So you've decided to dip your toe in the water and invest in some Cryptocurrency. Or maybe you've decided to mortgage your house and go all in.
Either way, you are now the proud owner of some digital currency.
But now you need a way to keep it safe, namely by creating a wallet for it.
So how would one go about doing this? Here are some suggestions for you.
What do I need a wallet for?
While technically you have a "hosted" wallet as soon as you buy a cryptocurrency on an exchange, you do not at this point have control of the public and private keys to that wallet.
A wallet will hold the keys to your crypto assets, and only you will have access, using the correct password.
This means there is a slightly higher risk of the money being stolen by hackers, if your wallet is online.
So if you want to set up a "non-custodial" wallet (one that isn't "hosted") what do you need to do?
How to set up a wallet
First, start by downloading a wallet app. Some popular ones include Coinbase Wallet and Metamask.
Once you've chosen your app, create your account. You won't need to share any personal information, keeping it totally private.
Next, generate your private key. This is a random 12 word phrase. If you lose this or forget this phrase, you will lose access to all your Crypto assets in the wallet.
Finally, transfer your Crypto into your wallet, and you are all done.