How To Set Up And How To Use Exodus Wallet? Comprehensive Tutorial.
A wallet is an interface, digital or physical, where you can store your cryptos. When you buy Bitcoins for example, you will necessarily have to store them in a wallet. In this article, we are going to help you create a free wallet with Exodus, step by step.
When you want to transfer a Bitcoin to someone, your Bitcoin will be transferred from your wallet to the other person’s wallet. To do this, you need to know the recipient’s wallet number (also known as the wallet address). Logic.
An address is sometimes also called a public key. It’s the same thing. And as the name suggests, it is public. It can therefore be shared without risk of piracy. It should not be confused with the private key, which should NEVER be shared with anyone. We will come back to this later in this article. You can compare a crypto wallet to a bank account. If you have a bank account in euros, you can only store euros. But you can also have a US dollar account. Even within the same bank. That said, you understand that the two accounts are separate anyway.
One bank account = one bank account number = one currency
The same goes for cryptos.
One wallet = one wallet number = one address = one storable cryptocurrency
Introduction: Presentation of the Exodus wallet
Disclaimer: Before going deeper into how to set up and use Exodus wallet, please note that the solution presented below is a software. Like any software, it can encounter bugs, flaws, and can potentially be hacked. Nothing is ever 100% certain. Also watch out for viruses on your computer or mobile phone, which could steal your private keys and / or passwords. We cannot take responsibility for the loss of your funds if anything should happen with your cryptos wallet. In addition, by continuing to read this article, you acknowledge that you understand the risks associated with cryptocurrencies, and wallets (hot and cold). Finally, we have no affiliation with Exodus, its creators or other stakeholders. There are many types of wallets, digital and physical. For more details, I invite you to refer to this link. In this article, we will cover the Exodus wallet. Why? Because it is free, can accommodate several types of cryptos (not just Bitcoin), easy to use and simple to set up (30 seconds to be operational when you know how to do it!). Therefore, you will take more time to read this article than to configure and use the wallet!
Read this article all the way TO THE END! There are some tips to avoid mistakes, to avoid having your cryptos stolen or to avoid stupidly losing them! Better spend a minute more on this article than losing hundreds or thousands of euros. Exodus is a digital crypto wallet that was created in 2015 by the company Exodus Movement, Inc. Digital means that it can be installed on a computer or a smartphone depending on what the developer has chosen to create. In the case of Exodus, the wallet is available both on computer (Mac + Windows + Linux) and smartphone (iOS + Android).
Exodus is a digital crypto wallet. This means that it only accepts crypto-currencies. It contains an internal exchange system, useful to quickly convert crypto-currencies between each other. But, you cannot send any fiat currencies (euros, dollars) to it nor exchange crypto-currencies into fiat on Exodus. For that purpose, you must use a dedicated Exchange platform.
We will now explain how Exodus works to: 1. Install the app 2. Receive cryptos 3. Send cryptos 4. Secure the application 5. Synchronise two Exodus wallets belonging to the same person. Now, let’s see how to set up and use Exodus Wallet. First, choose on which device (computer or smartphone) you want to install Exodus first, but choose only one of the two platforms for now! And go below to the corresponding section and the corresponding platform.
Section 1: Install Exodus wallet
Whether for computer or smartphone, go first to the Exodus download page by following only this link. This is very important to follow this link to avoid bogus sites or bogus applications. REMEMBER. YOU ONLY NEED ONE APPLICATION FOR ALL YOUR CRYPTOS.
Install and launch Exodus on computer
1. On the left of the download page, you will see a “DESKTOP” section and below a link, as in the photo below. The version (here 19.9.12) will surely be different when you download the application, but whatever.
2. Click on the link and choose your platform (Mac, Windows, Linux). 3. Once the file is downloaded, install the application on your computer like any other application. 4. Open the app. There is no account to create, no username to put in, no password.
Install and launch Exodus on your smartphone
1. By opening the Exodus download page, you should land on the “MOBILE” section with two links, as in the photo below. 2. Click on the option that corresponds to your smartphone.
3. Once the app is installed, open the app. There is no account to create, no username to set up.
Section 2: Receiving cryptos with Exodus wallet
Receive payments in cryptos with Exodus for computer
1. Select the “Wallet” tab on the left.
2. Select from the list that appears the crypto for which you want to receive a payment, and therefore whose address you want to know. Take for example Bitcoin. If your crypto is not in the list, scroll down to the bottom. You will then see the “+ Add More” button. Click on it, and add the missing crypto from the new screen. 3. Once you have found your crypto and clicked on it, you will see the number of Bitcoins you have and the corresponding dollar value as well as the “Send” and “Receive” buttons.
