Lesson 3 Getting Started with Cryptocurrency

Welcome to the Next Step in Your Crypto Journey!

Ready to dive into the world of cryptocurrencies? The first thing you need is a crypto wallet. Don’t worry; setting one up is easier than you might think. Here’s a simple guide to get you started.

Step 1: Choose Your Wallet Type

There are different types of wallets, each with its pros and cons. Here are the main options:

• Hot Wallets: These are online wallets connected to the internet. They’re easy to use and access but can be more vulnerable to hacks. Examples include mobile wallets like Trust Wallet and web wallets like MetaMask.
• Cold Wallets: These are offline wallets, making them more secure from hacks. They come in the form of hardware wallets like Ledger or Trezor, or paper wallets where you print your keys on paper and store it safely.

If you’re just starting, a hot wallet might be the easiest to set up and use. Once you get more experienced and hold more crypto, you might consider getting a cold wallet for added security.

Step 2: Setting Up a Hot Wallet

Let’s walk through setting up a hot wallet, like Trust Wallet:

1. Download the Wallet App: Go to the App Store or Google Play Store and download Trust Wallet.
2. Create a New Wallet: Open the app and select “Create a New Wallet.” You’ll be asked to agree to the Terms of Service and Privacy Policy.
3. Backup Your Wallet: The app will generate a 12-word recovery phrase. This is crucial! Write it down on paper and store it in a safe place. If you lose this phrase, you can’t access your wallet if you lose your phone.
4. Confirm Your Recovery Phrase: To ensure you wrote down the recovery phrase correctly, you’ll need to enter it in the correct order.
5. Set Up a PIN or Biometrics: For added security, set up a PIN or use your phone’s biometric security features (like fingerprint or face recognition).
6. Your Wallet is Ready: You’re now ready to receive, send, and store cryptocurrencies.

Step 3: Adding Cryptocurrencies to Your Wallet

1. Receive Crypto: To receive crypto, click on “Receive,” choose the cryptocurrency you want to receive, and copy your wallet address. Share this address with the sender.
2. Buy Crypto: Some wallets allow you to buy cryptocurrencies directly within the app using your credit/debit card or bank transfer.
3. Send Crypto: To send crypto, click on “Send,” enter the recipient’s address, the amount you want to send, and confirm the transaction.

Step 4: Keeping Your Wallet Secure

1. Keep Your Recovery Phrase Safe: Never share your recovery phrase with anyone. Store it offline and in multiple secure locations.
2. Use Strong Passwords: If your wallet offers additional password protection, use a strong, unique password.
3. Enable Two-Factor Authentication (2FA): If available, enable 2FA for an added layer of security.

Let’s Recap:

1. Choose a Wallet Type: Decide between a hot wallet (easy to use) and a cold wallet (more secure).
2. Set Up Your Wallet: Follow simple steps to create and secure your wallet.
3. Add Cryptocurrencies: Learn how to receive, buy, and send cryptocurrencies.
4. Keep It Secure: Protect your recovery phrase, use strong passwords, and enable 2FA.