What is the Exodus wallet and how does it work? 

Many people in the Cryptocurrency space have no idea what is the best way to store their digital assists in a safe and secure manner. 

When you purchase your Cryptocurrency from any exchange like Coinbase,BitPanda,Bitstamp,Bittrex, Poloniex just to name a few, the best thing you can do is to take them off the exchange ASAP!!

Always Keep your digital assets safe and secure. 

Even though the exchanges are safe and offer high security, this is your money at the end of the day. You never know what could happen, the exchange could receive a cyber attack just for example. Then your coins would be in danger or worse case lost. 

Not that would be your fault, but it is always better to be safe than sorry is all I am saying. 

One of the ways I like to know that my coins are safe is storing my coins on the EXODUS WALLET which is an app you can download onto your computer. 

You can download this for free on your desktop here https://www.exodus.io/   ( No mobile version just yet)

Exodus is a slick and very user friendly app. It costs nothing to download and you can store multiple Cyptocurrencies on there from, Dash, Litecoin,Golem,Ethereum,Bitcoin ,Augur, Dogecoin & Decred.  

Exodus was created to shift power back to you to control your assets – with no banks, no brokers or institutional oversight. Store your coins on your computer and know they are safe & secure. 

My number one advise for storing coins on your computer  though is to please, please back them up. Purchase yourself and external wallet like Trazor  –  https://trezor.io/  ( I will cover this more in another post soon) 

Once you have downloaded the app,  time to set up your wallet. 

  • Set up your profile under Portfolio
  • Chose your theme/ many different styles & backgrounds
  • Click on Wallet to open up the coins available right now as listed above
  • Chose which coin/ wallet you want to fund. 
  • Deposit Funds 
  • For e.g Bitcoin -click on receive , copy address and take that to your external wallet where you purchased your coins. You will need to enter your Exodus Recieve wallet address into your send section e.g Coinbase and you can then send your coins across to Exodus to keep them secure and safe on your computer.

I really love Exodus because it is the only wallet that I know that has Shapeshift (more to come on this soon too ) intergrated already in to help you can swap any of the currencies on the fly,.

 This is very easily, very fast, no hassle or technical knowledge required. 
Exodus is designed to make exchanging blockchain assets easy. Similar to exchanging currencies when traveling to a foreign country, Exodus allows you to choose the amount you want to exchange and all the details of the exchange are automated behind the scenes.
Once an exchange begins Exodus sends your assets to our exchange partner ShapeShift. ShapeShift processes your deposit and sends back your receiving assets. Exodus shows this process in two steps, with a spinning activity circle, highlighting your current progress as the exchange takes place.

Step 1 – Sending

This is the first step once the exchange begins. During step 1 Exodus packages up the exchange order and sends your assets to our exchange partner ShapeShift. This step typically takes under a minute.
Once this step is complete, and the progress circle moves to step 2, you will see your Exodus balance temporarily decrease for the amount of your exchange. 

This process is similar to going to a bank to exchange dollars for euros. 

There is a brief moment of time when you hand over your dollars and are waiting for your euros back. It is during this time you no longer have possession of your dollars and your Exodus balance reflects this decrease while waiting for the exchange to complete.
This is normal behavior and your balance will increase back up again once the exchange process completes and your new assets are deposited into your Exodus wallet. 

Step 2 – Exchanging

This is the second step in the exchange. This process takes the longest and is where you will spend most of your time if you are watching the exchange process. When exchanging, each asset has a settlement time that ranges between 30 minutes up to 1 hour. What this means is there are different wait times for your exchange to complete. The slowest of these wait times is Bitcoin with the fastest being Ethereum. Your wait time for the exchange to complete is based on what asset you are sending in or exchanging and NOT what asset you are receiving. 

   
Exodus offers one the best wallets out in the market place in my opinion to Keep track of your portfolio, exchange coins on the fly. You can have multiple coins all in one place that you can control. Your Future Wealth really is secure with this All-in-one app that allows you to manage and exchange your blockchain assets is just brilliant. 

TIP – BACK UP YOUR ASSETS – JUST IN CASE SOMETHING EVER HAPPENED TO YOUR COMPUTER.. 

if you would like to know anything else out about how Exodus works, please get in touch and we will be happy to help you in anyway. 

The Crypto Pro’s

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About The Crypto Pro's (28 Articles)
We are the Crypto Pro's team educating and training people on the new currency & economy t come. There is about to be a major shift in the world that will impact many lives. This is the biggest invention of our lifetime so far & we want to help you understand how it works and how you can benefit from this too. Cryptocurrency & the Blockchain will change the world as we know it. So take your time to go through the training's and articles we are here to help you all the way.

4 Comments on What is the Exodus wallet and how does it work? 

  1. Check out also Jaxx wallet. It has had ShapeShift for a long time and works also on mobile.

    Like

  2. Excellent article and again learning so much for you. Appreciate all the time and effort you put into making us understand how powerful and amazing cryptocurrency and new wallets are.

    Like

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