4. Click on the “Receive” button. You will see a line with many characters. This is your address (or public key) for the cryptocurrency in question. This is more or less what corresponds to an IBAN number for a traditional bank account. There is also a large QR code, which is the flashable representation of your address. You don’t really have to worry about it. If you want to receive payments in this crypto, (in Bitcoin in this example), then you will have to provide this address to the person who will send you this crypto. In the case of Summit Mining, we need this address to send you the mined funds. You can send it to us either by email or by message (Telegram, WhatsApp, etc.). Currently, we need from you an address for Bitcoin (BTC), Dash (DASH), Litecoin (LTC) and Zcash (ZEC).
5. You must now copy and paste this address to send it to the person who wants to send you funds. Click on your address to automatically copy it. This avoids doing Ctrl + V on the keyboard. 6. Simply paste the address where you need it. 7. Repeat these operations for each crypto for which you must receive a payment.
Receive payments in cryptos with Exodus for smartphone
1. You should be by default on the first tab (“Wallet”) with the wallet icon. If not, go to it.
2. Select from the list that appears the crypto for which you want to receive a payment, and therefore which address you want to know. Take for example the Bitcoin. If your crypto is not in the list, scroll down to the bottom. You will then see the “+ Add More” button. Click on it, and add the missing crypto from the new screen. 3. Once you find your crypto, tap it to open it; you will then see its current price, the amount you have and the corresponding dollar value. 4. On the right side you will see an icon with a down arrow. This is the link to receive this crypto. Tap it.
4. You will see a line with many characters. This is your address (or public key) for the cryptocurrency in question. This is more or less what corresponds to an IBAN number for a traditional bank account. There is also a large QR code, which is the flashable representation of your address. You don’t really have to worry about it. If you want to receive payments in this crypto, here in Bitcoin in this case, then you will have to provide this address to the person who will send you this crypto. In the case of Summit Mining, we need this address to send you the mined funds. You can send it to us either by email or by message (Telegram, WhatsApp, etc.). Currently, we need from you an address for Bitcoin (BTC), Dash (DASH), Litecoin (LTC) and Zcash (ZEC).
5. You must now copy and paste this address to send it to the person who wants to send you funds. Simply tap your address to copy it automatically. 6. Paste the address where you need it. It is also easy. 7. Repeat these operations for each crypto for which you must receive a payment.
Section 3: Send cryptos with Exodus wallet
Send payments in cryptos with Exodus for computer
1. Select the “Wallet” tab on the left.
2. Select from the list the crypto with which you want to send a payment. Take for example Bitcoin. If your crypto is not in the list, scroll down to the bottom. You will see the “+ Add More” button. Click on it, and add the missing crypto from the new screen. 3. Once you have found your crypto and clicked on it, you will see the number of Bitcoins you have and the corresponding dollar value as well as the “Send” and “Receive” buttons.
4. Click on the “Send” button. 5. In the top field, enter the destination address (the one of the person to whom you want to send funds). Never type it by hand! Always copy and paste.
6. Type below the amount to send or click on “Half” to send 50% of all funds available for this crypto only, or “All” to send everything. 7. Press “Send”. Well done, the payment is made.
Send payments in cryptos with Exodus for smartphone
1. Go to the first tab (“Wallet”) with the wallet icon. This is the default one. If not, go to it.
2. Select the crypto with which you want to send a payment from the list displayed. Take for example Bitcoin. If your crypto is not in the list, scroll down to the bottom. You will then see the “+ Add More” button. Click on it, and add the missing crypto from the new screen. 3. Once you find your crypto, press it to open it. Then, you will see the current price, the amount you have and the corresponding dollar value. 4. On the left side you will see an icon with an arrow going up. This is the link to send this crypto. Tap it.
5. Press the zeros (“0.00”) and type the amount to send, or press “Half” to send 50% of all the funds available for this crypto, or “All” to send everything. Confirm the amount by pressing “Done”.
6. In the bottom field, enter the destination address (that of the person to whom you want to send funds). Never type it by hand! Always copy and paste. 7. Press “Next”. You will see a confirmation screen. Slide your finger at the bottom of the screen from left to right, as shown, to validate the sending of funds. Well done, the payment is made.
Section 4: Securing your Exodus wallet
So far, anyone can access your wallet and receive or send funds from it. This is normal, there is not even a password! So we are going to add one. In addition, as you will have understood by now, your cryptos are stored directly on your computer. So what happens if someone steals it from you? Or that the hard drive crashes? Guess what? You lose everything. Do not panic! There is a backup solution, but it must be implemented before any incident. Obviously! This solution is to back up your private key. Your private key is a series of 12 secret words that allow anyone who knows them to access your wallet, from anywhere in the world. So be careful not to lose them, but also to keep them in a place that only you (and possibly someone you trust) know about. Using your private key, you can recover your funds on another computer or phone, if something happens to the original device. So let’s see now how to create a password and recover our 12 words.
