In this period of forced confinement, many are embarking on the storage of their belongings. For your cryptocurrencies it’s the same, it’s time to group them on a wallet! I invite you to discover Exodus which will suit you if you take your first steps in this universe.
Exodus is a desktop / mobile wallet, an application that you install on a computer and / or mobile phone. It was designed to free the neophyte user of everything technical prerequisite.
“Remove the geek requirement, and keep design a priority, to make cryptocurrency easy for everyone.” (* “Remove the need to be a geek, and make ergonomics a priority, to make crypto easy for everyone.”)
The Exodus wallet can accommodate over 100 different cryptocurrencies : Bitcoin, altcoins Ethereum, Bitcoin Cash, Ripple and even stablecoins like USDT or DAI among others.
With Exodus, you can to receive, to send and to exchange your digital assets.
Now let’s get down to practice.
Installation of your Exodus Wallet
Go to the site for Download the file corresponding to your OS – Windows, MacOS or Linux.
For use on your favorite mobile it happens on the App Store or on Google Play
Once the application is installed, the first thing to do, before you even send your first satoshis, is to create your password and recover your seed phrase.
It is a series of 12 words which will allow you to restore your wallet with all the cryptocurrencies that you had deposited in it. It is essential if you lose or break your device.
Bring a piece of paper and a pencil to write down the words in the order they appear. No screenshot, no cloud file, or any other digital medium because vulnerable at piracy.
Create a unique complex password and hold it back. If you forget, support will not send you a link to set another one. The only solution will be to restore your wallet with the seed phrase.
On desktop, click on the “Backup” tab in the left menu and let yourself be guided.
The security of this type of wallet depends heavily on the general level of security that you apply to your computer or phone. An advice : put the package on that side.
Deposit cryptocurrencies on Exodus
You have successfully completed the first step, you can now to send your cryptocurrencies on Exodus. Yeehaw!
First, click on the “Wallet” tab in the left menu and select asset that you wish deposit. If it is not in the list, add it by clicking on the “Add more” button at the bottom.
Finally, click on “Receive” to access your receiving address. This is the one you need to know about the platform where your cryptocurrencies are located.
Send cryptocurrencies from Exodus
Now let’s go to sending crypto to another address. This operation is just as simple.
First, copy thedestination address which will be provided to you where you want to transfer your cryptocurrencies: a other wallet, my bitcoin address (on request: D) or a exchange platform, for example.
Be sure to copy an address from the same cryptocurrency as you and not another. Exodus you will indicate if there is a mistake but get into good habits right away.
Then in the “Wallet” tab, select the currency you want to send and click on the Send button.
On the next screen, paste the destination address in field 1. You can also scan the QR code by clicking on the odd little squares to the right of the field.
In field 2, indicate the amount you want to send either in bitcoin or in the currency of your wallet. You can also use the buttons Half and All (half, or all).
And the fees?
Take a good breath and check transaction fees.. wow it stings!
Exodus favors transfer speed by calculating the fees to place your transaction in the next block to be validated. Your satoshis will arrive at their destination quickly, but the cost of the ticket feel. The problem is that you cannot change this setting for a slower transaction, therefore less expensive. However, Exodus does not charge any additional fees for this operation.
It is important to use this functionality with full knowledge of the facts.
But by the way, what are transaction fees ? They constitute the remuneration of minors who are responsible for validating and to secure the transfers. The amount of these fees depends on several factors. Without going into detail, consider two concepts:
- Supply and demand : the more transactions to process, the more the costs increase.
- The waiting time : If you live in Marseille and want to go to Paris, you will pay more for this journey by train than by bus.
In the same way, a minor will validate in priority the request of the user who will best reward, adding its transaction to the next departing block. Exodus has chosen to fly your satoshis by plane.
Why ? To make sure youarrive quickly. Unfortunately, even if the bus would have suited you, this setting cannot be changed.
If this “detail” suits you, click on the “Send“.
Exchange cryptocurrencies on Exodus
If you want to exchange your bitcoins against an altcoin or a stablecoin, you can do it directly in your wallet.
This functionality is offered by Exodus to simplify the journey for its neophyte users. This avoids registering on an exchange to carry out this transaction.
Your wallet is based on 5 partner platforms to make swaps:
In practice, everything happens in the “Exchange” tab.
Select the cryptocurrency you want to trade from the drop down menu on the left. In the one on the right, you choose the one you will get back.
Indicate the amount manually or use the “All”, “Half” or “Minimum” buttons.
Note that the minimum varies depending on the crypto you wish to receive.
Click on “Exchange”, Exodus does the rest.
The ease of use of Exodus is particularly suitable for a beginner audience which is its target heart. Indeed, each functionality can be approached without prior knowledge, safely. This allows you to familiarize with the basic operations and concepts related to cryptocurrencies.
However, with a minimum of learning, the user who has become an initiate will aspire to more autonomy and adjustment possibilities especially for transaction fees.
This type of wallet will rather be dedicated to a Daily use a bit like the wallet you put in your pocket for shopping.
For long-term storage, it is best to move towards a hardware wallet that offers higher levels of security. Besides, Exodus has established a partnership with Trezor which allows joint use of the two wallets.
Bitcoin, cryptocurrency and Blockchain influencer and popularizer. My goal: to make these complex concepts accessible with passion on a daily basis on my networks.