A cryptocurrency wallet is a piece of software used to access and exchange your purchased coins. You need one to purchase crypto on Paybis.
It contains two sets of keys: private and public. Both keys are a string of letters and numbers only associated with your wallet.
The private key is used to access your cryptocurrency. It must be kept safe and secret; whoever has it can access your crypto. Likewise, you cannot access your crypto if you lose it. There is no central authority who keeps all the records, so you cannot call anyone to restore your access.
The public key can be freely shared; it is impossible to derive your private key from the public key.
Your wallet also has an address, derived from the public key. It is public, and anyone can check all transactions involving this address. Paybis will ask this address and only this address to send you the cryptocurrency you purchased.
You should also keep in mind that crypto transactions are irreversible: once the funds are transferred, they belong to the wallet holder. Always be careful when entering the wallet address, as mistakes might lead you to lose your money.
We currently do not provide any way to create a crypto wallet on Paybis platform. Therefore, you should get one before initiating a transaction.
How to create a wallet
Download the selected wallet to your phone or computer
Set a password for the wallet and do not share it with anyone
Set up a private key so that you alone can access the funds
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)