Crypto Wallets Explained

Bec provides a high level view of the various components that make up Crypto Wallets and how they are used.

Crypto Wallets

Getting Started

Below is a list of items you’ll need before we get to the fun part…investing!

Funds

Have funds available in your bank account, ready to purchase your crypto.

Coinbase App

Download the Coinbase App here.

Documentation

Have your passport ready as you’ll need to verify your identity at the setup stage. This process is known as KYC ‘know your customer’ – a practice used by banks when establishing accounts.

Google Authenticator

Download the Google Authenticator app here. This is needed for ‘two-factor authentication, a process that secures your wallet. Each time you sign into Coinbase, you will get a code sent to google authenticator.

Last Pass (Password Keeper)

Remembering passwords isn’t that fun. Use something like Last Pass to keep your passwords safe. Download Last Pass here.

PLEASE NOTE THE FOLLOWING

This guide details the process for both the Coinbase Mobile App and Desktop. If something isn’t clear, please let us know.

Screen-recording/shots are prevented due to coinbase’s security features when onboarding.

Step 1 - Create Your Account

So, you’ve downloaded everything you need to download, collected your relevant documents, and you’re ready to rock and roll.

The first step is to create your account. Please use the following steps to create your account:

Open your app or Click ‘Sign up’ to get started.
You’ll be asked for the following information. Make sure the information you insert is accurate and up-to-date.
- Legal full name
- Email address (Store in Last Pass)
- Password (Store in Last Pass)
- Your State
Read the User Agreement and Privacy Policy.
Check the box and click Create account (computer) or tap SIGN UP (mobile) if you agree.
Coinbase will then send you a verification email to your registered email address.

First step done!

Step 2 - Email Verification

Following on from the last part (5) of step 1 – Coinbase will send you a verification email.

Here’s what you do.

The email will be from no-reply@coinbase.com. Select Verify Email Address in the email.
After you click this link, you’ll be taken back to Coinbase.com. If you’re using the mobile app, don’t worry, your smartphone will open the application automatically after you click the link.
You’ll then need to sign back into your account using the email and password you recently entered to complete the email verification process.

Easy, right!

Step 3 - Phone Number Verification

When you sign back in, you’ll be asked to add your phone number.

Select your country.
Enter the mobile number.
Click Send Code (computer) or tap Continue (mobile).
Enter the code Coinbase texted to your phone number.
Click Submit or tap Continue.
Choose your citizenship.

And this step is done!

If you don’t receive the code, select Resend-SMS.

To update your phone number after you’ve successfully registered, you can access this part of the application by going to ‘Security’ in your settings. Here, you’ll also be able to turn on Google Authenticator for added security.

When you’re logged in on your desktop, click ‘Security’ below and you’ll be taken straight to your ‘Security Section’

Step 4 - Personal Information

This is the first bit of the ‘KYC’ part we mentioned earlier.

Enter the information shown on your valid government-issued photo ID—The KYC process will require you to submit a photo of this ID so Coinbase can verify the information. Specifically, you’ll need to insert your:
- First Name
- Last Name
- Date of Birth
- Address
You’ll then be required to answer the following questions:
- What do you use Coinbase for?
- What is your source of funds?
- Current Occupation
- Employer
- Last 4 digits of SSN
Select Continue to finish the process.

Your application process is officially complete, however, there are two remaining steps before you can start investing your money – Identity verification and linking your bank account.

Note: To learn more about how Coinbase uses your information, see their Privacy Policy.

Step 5 - Verify Your Identity

Verifying your identity is fairly straightforward.

Sign in to your Coinbase account.
Complete ID verification.

Step 6 - Linking Your Bank Account

Instant verification

Your bank will likely provide you with instant verification through a portal that allows you to provide your login details. Typically, the company providing this service is called Plaid.

To link your bank account:

Log in and go to Payment Methods.
Select Add a payment method > Bank Account > Continue. You’ll then be presented with a screen where various bank logos are displayed.
Click your bank.
Enter your bank’s login credentials.

And Viola! Your bank account is linked.

When you’re logged in on your desktop, click ‘Payment Methods’ below and you’ll be taken straight to your ‘Payments Section’ aligned with your account.

Success!

You’re now set up with a Coinbase account and can begin your cryptocurrency journey.

Part 2 of this guide will detail the exact steps you will take to buy and safely store your first assets.

Key Terms

Written By

Bec Jones

By James Kouzinas