Nz crypto wallet

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In the world of crypto, wallet access and ownership is instead represented by something called a public and private key pair.

Acting as your digital identity and signature, every cryptocurrency wallet is distinct by having its own unique public and private key пїЅ with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created. Your public key is like your crypto bank account number пїЅ an address others can use to send crypto to your wallet. You should never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.

To put theory into practice пїЅ below is me locating my public key otherwise known as my Bitcoin address in my Exodus desktop wallet. This is the address I would provide to any person or service wanting to send Bitcoin to my personal wallet. Almost all cryptocurrency wallets automatically hold, harness and protect your public and private keys for you. This makes setting up and using your wallet about as easy as using an app like PayPal, Venmo or TransferWise пїЅ depending on the wallet type you choose.

Learn more about public and private keys here. The wallet best suited to you will depend on what you wish to do with your coins and how much you intend to hold. Mobile wallets are designed for storing small amounts of coin, to be used on the day to day. Hardware wallets like the Trezor and Ledger are the apex of cryptocurrency storage пїЅ the ideal wallet type for anyone serious on holding large amounts of coin long term.

Note пїЅ the size and value of your crypto stash is measured by your own perception. All three wallets above are known to be extremely safe and trusted. The security of your wallet ultimately comes down to how you backup your private keys and phrase. Used by tens of thousands of Kiwis across NZ, Exodus is a highly popular crypto wallet choice for first time Bitcoin and cryptocurrency users.

Exodus wallet is free, easy to use, and provides an extremely sleek interface and user experience. From there, download and install the Exodus program, and follow the 5 step Exodus wallet set-up guide. Run a virus scanner such as MalwareBytes on your computer to help ensure your device is secure before creating a new crypto wallet. Bewarned, Desktop wallets are generally safer. Open Exodus Once you have downloaded either the desktop or mobile app, open exodus and follow the beginners tutorial that will be prompted on screen.

Alternatively you can watch this desktop tutorial video or mobile tutorial video for a walk-through of the Exodus wallet. Back Up Your New Wallet One of the first things you need to do after setting up a new wallet is to back up your 12 word recovery phrase.

See the official Exodus backup guide here. The safest way to backup your recovery phrase is by writing the 12 words down on a piece of paper ensuring the order and spelling are correct , it is a good practice to have multiple copies of this phrase and keep them in separate secure locations. Configure Your Settings Configure the wallet display settings to your personal preferences, e.

Do you prefer the light or dark mode interface? Would you like to enable face-ID authentication mobile only? And finally, which assets would you want to see on the portfolio page over to choose from. Receive Crypto Once you have backed up your wallet and configured your settings, the final step is to deposit crypto into your new wallet.

Simply click on the asset you would like to deposit, from here you can click on the receive button to view your public key for that asset receiving address. Feel free to visit our guide on how to buy Bitcoin, Ethereum and other cryptocurrency in New Zealand. Kiwis can purchase hardware wallets from a number of trusted domestic retailers as well as directly from the manufacturers. There are currently only two ways that kiwis can buy cryptocurrency in New Zealand; either by buying through an exchange or by trading peer to peer P2P.

Cryptocurrency wallets are free and cost nothing to set up and use пїЅ however you can buy Hardware wallets ; the safest standard of crypto wallet in NZ. You just need a computer or smartphone that can connect to the internet and download applications. Cryptocurrency NZ believe that you should operate a number of different wallets simultaneously with your holdings spread across them. However we are of the opinion that Exodus wallet is best for mobile and desktop wallets used in conjunction with the Trezor T and that MetaMask wallet is the best chrome-extension web wallet.

Crypto wallets are free to set up and use, however you will need to pay a transaction fee gas when sending funds. This fee goes to the network not the wallet provider. Note : the conversion rates offered are far less optimal than the rates offered by typical cryptocurrency exchanges. The exodus wallet is a safe option for storing your cryptocurrency. It is trusted by thousands of Kiwis here in NZ and is one of the most popular wallets around the world. When proper security measures are followed, the exodus wallet is a textbook example of a secure wallet for day-to-day use.

Investing in cryptocurrency is legal in NZ, therefore using a crypto wallet is also legal in NZ as a wallet is typically the first step in crypto investing. At the time of writing NZ regulations in regards to cryptocurrency are sparse, so it is advised to keep your eyes and ears peeled for when the time comes that the government attempts to regulate the crypto space.

Examples include Trezor , Ledger , Exodus , and many more. Copyright Cryptocurrency NZ. If you need a hand with crypto or have any questions about the site, feel free to drop them below. Cryptocurrency NZ. July 29, Last updated: January 30th Nic Turnbull.

Harry Satoshi. Best Cryptocurrency Wallets in NZ. Our Exodus Guide. What is a Cryptocurrency Wallet? Different Types Of Cryptocurrency Wallet. If you lose your account password, it can be easily reset, just like any other online account. Cons Exchanges are notorious for overcharging for withdrawals, and some set a minimum withdrawal limit. For example, Binance charges 0. If the exchange shuts down due to regulator or legal issues, your funds could become collateral damage.

