How to Set Up a Cryptocurrency Wallet in New Zealand
Setting up your crypto wallet is easier than you think. Scroll down to take a closer look and set up your wallet in minutes!
With the rapid development of cryptocurrencies across the world, it’s become easier than ever to buy, sell, and exchange cryptocurrencies. Virtually anyone with an internet-capable device can set up a crypto wallet in minutes and start building their crypto portfolio.
With that said, owning or holding cryptocurrencies is a bit different compared to owning government-issued currency, or fiat.
To own cryptocurrency, you must first have a place to store it. And for that, you’ll need a cryptocurrency wallet or crypto wallet.
What is a crypto wallet?
Before we dive into setting up a crypto wallet, let’s first briefly define what a crypto wallet is.
What you need to know about crypto wallets is that they’re essentially a place where you can securely hold your digital crypto assets. These wallets enable you to also interact with the various decentralized financial (DeFi) services on the different blockchain networks.
When you hear someone mentioning sending or receiving Bitcoins or crypto, what they’re referring to are these crypto wallets. Think of crypto wallets as your cryptocurrency bank account – except you have full control, and it is not governed by a central authority.
It’s also worth mentioning that crypto wallets can generally be classified into two categories, hot wallets and cold wallets.
- A hot wallet is a crypto wallet that is connected to the internet and usually takes the form of an app or software on your computer or smartphone. Examples of a crypto hot wallet is the Exodus crypto wallet, Trust Wallet, and Coinomi.
- A cold wallet stores your crypto assets in a physical device, and is disconnected from the internet – making them more safer for long-term storage.
Both have their pros and cons, with hot wallets being the most popular due to their accessibility and ease of use – not to mention that they are free to create for anyone.
Cold wallets, on the other hand, are not as accessible and will require a bit of a learning curve to use, but are arguably safer to store your assets in the long run. They’re also not free but are worth the price if you’re planning to own large amounts of cryptocurrency.
Setting up a crypto wallet in New Zealand
When it comes to crypto wallets in New Zealand there are plenty of options to choose from. However, for this article, we’ll be focusing on the Exodus Crypto Wallet, which is a hot wallet. We’ll also go over a set up of Trezor One, which is a cold wallet.
Exodus Crypto Wallet
Exodus is a multi-currency, cross-platform crypto wallet that is easy to use, has an intuitive design, and a whole host of security features to keep your digital assets secure.
It supports many of the most popular cryptocurrencies and tokens on the market and is constantly being updated to accommodate more in the future. Did we mention it’s also free?
More on Exodus: Read our complete review on the Exodus Crypto Wallet.
So where to start?
Download the Exodus Crypto Wallet
Your first point of action would be to head to the Exodus Website and download the wallet onto your computer.
For desktop users, you can head over to their official website here.
Once Exodus is installed, click on the downloaded file and the Exodus installer will do the rest.
Browse and navigate to the crypto coin of your choice
Now that you’ve Installed Exodus, you will be able to browse through the library of cryptocurrencies that is supported on Exodus.
You’re probably wondering how can you send and receive cryptocurrency – as you will need to receive crypto to buy it in the first place?
The GIF below will show you how to get from the front page of Exodus to the part of the wallet where you can receive cryptocurrency:
In the GIF above, you can see me doing above is me copying my public address, which is the series of numbers that people can send you crypto with.
And that’s it! It really is that simple to set up your Exodus and start building your crypto portfolio.
Continue reading below for a brief guide for setting up a Trezor One to store your crypto assets in a cold wallet.
The Trezor One is a crypto cold wallet that allows you to store your digital assets in a secure offline environment, greatly reducing the risk of hacks and malicious threats from the internet.
If you don’t have one already, you can shop the Trezor collection of crypto wallets by visiting our official online store here.
Please note: Easy Crypto does not own the Trezor One brand. Please consider all the risks associated with using a particular hardware.
Once you have your Trezor One, continue with our quick setup guide.
Download the official Trezor Suite software and update your Trezor device
It’s imperative that you always keep your Trezor device updated so it can maximise the protection of your crypto assets. Only download Trezor’s official software from their website.
You can download the Trezor Suite by visiting the official Trezor website here.
Set up seed phrase and back up the Trezor device
This is a crucial step to ensure your data is safe, and enables you to also recover your assets if you ever loose your Trezor device.
Somethings to keep in mind:
- Never take a photo, upload to the internet, or store your seed phrase where it can potentially be accessed by hackers.
- The safest place to store it is by writing it in a notebook and keep it offline.
- Trezor doesn’t keep your seedphrase either, so the responsibility is on you to keep it safe.
Set up a PIN and name for your Trezor device
The last step is to set up a secure PIN for your Trezor device. You can choose a PIN of up to 9 digits for maximum protection for your crypto assets.
Once you’ve confirmed your PIN, you can proceed to name the device where it will display this name whenever you connect it to your computer. A neat little feature by the Trezor developers.
And that’s it, you’ve set up your Trezor One, and are ready to start safely accumulating cryptocurrencies!
For a more detailed in-depth guide for setting up the Trezor One read our guide here.
We hope this brief setup guide has been insightful for you Kiwis to set up your crypto wallets and jump in the crypto space.
Further reading: Explore our library of crypto-related topics on our Hub Site.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 30, 2022