The Step-By-Step Guide for Beginners: How to Set Up a Crypto Wallet

Without a wallet, cryptocurrency would be just another hare-brained concept dead in the water. You wouldn’t even be able to store, let alone spend your savings. In the previous post, we sliced and diced the pros and cons of crypto wallets and helped you to pick up the one to your likening. In this post, we’ll shed some light on how to set up a crypto wallet painlessly.

Setting Up Online Crypto Wallet 

Setting up an online crypto wallet isn’t a big deal, though there are still some crucial points to consider:

  • Open up your browser and enter the name of the wallet you’re looking for. Before signing up, double-check if you are using the correct URL.
  • Go to the website and click on the “New Wallet” button (it might also be called “Create New Wallet”)
  • Type in the password into the entry field
  • You might also be asked to agree to the Terms of Use & Privacy Policy first. Place a checkmark against the “I agree” section to confirm your compliance.
  • Download and save a Keystore File for decryption
  • Create a strong private key

That’s it. Don’t forget that online wallets are the least safe, and you should never use them for serious savings.

What About Mobile Crypto Wallet? 

Mobile crypto wallets have a very similar setup process. We’ll take Plark as an example, but the guide is also a good fit for other wallets.

  1. Click on the app to launch it. You’ll get to the Welcome screen greeting you. Click on the big black “Create Wallet” button.
  2. The app will get you to the screen, asking to save a backup phrase. Yep, you can skip this step and do it later. Nope, it’s not recommended. The backup phrase is required if you need to restore your wallet. So, it’s better to save a backup phrase right away. Copy it or write down on a piece of paper and keep it as the most treasured possession.
  3. After you’re done, the app will move you to the next screen and ask to select wallets. Plark offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Dash. Choose at least two out of the list.
  4. Finally, you’ll be asked to create a passcode and set up Touch ID for easier access. It looks like your wallet is set up, and you can start using it.
  5. If you already have a crypto wallet, you can import it to Plark. Enter your backup phrase, and the app will import your funds.

After setup, toggle between the screens by clicking on the icons at the bottom. If a wallet allows selling and buying cryptocurrency, add your card number.

Don’t Forget About Desktop Crypto Wallet 

There’s a good deal of desktop crypto wallets. But the flow is always pretty simple:

  1. Download the wallet software from the official website.
  2. Install it and fire up on your computer. The tips will guide you through the entire setup process.
  3. For wallet decryption, copy and paste the private key into the desktop wallet. 

Now you are done. Easy, isn’t it?

And Finally: A word of Advice for Hardware wallet setup

Instructions for hardware wallets vary across different manufacturers. But in most cases, you’ll find the guide for how to set up crypto wallet on the official website. Read it carefully and contact the support team if any issue occurs. Hardware wallets are designed for more advanced crypto geeks and aren’t considered a good starting point for newbies. If you are new to the crypto world, we recommend you start with something friendlier like a mobile or desktop wallet.

We hope you liked our quick guide on how to setup crypto wallet. Don’t forget to save it somewhere or share it with a friend. Everyone needs to know how to set up any type of wallet easily.

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