet ID reminder page and enter the email there. If it’s correct, you receive a message with the identifier in it.
The second method is if you’re sure that the email is correct, but the letter isn’t arriving. In that case, contact the support and solve the problem with their help. The third option is to use a recovery phrase which is also given to you upon making a wallet.
How do you backup your wallet?
In short, to backup your wallet, you need to have a 12-word recovery phrase. To find the seed phrase, look for the Print Recovery Sheet and download it to handwrite your recovery words on it. Once you have the sheet next to you, find the Backup Funds option and click on it.
After choosing the option, words will appear 4 at a time. Remember that there are 12 in total. A meaningful thing is to write them in the exact order they appear in. After you’ve written the seed phrase down, you have to verify that you know it by entering 4 random words from it.
Why do you need to do it?
Your crypto wallet is the place where all of your funds are located. Making sure you can access it even in case of major problems should be one of your main priorities. Backing up your wallet is one of the best things to do in those cases.
If you were to lose your wallet ID, the easiest way to restore it is by using the seed phrase. If you hadn’t done the backup and received it, you’d have to go through the hassle of contacting the support and waiting for their response.
What’s a recovery phrase?
A recovery phrase is a number of words, which might differ depending on the wallet, that you use to restore some of your lost data. It’s important to have one since some wallets might request it and not let you log in without it.
In that case, not having the seed phrase would mean getting your crypto assets blocked. It’s very simple to create, so use the small guide in this article to get one for yourself in no time.
How does it work?
The recovery phrase can be looked at as a cryptocurrency master key which the wallet calculates private keys from. This means that while your phrase consists of a certain number of words, the private keys are always the same and you get access to your account.
How and when do you use it?
The main use of the recovery phrase is backup. In a turn of events, when you might forget your username or some other type of information needed to log in, you can use the seed phrase to get access to it once again.
To use the phrase, choose the option which allows you to restore data with it on a crypto wallet. After that, enter all the words of the phrase in their correct order. Now that you’ve done that, you should receive all of your lost data without any additional actions.
How do you keep your seed phrase safe?
Before deciding where to keep the phrase, remember this set of rules. Firstly, never share it with even the team of the wallet, because they’d never request one. Also, store the seed phrase anywhere, but on an online device, because hackers can easily find it there.
Now that you understand the main principles, get down to writing the phrase down. It would be best if you wrote the words on a piece of paper and put it somewhere close to you. Once again, remember not to keep the phrase on an online device: a phone or PC.
What’s a passphrase?
If you aren’t confident enough in the strength of your recovery phrase, a passphrase is what you need. It’s an additional security measure which allows you to make any word you like with a limit of 100 characters.
How can it benefit your security?
The passphrase takes the security level of your crypto wallet to the next level. If a hacker were to miraculously find out your recovery phrase, he wouldn’t be able to access your assets since he doesn’t know the additional word. The needed word is the passphrase.
Moreover, it could help even in cases of your small slip-ups. For example, even if you accidentally leaked your seed phrase, the passphrase would still be left unknown to people.
The first question that might appear is: “What does 2FA mean?” 2FA means 2-factor-authentication. It strengthens the protection of your account by a ton. To be more precise, 2FA allows you to set an additional step before you could access your account.
How does it work?
By default, the only two options that you use for logging into your wallet is the wallet ID and password. Using a 2-factor-authentication, you set one more option to be filled to access the funds.
It could either be Google Authenticator or choosing to receive an SMS code before every login. Both options are possible, but continue reading to learn which one has better accessibility and reliability.
Why do you need it?
Even if you have one of the strongest passwords in the world, it can still be hacked. If there are videos on how even a rookie with 0 hacking skills can hack a password, like 12345, imagine how easy it could be for a professional to do that with a bit more complicated one.
Once you begin using 2FA, a hacker’s life becomes much harder. He would need to either figure out the Google Authenticator code which is barely possible or find out your SMS code for the ID wallet.
How to set your 2FA?
The setting up part depends on what method you use for your 2FA. The easier, but a bit less safe one is the SMS code option. For using it, you only need a phone with a SIM in it. You’re going to need to verify that the code got sent to your device by entering it.
A more complicated option would be Google Authenticator. Firstly, you have to install the app on your mobile phone. After that, you open it and scan the QR code given by the wallet with it. After you’re done, the Authenticator starts showing a random code every 30 seconds. You have to enter it for access to your ID wallet.
What are 2FA methods?
There are 2 most common options: SMS or Google Authenticator. While SMS is easier, the Authenticator is much safer after you spend a bit of your time configuring it. The safety is in the fact that unlike an SMS, the code is refreshed every 30 seconds.
What to do when you lost your 2FA device?
What is a 2FA code? It’s something you have to use to log in after you’ve set up the 2FA. However, once you lose the device with it, you don’t have access to the code any longer. Nevertheless, fear not, since it’s simple to reset the 2-factor-authentication.
Find a page called Reset 2FA. Once you’re on it, you have to fill out a short form with your email and Wallet ID. After that, you receive a letter with 2 options: Approve Request or Decline Request. Click on Approve Request to reset the 2FA and access your account.
What if you don’t receive any SMS codes?
First, wait for about 5 minutes, since an SMS code can sometimes just come with a delay. If it still isn’t there, contact the support to try and resolve the issue or remove the 2FA from your crypto wallet for the time being.
