NZ Bitcoin Wallet Essentials | How to Set Up a Bitcoin Wallet

Sending bitcoin from your phone to your wallet

How to Set Up a Bitcoin Wallet | NZ Bitcoin Wallet Essentials

NZ Bitcoin wallet essentials. ⁠— If you are about to buy Bitcoin, it is imperative that you take time to learn how to store coins safely. Bitcoin is not like cash or investing in physical assets. If coins are ever stolen or sent to the wrong Bitcoin wallet address, they are lost forever.

Bitcoin wallet and leather wallet hybrid image

NZ Bitcoin Wallet Essentials – Before You Buy Bitcoin, Set Up a Bitcoin Wallet

The easiest and safest way to store Bitcoin securely is to set up a Bitcoin wallet before purchasing Bitcoin. For the most part, doing so is easy. However, there are different types of wallet available. It is, therefore, important to choose the best Bitcoin wallet for your budget and storage needs.

secure vault representing litecoin paper wallets

What Bitcoin Wallet Options are There?

NZ Bitcoin investors have four main Bitcoin storage options. Kiwis can store coins in-app wallets, web wallets, on hardware wallet devices, or using a paper wallet.

For most Kiwis, the most affordable and secure option is to use a desktop app wallet. With this in mind, I think the easiest and best wallet option for most new people to Bitcoin is the Exodus desktop wallet.

How to get Exodus Bitcoin wallet in NZ

Why Exodus?

Exodus is one of the world’s most trusted and favoured desktop app wallets. Unlike with other desktop wallets, it is also possible to use Exodus in conjunction with hardware wallets like Trezor. This is not necessary. However, doing so adds an extra tier of protection when storing cryptocurrencies.

It is also possible to sync desktop Exodus wallet applications with associated mobile apps. This allows users to spend and trade digital assets on the go via supported Android and IOS mobile devices.

Exodus Bitcoin wallet screenshot

Simple But Secure

If I were to recommend a Bitcoin Wallet in NZ, I would recommend Exodus. Exodus is free, ultra-secure, and the easiest Bitcoin wallet for non-crypto aficionados to start using. It is important however to know that since Exodus is a Hot Wallet, there is no way that we can 100% guarantee that it is bulletproof. Having used it for the past year, I have never had any issues, but there are safer wallets on the market.

  • Exodus is available in Mac, Windows, Mobile and Linux desktop operating systems.
  • The Exodus wallet stores all coin private keys locally. This means coins can never be lost or stolen by hackers unless they have physical access to your device or Exodus account.
  • Exodus allows Kiwis to trade cryptocurrencies directly inside wallets, without having to deposit cryptocurrencies on third-party exchanges. (There is a fee to do this, however.

Most importantly of all, Exodus is easy to backup and has an intuitive user interface. This makes it less likely that users will accidentally send crypto coins to incorrect addresses, or lose access to funds during a physical device failure.

Exodus bitcoin wallet on mobile

Exodus Wallet Basics

To start using Exodus, Kiwis first need to download the Exodus installer from https://www.exodus.io/. Installation takes seconds. After this, new users can deposit coins for storage immediately.

At present, Exodus requires Bitcoin or other coins to be deposited before wallets activate. After installing Exodus, new users should, therefore, send coins they already own to their new wallet. Once this occurs, users can backup wallet installations by generating a 12-word recovery passphrase.

In every case, it is important to store recovery passphrases separately from a device where Exodus installed. This prevents recovery phrases being lost in the event of devices being lost, stolen, or suffering a mechanical or software failure.

Easy Crypto homepage GIF

How to Buy Bitcoin to Deposit on Exodus

If you have never used a Bitcoin wallet previously, you may feel hesitant about depositing coins bought on Easy Crypto directly to wallets like Exodus.

Thankfully, Easy Crypto can deliver Bitcoin and several other digital assets in pre-made paper wallets delivered via email.

Paper wallets are the best option for long-term cryptocurrency storage. However, requesting a free paper wallet will allow you to easily deposit funds on Exodus when you are ready. Alternatively, Easy Crypto can deposit Bitcoin and other coins directly to preconfigured Exodus wallets. Just remember to immediately back up apps if you are receiving funds for the first time.