A wallet is where your cryptocurrency is stored. If you looked at my last post and you set up a Coinpot account you have already set up a microwallet which can tell you how much you are earning. This is a great tool to collect small faucet payments and save fees from doing a lot of small transactions.

This post will focus on setting up a cryptocurrency wallet. A cryptocurrency wallet is a storage for your cryptocurrency. It allows you to easily be able to buy and sell certain cryptocurrencies, transfer to other people, and helps to keep them secure.

There are many different wallets. I have been using Coinbase because it is available both via its website and app stores. The reviews that it has in the appstore are very good – 4.7 stars.

Another nice thing about Coinbase is that you can store fiat currency (e.g. US dollars) in the wallet. Coinbase keeps all fiat currency in sorted different bank accounts, every person has a different account therefore if Coinbase were to become insolvent, creditors could not claim the custodial bank accounts. Your fiat currency is also protected by the FDIC. These are all important if you store fiat currency on the Coinbase wallet.

Coinbase has wallets for Bitcoin, Bitcoin Cash, Litecoin and Ethereum so you have access to 4 major cryptocurrencies.

Coinbase is quite easy to set up by following the steps when you go to the site. One part that is tricky is that you should set up 2-factor authentication (2FA) to add security. This provides a second code or password that changes every 30-60 seconds. I am using the Google Authenticator app for this.

Once you have an account, you can purchase Bitcoin, Bitcoin Cash, Ethereum, or Litecoin by using either a credit card or linking your bank account to your wallet.

You can also now move cryptocurrency from Coinpot into your Coinbase wallet. Coinpot recently removed an e-mail address transaction option, but you now just move it using your wallet address.

Here is how you start the transaction in Coinpot, and no fees get charged if you follow terms:

Here is the completed transaction in Coinpot:

Here is what the confirmation looks like from Coinbase:

So far I have shown you how to start claiming faucets and easily get cryptocurrencies for free. I have taught you how to mine and in this post I taught you how to export out of Coinpot and into Coinbase. This gives you all the tools you need to start building your portfolio. Hope you are having as much fun as me learning about cryptocurrency, using these tools, and building your portfolio.