U2F is a Universal Second Factor authentication. It’s much more modern and still has some shortcomings to it. If you use it, access to your account isn't granted by just an additional code. You need a separate device for it. Once you connect that device to the one with your wallet, it’ll open.
What’s the use of email for your crypto wallet?
An email is very important for the crypto wallet. It’s used to restore other data and without it, you also can’t log in to your account. You need an email to reset the 2-factor-authentication, access your funds, or find out your wallet ID in case you’ve forgotten it.
Why email verification is compulsory?
Firstly, the wallet wants to know if you’re a real person. If a robot makes an account, it can get some insider info on the wallet and steal other user’s funds. Furthermore, if you accidentally enter an email of a stranger, he can use it to gain access to your password and your assets as well.
What to do when you’re not receiving a verification link?
Wait for a bit, because sometimes emails come within 5 minutes. Then, you can get in touch with your email provider if it’s a global issue or contact wallet support. If nothing works, use your seed phrase to restore your money in a new wallet.
What to do when you forgot your password?
The support team itself can’t help you with restoring the password. However, this is where the recovery phrase comes in handy. You can use it to create a new wallet with all the addresses redirected to it from your old wallet. However, funds on imported addresses aren’t transferred.
What’s “Error Decrypting Wallet”?
The error has a much more simple meaning than what its name might suggest. It just means that you’re entering an incorrect password.
How do you recover your crypto funds?
To recover your crypto funds, you can use the recovery phrase. It makes a new wallet, which it transfers all the crypto assets to from your previous ID wallet.
What are imported addresses?
Imported addresses are those that were generated elsewhere into your wallet. They might come from a completely different platform, wallet, or exchange. They’re called imported since you need to transfer them from another place.
When do you need them?
You can find them useful, when you want to transfer money from another place online, like another wallet or exchange to your current wallet.
How do you use them?
You can import the address and also archive it. Let’s begin with importing. To do that, find the Import Bitcoin Address button and follow the instructions. To complete the import, enter the private key of the address.
You can also archive an imported address to make the number of funds on them invisible. To do so, find an Archive option, and to be sure you’ve archived the address go to Archived Bitcoin Addresses tab.
What are spendable and non-spendable addresses?
A spendable address is one that was imported together with a private key. You can make transactions, payments, and overall work with the money from such an address.
Non-spendable addresses are those which were imported without a private key. You can’t interact with anything stored on these addresses. To do so, you need to find your private key to this address and enter it.
How does changing public addresses benefit your safety?
One of the biggest points why crypto is safe is its changing nature. The addresses are never the same. This process goes with wallet public addresses as well. If you made payments with just one address all the time, it would be easy to figure it out and steal your funds.
Why security certification and licenses are important?
The presence of a license tells you that the wallet has passed security certification. This means that a third party has thoroughly checked its software, made sure it's safe and trustworthy. Of course, any crypto wallet without a single license is much more suspicious.
How do you know the wallet has any?
Usually, the licenses are displayed at the bottom of the main page of the wallet. Scroll down and look for the logos of licenses. If you find at least one, the wallet is already very safe.
How do you contact the support team?
Every wallet has its Support Center and the best way to get in touch with assistance would be through it. Nevertheless, depending on the wallet, there might also be options, like an email or mobile phone number to call.
What’s a pairing code?
A pairing code is a QR code needed to connect the wallet to your iOS or Android mobile device. To see it, click on the Display Pairing Code option. Then, scan it with your phone if you want to have it connected.
Why you must update wallet software and apps?
Newer software, better performance, and security. Wallets tend to strengthen their protection measures with time, so follow them and update your software on the first opportunity.
Furthermore, the wallet might have new functions to offer together with the updates. Such changes could be major, so make sure you also download them.
Can you organize your wallet and funds?
You can easily organize the wallets and funds in them by creating sub-wallets. To make one, go to Wallets and Addresses and click on the New Wallet button. You can name every sub-wallet according to what you’re storing there and each one of them is backed up by your seed phrase.
What actions can you take when funds didn’t make it to your wallet?
First thing, check the transaction history of your wallet. If that didn’t work, contact the support team of the wallet and make sure you haven’t made multiple wallets with the same email. If you’re getting a transfer from another user, ask if he’s completed the process from his side.
How do you stop your transaction?
You have to be very precise and careful with transactions since they can’t be stopped. Even if you get in touch with the support, they won’t be able to help you. That’s why you should be very aware of what you’re doing and sending.
What to do when you want to send your crypto?
There’s a simple process to follow which includes these 3 steps:
Beginning of the transaction
At the start, click on the Send option and select the cryptocurrency you want to send. Then, choose the sub-wallet you want to send crypto from. After that, enter the address of the recipient, type the amount, and you can also add a small description.
Fee choice and sending completion
Now, you can choose either a Regular or Priority fee. Regular fees are lower, but you’re going to wait for a long time, while Priority fees are higher, but the sending takes less time. Once you’ve set up the fees, double-check everything and send crypto.
Transaction fee customization
If you’re an advanced crypto user, a crypto wallet also gives you an opportunity to set the fee yourself. However, don’t get carried away, thinking you can set the minimal fee. If you set the fee too low, the transaction might be left hanging for weeks. If it’s too high, you might overpay. That’s why you set the fees yourself if you already know what they should be.