Different digital wallets have different compatibility with coins and tokens. So it’s not always easy to know just exactly what digital currencies you can store in your wallet, and how to make that theory a reality.
Let’s take a look at the digital currencies supported in the Coin Cloud Wallet app, and how you can activate each wallet step by step.
Obviously, you can store and use Bitcoin in the Coin Cloud Wallet app. I mean, a digital currency wallet without Bitcoin compatibility is kind of useless.
Bitcoin Cash was created from a fork in the Bitcoin blockchain, so it’s similar but different. Bitcoin Cash is much faster, with bigger block sizes, so it’s designed for everyday purchases like buying a cup of coffee. It’s a better medium of exchange than Bitcoin, but it also isn’t worth even close to as much, and doesn’t really offer investment opportunities. So Bitcoin is a better store of value.
Just remember this rule of thumb: HODL Bitcoin and spend Bitcoin Cash.
The third type of wallet you can create immediately is Ethereum, the second-biggest cryptocurrency next to Bitcoin. Ethereum is unique because it’s actually a smart-contract platform that lends its blockchain to thousands of other projects including stablecoins, tokens, DeFi projects, NFTs and more.
To create your Bitcoin (BTC), Bitcoin Cash (BCH) or Ethereum (ETH) wallet, click on the wallet icon at the bottom of the screen. Touch the three dots top right, and choose “Create a new wallet.” You will have the choice between creating a “Simple Wallet” or “Shared Wallet” (which is multi-sig, meaning nothing happens unless everyone agrees). You can also “Join Shared Wallet” from an invitation, or “Import Wallet” which requires your 12-word recovery phrase.
We’re going to look at “Simple Wallet” because it’s the easiest and least complicated option. Choose “Simple Wallet” and then “Select Currency” (BTC, BCH or ETH). Name your wallet, and tap “Create.” Boom, done!
If you think those three digital currencies are the only options in the Coin Cloud Wallet app … you haven’t unlocked the second level of options yet! You can also store a selection of stablecoins and other ERC20 tokens:
To create your ERC20 wallets, which use the Ethereum blockchain, you need to have an Ethereum wallet first. Once you create an Ethereum wallet, you can go back in to create a new wallet, and you’ll see the option to create wallets for the tokens.
Choose “Simple Wallet” and then “Select Currency” (USDC, PAX, GUSD or BUSD). Next you’ll be asked to choose an Ethereum wallet. Tap on your Ethereum wallet and your token wallet will be created. When you click on the stablecoin wallet, you’ll see that it’s linked to your Ethereum wallet.
If you want to rename or hide any of your created wallets, choose the settings icon at the bottom of the screen. Under Crypto Wallets & Keys, select the Key. Choose the wallet and click on its name to rename it. You can also toggle the “Hide Wallet” and “Hide Balance” options on and off.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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