How to create a crypto wallet and take control of your funds - Crypto in Plain English - Episode 298 - by cryptohunt.it

How to create a crypto wallet and take control of your funds

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

In light of FTX’s collapse, the amount of money people have pulled out of centralized exchanges has never been higher. For good reason as you know by now: A bankrupt exchange will take your money down with them and not even care one bit about you.

If you are just tuning in, go back a couple of episodes where we explain the concept, but in a nutshell you will need to create your own wallet to do that.

Before you get started though: There is no single wallet supporting all blockchains. In fact, most wallets are specific to just one. So you may need several wallets depending on what you hold. Sorry! Crypto is still pretty annoying to use.

The way to find those is to Google for “non-custodial wallet for Bitcoin” for example - “non-custodial” just means you are the master of your keys, not Sam Bankman-Fried. Read reviews first though to make sure your choice is legit!

Once installed, you’ll want to back up your secret key to a safe place, like those that we detailed in yesterday’s episode. In your wallet, look for the word “seed phrase”, “recovery phrase” or “private key”. Copy or print it and put it somewhere safe. And never share it with anyone!

Lastly you’ll move your funds out of the exchange, and into your wallet. Look for the “wallet address” in your newly created wallet, often that is near a QR code, and put it into the withdrawal feature of your exchange. It’ll look strange, made up from numbers and characters, so copy-paste is the safest way to get it right. Always send yourself a small test transaction first to make sure it all works.

And that’s it. Your funds are now yours again. If you’ve saved your key in a good place, all you have to do now is wait. And if you haven’t moved your funds yet, strongly consider it: With the recent crypto turmoil, seemingly every day a new exchange or crypto bank freezes customer funds.

We hope you found this week-long special helpful! And make sure to sign up at www.cryptohunt.it because we are launching a crypto beginner certification over the Thanksgiving week - so you can stuff yourself with turkey and new knowledge!

This podcast is produced by Cryptohunt.it the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.