Getting a crypto wallet
by Janika Kouki February, 14, 2016
Hello miners! If you are struggling with withdrawals to your wallet, Janika is here to outline the simple steps to do this. This post covers the basic info about crypto wallets to help you learn the essentials.
What is a crypto wallet
Crypto money, just like the real money, need a place to be stored. Wallets efficiently perform this function in real life and their digital copies quickly appeared in crypto world to serve this same purpose. The difference is that the coins are not kept exactly inside the wallet. They are rather associated with two types of keys (digital codes) that confirm that you are able to spend the amount of money linked to them. The first is a private key. Only you and your wallet know it. The second one is public, it can be known to anybody. The combination of these two codes allow you to make operations with your funds.
There are multiple types of digital wallets. The currency with the widest choice is, obviously, Bitcoin. The variety of Bitcoin wallets includes desktop, mobile, online, hardware, paper and even so-called brain versions. There are some advantages and drawbacks to all of them. The main concerns are the same for all types, though. You should protect the access to your wallet from others and care not to lose it yourself. Once you lose the wallet, you lose the coins you had there. I assume that you are cautious with your physical money. Pay the same attention to your crypto coins to keep them safe at all times. For better protection of your wallet, we suggest you make a backup copy of your wallet and encrypt it.
Make up your mind
You may wonder how to choose a wallet that will fit you perfectly. Consider your needs first: maybe you will want to have lots of handy features or, on the contrary, keep it as simple as possible. The general advice for choosing a right wallet for your crypto currency is to download the official software developed specifically for the coin you want to store. Usually it quite narrows the choice, despite being the best strategy.
On MinerGate, we have mostly the coins with the official desktop wallets. We created convenient instructions on how to install wallets for all the currencies we support in our application to make your crypto experience easier. Please find them in our FAQ. There we have all the links to the official websites or communities and screenshots for each step of the installation.
The only problem you may encounter is that the wallets may take a while to synchronize with the network. The synchronization is simply the process of downloading the blockchain (transactions ledger, we talked about it here) of the respective currency. The time a wallet takes to synchronize depends on the size of the blockchain at the moment you begin to install it. Give it a while, everybody struggles with this at first. If you have any other difficulties, try reaching the developers of the software or contact our support.
As usual, I tried everything myself first. I had a small amount of Bytecoins piled up, so BCN wallet was the solution for me. Bytecoin community offers a GUI wallet as well as a console version. I’ve spent my time figuring out console interface, so in this case I’ ve chosen the simple way.
It really took a while to synchronize with the network. In my case, about two weeks. Although, I was synchronizing it only during the work hours, so it may take less time for you on your home computer. In the end it was worth it and I didn’t encounter any other difficulties, so in general it was a nice experience.
There it was, my brand new wallet. I followed the steps from the next paragraph to withdraw the coins and worked just fine, try for yourself!
Withdrawing step by step
So once you install your own wallet, these are the easy steps to follow to withdraw:
- Go to your Dashboard. Another alternative is to withdraw straight from MinerGte application from the tab “Wallet”.
- Choose the currency to withdraw.
- Click Withdraw button.
- Specify the amount in the “Amount” section or leave it blank to withdraw the whole balance.
- Look up your address in the wallet.
- Enter it to the “Address” field in the dashboard/miner.
- Click “Withdraw”
- There you go! Your crypto coins are on their way to your wallet. They will be available for you after the transaction is confirmed and added to the block. “Locked amount” on the screenshot below means that the transaction is waiting for the confirmation, the whole amount will be added to the Available balance once it’s confirmed.
You can always check whether your transaction has been added to the block using the transaction hash. To do so, go to your withdrawal history (Dashboard>Withdrawal history), click on the button “info” and copy the hash. Open Blockchains, choose your currency and insert the hash there.
Hope your future experience with crypto wallets will be smooth and painless. Do not hesitate to ask your questions if something goes wrong. Suggest your topic if you want us to cover something you are interested in. Happy mining!