Exodus Wallet: a great wallet for PC

What is a Wallet?

A wallet is equivalent to a wallet where we can place the private keys of our cryptocurrencies and be the sole managers and owners of them.

Understanding the difference between different wallets is crucial to be clear about the rights and duties we will have on our digital currencies.

For this reason, here is a highly recommended article on cryptocurrency wallets.

Exodus Wallet: how to create a new wallet

Before creating an Exodus Wallet, it is necessary to have a backup of the Seed Phrase given to us by the app. Since this process is prior to downloading the app and is not shown immediately after downloading it, below you can find a bulleted list of each task that needs to be done for the backup:

1. Download the app from the official Exodus website. Choose the type that suits your operating system.
2. Install the application via the
3. Open the application from the desktop shortcut
4. Click the Backup button located in the top bar
5. Create the password and confirm it
6. Save the 12 words that make up the seed phrase given by the application
7. Confirm the retry of the application

Once you have made this backup you will be ready to send cryptocurrencies to your Exodus wallet.

Below you can see an image of the screen you should see once you click on the Backup button (item 5 in the list).

Exodus Wallet: how to import an old wallet

In case you have changed computers or uninstalled the app, importing an old Exodus wallet into the app is simple: just install the app and in the Portfolio section click on the Already have a wallet? button.

Following the process that the app asks us to do, we will arrive at a window where we can enter the Seed Phrase that we must have saved in a safe place once we created the original wallet. Once we confirm the operation and answer Exodus’ confirmation question, we will have imported the old wallet into the application.

How to use Exodus

Exodus has a really unique design, with its dark themes and colorful icons makes it very easy and straightforward for the user to use .

The wallet window is divided into two parts one on top of the other: the top part represents the Menu and will make the part underneath change according to the window we want to access. Let us now make a list of the various buttons in the Menu and give them a brief explanation so that we can move freely within the app:

• Exodus Logo [Home]: by clicking on the app logo, we will return to the main screen that Exodus sets as “Wallet”
• Wallet: In this window we can see the % of coins within our wallet represented with a pie chart, and the price of coins currently.
• Wallet: In this section we can find the coins within our wallet and send or receive more coins. We can view the coin graph and, if we click the 3 vertical dots symbol in the upper right, export the address and perform some operations.
• Swap: allows us to exchange cryptocurrencies through the built-in wallet function (fees are definitely high).
• Fiat Onramp: allows us to buy cryptocurrencies by paying directly in fiat currency, relying on third-party services that Exodus relies on. Beware of costs.
• Reward: allows us to natively staking some of our coins and earning a passive interest on them. In this case, watch out for risks: best to know the staking well before proceeding.

Exodus Portfolio: visualize the portfolio

This screen allows us to view our portfolio and the percentages of the cryptocurrencies that are part of it. The first representation we see of these percentages is through a colored pie chart, but we can change the chart by giving it other shapes, as well as view the current market price of our coins and the results they have had in the last few days.

Exodus also gives us the ability to view the interest rates that we will get by staking coins that have the ability to do so through the Reward function, which we will see more about in the specific section.

This wallet is capable of being able to hold more than 90 different types of cryptocurrencies within it.

Wallet: Send or receive coins

Through the “Wallet” window we can see both the coins within our wallet (as in the portfolio window), but also send or receive cryptocurrencies. In fact, by clicking on one of the coins in the list, the send and receive keys for that coin will appear.

In this screen you will also be able to export the private keys of each individual coin. In fact, Exodus holds private keys for each coin within it and, as a result, we will not have a single wallet address, as is the case on MetaMask, for example.

To do this we would have to click on the three vertical dots in the upper right corner, click on the View Private Key button, enter the password and finally copy it.

Swap: exchange coins

Through this built-in feature of theExodus Wallet bitcoin, we will be able to exchange our coins without having to move from the wallet.

Exodus imposes a minimum coin threshold for us to exchange through its Exchange and there is always a 1% spread that is spent by the user using it anyway.

The operation is quite simple: we select the coin we want to transform and the coin we want to get, the amount of the respective coins, and then we confirm the transaction. Nothing could be easier.

Reward: staking assets

The Earn function through the app extension “Reward”, is really simple and straightforward to understand. Basically, the app natively stacks coins that are capable of doing so and gives us a portion of the rewards that we will get as rewards. Since Exodus does all the work, it will keep a portion of these rewards.

But what does it mean to staking our currencies and why should we be credited an interest for doing so?

Let us start by saying that every cryptocurrency is backed by a blockchain. The blockchain is a distributed consensus ledger, where each validator is responsible for confirming and creating a new block on the chain. The work done by validators in order to achieve their purpose differs depending on the algorithm that the blockchain in question uses. The most famous and widely used algorithms are of two types: Proof of Work (PoW) and Proof of Stake (PoS).

Proof Of Stake, which is the one we are interested in here, works by staking (locking) one’s coins: the user binds his or her coins with the purpose of creating a validator node and consequently playing the role of controller of the blockchain. For this work the network rewards us , paying us in tokens of the network we are validating (e.g. ADA for the Cardano network ).

Then, when we enter coins using PoS within Exodus Wallet, the application joins them with other users’ coins and creates a validator node, to earn and passive interest that will be paid by the network itself.

Coming back to the Reward feature of Exodus, understanding how it works is really simple, in fact to use it we will not need to do anything, we will just deposit the minimum threshold required by the application of coins using Proof of Stake and we will gradually receive rewards for leaving them inside the wallet.

Settings: customize your Exodus wallet

Through the Settings page , we can modify several aspects of our Exodus Wallet. Once we press the button with the gear symbol, we would access a horizontal menu that gives us several possibilities. Since no great explanation is needed to understand what is inside each window, we will briefly describe each one:

• Assets: here it will be possible to add or remove cryptocurrencies from the list present in the “Portfolio” screen
• Apps: here we will be able to download or uninstall the extensions seen previously
• Devices: we can synchronize other Exodus Wallets by scanning a QR code, or create a bridge between the Trezor hardware wallet and Exodus
• Customize: in this window we can customize any aspect of our wallet, including the background texture.
• Security: gives the option to lock the wallet after a number of minutes passed without using it
• Backup: we can change the password we have chosen or revise our Seed Phrase

Conclusions and reviews of Exodus Wallet

Exodus Wallet is one of the best Cold Wallet software in the world and we can see this from several aspects seen above.

It works perfectly for any person who wants to deposit and “hold” their crypto for a long time or even just for a period.

It is very intuitive, as well as having a design that, between you and me, is perhaps the coolest wallet we have ever seen!

The ability to receive reward from staking coins without having to do anything, except deposit them, is definitely a plus of this application. Also, since Exodus is a Light Wallet we will not need to take up valuable space on our hard disk to download the past history of each coin.

The downsides that Exodus has are essentially two:

1. The fact that it is not an open source application. In a world where digital security and privacy are becoming increasingly important, open source should be a must-have.
2. The inability to enable 2-factor authentication, a must-have now present in almost all competing applications. This time, we are talking about a limitation is very important and not negligible.

Overall, Exodus works great and the team of developers working on it is doing a great job of keeping it constantly updated and secure.