Secure your wallet with Exodus for computer
1. Open the application and select the “Backup” tab on the left. 2. Immediately, the application prompts you to set a password. For your safety, choose one if possible that combines numbers, letters and special characters. Then click on “NEXT”.
3. Repeat your password. Then click on “NEXT”. 4. You will see 12 empty fields. Hover your mouse over each of them to reveal each word of your private key. Record these words somewhere, as well as each associated number (1 to 12) because the order of the words is important. Then click on “NEXT”.
5. To be sure that you did your job well in the previous step, the software asks you to verify which of the words displayed on the screen is part of your 12-word private key. Select it and click on “FINISH"
Secure your wallet with Exodus for smartphone
1. To create a password, go to the third tab (“Profile”) at the bottom of the screen then Security → Secure with a Passcode.
2. Choose a 6-digit password, and repeat it a second time. That’s all. 3. Now, to recover your 12-word private key, go again to the third tab (“Profile”) at the bottom of the screen then Security → Recovery Phrase → View recovery phrase. 4. You will see a series of 12 lines with dotted lines. Keep your finger pressed on “Press and Hold to Reveal” to display your 12 secret words. They should be noted somewhere out of sight and of course kept secret. Record these words somewhere, as well as each associated number (1 to 12) because the order of the words is important.
Section 5: Synchronise Exodus wallet on multiple devices
Now that you are super secure with an application (computer or smartphone), you may want to install Exodus on a second device. If you simply follow the process described above, you will simply have a second Exodus wallet, and your addresses for each of the cryptos will be completely different. Therefore, your crypto accounts will also be completely unlinked. If you want to have the same wallets, that is to say being able to use one wallet or another interchangeably (and therefore have the same amounts on two different devices), you need your private key. Remember, it is what allows you to recover your funds “elsewhere”, and that is precisely what we are trying to do here.
Install and synchronise a second Exodus wallet on a computer
1. As before, download and install the application you need from this link. 2. When launching the application, on the main tab (“Home”), you will see a button “Restore from backup”. Click on it.
3. The application will ask you if you want to restart the application, to which you will answer yes, of course, and you will be asked for your 12 secret words.
4. Enter them and validate everything. After a few moments, your applications are synchronised.
Install and synchronise a second Exodus wallet on a smartphone
1. As before, download and install the application you need from this link. 2. When launching the application, you should see the message “I already have a wallet” or “Create new wallet”. Select “I already have a wallet”. If the option is not displayed, go to the third tab (“Profile”) at the bottom of the screen then Settings → Restore wallet.3. To simplify things, then choose the option “Restore from Backup” and enter your 12 secret words. There is another method which consists in taking a photo of a QR code, but it is a bit more complicated for neophytes, and the result is the same anyway. 4. After a few moments, your applications are synchronised.
Section 6: Recalls and final tips with Exodus
We come to the end of the tutorial. The following is very important, even if there are reminders, it is better to repeat it several times! 1. You can only use one type of cryptocurrency with one wallet. So don’t send Bitcoin to a Litecoin address, for example. The funds will be permanently lost. 2. Watch out for all different “Bitcoins”. There is “normal” Bitcoin (the real, the unique), Bitcoin Cash, Bitcoin Gold, etc. Don’t get the wrong address or wallet! 3. ALWAYS pay attention to copy and paste the addresses of the wallets, to be sure not to make a mistake. Also make sure you haven’t forgotten the first or last character when copying and pasting. Personally, I always check the first 3 and the last 3 characters, to be sure. 4. The cryptos you earn / receive will be stored directly on your device! Be careful not to lose or restore it because you would lose your cryptos in the process. They are always recoverable afterwards, but only if you have saved your private key. 5. When you receive or send a payment, you can add a short note on Exodus wallet. 6. If it seems that the amount of your cryptos is weird or that you are told that you have sent funds and that you did not receive them, there may be a problem with synchronisation with the blockchain. On a computer, at the top of the screen for a given crypto, you will see 3 small dots. Click on it, and choose to refresh the blockchain, then wait a bit. 7. You don’t like dollars? You can change this in the settings and put values in euros. Or whatever you prefer. 8. If you lose your private key, your funds can potentially be lost forever. 9. The Exodus development team updates the application every two weeks. So, you will be regularly asked to update the software, which is highly recommended.