Software wallets. A software wallet is an application you download on your computer to run a client capable of connecting to the Bitcoin network and function offline.

A private key can even be generated using sided hexadecimal dice. The public key is derived from the private key, and that calculation requires some computing power. But you can still generate the public key and later the addresses offline. The general idea is the number of possible private key combinations is so vast that no two identical keys could ever be created. The odds of that happening is more than one-in-a Quinvigintillion, which is a number with 78 digits. A software wallet stores your private key inside the application and uses it to generate signatures for transactions to be broadcast to the Bitcoin network.

There is no need to open an account and perform KYC to create a Bitcoin wallet independently. More flexibility when it comes to setting network fees and transaction types.

Access to the can is possible from various wallet clients. Not very portable, breaking the concept of being a wallet. More complicated and difficult for new users to grasp. While most software wallets are free and open-source, they lack technical support.

Cloud wallets. Cloud wallets, also known as hosted wallets, are somewhere between a software wallet and a custodial wallet. A cloud wallet is a platform that generates the private key online and provides it to you for safekeeping, and stores the key in an encrypted server.

A cloud wallet lets you set up and sign transactions online since the wallet already has access to your private key. Examples of cloud wallets are Coinbase Wallet and Blockchain.

Some providers let you reset your password to regain access to your account. Cons Prone to phishing attacks and social engineering hacks. Your wallet is linked to your identity by the cloud wallet service provider, resulting in a loss of privacy. The safety of your coins is at the mercy of a third party. Mobile wallets. A mobile wallet is an app installed on your mobile device.

Just like a software wallet, the mobile wallet saves your private key in application files which you can use to sign transactions whenever you want. Popular mobile wallets include mycelium and Bitcoin Wallet.

To take your Bitcoin wherever you go, you use other, perhaps more appropriate, types of cryptocurrency wallet while still achieving mobile convenience. If you decide to use a mobile crypto wallet, you should plan the likely event you lose or break your device. The best measure to take is having a backup key and not holding too much in the wallet. Pros and Cons of Mobile wallets: Pros A truly portable way to spend cryptocurrency. The app can be protected with the biometric data used to unlock your device.

Cons Your device can easily be lost, stolen or broken. The devices need to be connected to the internet, and this makes them vulnerable.

Types of Cold Wallets. Hardware wallets. Trezor and Ledger devices are the two most used hardware wallets.

Both devices hold your private keys and encrypt the drive where they are stored. Whenever you need to sign a transaction, you temporarily decrypt the key drive using a PIN. Pros and Cons of Hardware wallets: Pros Impossible to be compromised when used correctly and stored offline Your private key is stored on the device, and all you need to remember is a pin code. Cons There is a risk of losing or damaging the physical device. A confusing setup process. Paper wallets.

Paper wallets are simply good old pen-and-paper. Some wallets may generate a fancy PDF to print out. Think of a paper wallet as similar to bearer shares. Anyone holding the piece of paper has the rights to the asset. In early , there was a case where crypto users claimed a popular bitcoin paper wallet generator was compromised , allegedly stealing millions of dollars worth of Bitcoin.

There have been cases where wallet generation sites log the private keys they generate and cherry-pick wallets with sizable funds to steal.

Pros and Cons of Paper wallets: Pros Impossible to be compromised when used correctly and stored offline. An easy way to transfer Bitcoin securely without ever exposing the public address except to the recipient. Cons Vulnerable to water, fire and scissors. Easy to lose. Know This: Besides using a fragile paper wallet , you can use a more durable medium to keep your private key safe.

Cryptosteel and Cryptotag create waterproof, fireproof, bulletproof, shock resistant and stainless devices to backup your seed. Choosing a Bitcoin Wallet. What wallet you choose depends on your experience level. At this stage, you should consider starting with a cloud wallet. Coinbase Wallet and Blockchain. Both wallets have easy to use interfaces and support large-cap coins, such as Bitcoin, Bitcoin Cash, Ethereum and others. Exchanges typically charge for withdrawals and set minimum and maximum deposit and withdrawal limits, which can obstruct your trading strategy.

You can create a wallet without ever exposing the public key. Frequently Asked Questions. Bitcoin wallets can be complicated - we answer common queries below. If you have any doubt in what you are doing, do not proceed as there can be significant risk when it comes to storing bitcoin. Why do I only need to back up the private key? Therefore, the most important thing we need to protect is the private key. Can I use a Bitcoin address more than once?

If someone else has given you a Bitcoin address to send funds to, such as a merchant, you should ensure the address is still being used. Do Bitcoin wallets support other cryptocurrencies? Not necessarily. Each cryptocurrency is powered by an Independent network, and the transaction histories are stored on separate blockchains.

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