What is a wallet and how to create one?

A cryptocurrency wallet is a place where you store and exchange your purchased coins.

Cryptocurrency wallets are special software programs that work with various blockchain networks. Crypto wallets work by allowing you to move funds around these blockchain networks while also giving you a chance to view your account details. It contains a private key made from letters and numbers that is corresponding to the cryptocurrency address of that wallet.

Cryptocurrency wallet addresses are public and anyone can check transactions on them; however, no one can link any of those transactions to your identity.

You should also keep in mind that transactions on Blockchain are irreversible, so once the funds are transferred, they belong to the wallet holder. Always be careful entering the wallet address, as mistakes might lead you to money loss

We currently do not provide a possibility to create a Paybis wallet on our platform, therefore, you should get one before initiating a transaction.

How to create a wallet

  1. Download a selected wallet to your phone or computer

  2. Set a password for the wallet and do not share it with anyone

  3. Set up a private key so that you alone can access the funds

  4. Use the wallet address to purchase your coins

Depending on the cryptocurrency you want to buy, we recommend using these wallets.

Electrum for Bitcoins (BTC)

Metamask for Etheureum (ETH)

Litecoin Core for Litecoins (LTC)

A few options for Tether (USDT)

Edge for Ripple (XRP)

Electron cash for Bitcoin cash (BCH)

Solar for Stellar Lumens (XML)