Cryptocurrency wallets are essential for securely storing digital currencies. One of the popular options for crypto users is Jaxx Liberty Wallet. It supports over 80 cryptocurrencies, including Bitcoin, Ethereum, and many altcoins. The wallet is designed to be user-friendly while ensuring high levels of security and privacy. In this guide, we will walk you through the steps to set up and use Jaxx Liberty Wallet, from installation to performing your first transaction.
What is Jaxx Liberty Wallet?
Jaxx Liberty is a multi-currency wallet that lets you manage your crypto assets in one place. It offers several benefits, such as support for multiple coins, easy-to-use interface, and high security. The wallet allows users to store, send, receive, and exchange cryptocurrencies seamlessly. It also uses ShapeShift integration to facilitate crypto exchanges within the app, making it even more convenient.
The wallet stores your private keys locally on your device, meaning you have full control over your funds. Jaxx Liberty also generates a 12-word backup phrase that can help you recover your wallet in case of device loss or failure.
In this guide, we'll show you how to get started with Jaxx Liberty Wallet.
Step 1: Download and Install Jaxx Liberty Wallet
The first step is to download and install Jaxx Liberty Wallet. It is available for both mobile and desktop platforms. The installation process is simple and takes only a few minutes.
For Mobile Users (iOS and Android)
- Go to the App Store (for iOS users) or Google Play Store (for Android users).
- Search for "Jaxx Liberty Wallet."
- Tap on "Install" and wait for the app to download and install.
For Desktop Users (Windows, macOS, and Linux)
- Visit the official Jaxx Liberty website at jaxxlibertywallet.com.
- Click on the "Download" section.
- Choose the appropriate version for your operating system (Windows, macOS, or Linux).
- Once downloaded, run the installer and follow the instructions to complete the setup.
After installation, open the wallet app on your device to start the setup process.
Step 2: Create a New Wallet
When you first launch the Jaxx Liberty Wallet app, you’ll be asked to create a new wallet. This is an important step because you need to ensure that your wallet is secure from the beginning.
How to Create a New Wallet:
- Open the app and select "Create New Wallet."
- The wallet will generate a 12-word backup phrase. Write down these 12 words in the exact order they appear. This is the most important part of the setup process, as this phrase is your only way to recover your wallet if your device is lost or damaged.
- Store the backup phrase securely in a physical location, such as a secure piece of paper or a hardware wallet. Never store this phrase digitally or share it with anyone.
- After confirming the backup phrase, your wallet will be created.
Step 3: Secure Your Wallet
The next step is securing your wallet. Jaxx Liberty Wallet provides several options to ensure that your funds are safe.
Set a Password
- You can set a password to lock your wallet app. This adds an extra layer of security. Choose a strong, memorable password and avoid using common phrases or simple passwords.
- Enter your password and confirm it when prompted.
Enable Backup and Recovery Options
Once you’ve set your password, you’ll be asked to confirm your backup phrase again. This step is crucial to ensure that you can recover your wallet if necessary. As a precaution, consider keeping a digital copy of your backup phrase stored securely, such as on an encrypted USB drive.
Step 4: Add Cryptocurrencies to Your Wallet
Now that your wallet is set up, you can start adding cryptocurrencies. Jaxx Liberty supports over 80 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. Here’s how to add them:
How to Add Coins:
- Open the wallet and click on the "Add Coin" button.
- Browse through the list of supported cryptocurrencies and select the ones you want to add to your wallet.
- Once selected, the coins will be added to your portfolio.
Each coin has its own wallet address, which you’ll need to send and receive funds.
Step 5: Sending and Receiving Cryptocurrencies
Jaxx Liberty Wallet makes sending and receiving cryptocurrencies a straightforward process. Whether you’re sending funds to another wallet or receiving payments, the process remains the same for all supported coins.
Sending Cryptocurrency:
- Select the coin you want to send from the wallet.
- Click on the "Send" button.
- Enter the recipient’s wallet address. Ensure that the address is correct to avoid losing funds.
- Enter the amount of cryptocurrency you want to send.
- Double-check the transaction details and confirm the transaction.
Receiving Cryptocurrency:
- Select the cryptocurrency you want to receive.
- Click on the "Receive" button to generate your wallet address.
- Copy the address or scan the QR code and share it with the sender.
Once the transaction is complete, you will see the funds in your wallet. Transactions typically take only a few minutes to confirm, but the time may vary depending on the network.
Step 6: Using ShapeShift to Exchange Cryptocurrencies
Jaxx Liberty Wallet integrates ShapeShift, a platform that allows you to exchange one cryptocurrency for another without the need for a third-party exchange. This feature makes it easy to swap between different coins directly within the app.
How to Use ShapeShift:
- Go to the "Exchange" tab within the wallet.
- Select the cryptocurrencies you wish to exchange (for example, Bitcoin to Ethereum).
- Enter the amount you want to exchange.
- Review the exchange rate and transaction fees.
- Confirm the transaction, and the wallet will handle the rest.
ShapeShift processes the exchange quickly, and your new cryptocurrency will be available in your wallet once the transaction is complete.
Step 7: Backup and Restore Your Wallet
It’s important to regularly back up your wallet to avoid losing your funds. In case you lose access to your wallet or need to restore it on another device, you can do so by using your 12-word backup phrase.
How to Backup Your Wallet:
- Open the wallet app and go to the settings menu.
- Select the option to "Backup Wallet."
- You will be prompted to write down or store the 12-word recovery phrase again.
- Ensure the backup is stored securely in a safe place.
How to Restore Your Wallet:
- If you need to restore your wallet, open the Jaxx Liberty app on your new device.
- Select "Restore Wallet."
- Enter your 12-word backup phrase to recover your wallet.
- Your funds and transaction history will be restored.
Step 8: Keep Your Wallet Secure
Security is one of the most important aspects of using any cryptocurrency wallet. Jaxx Liberty Wallet offers several ways to enhance security beyond the basic password and backup phrase.
Enable Biometric Authentication (Optional)
For added security, you can enable biometric authentication, such as Face ID or fingerprint scanning, depending on your device. This adds an additional layer of protection when accessing your wallet.
Use Hardware Wallets for Increased Security
If you plan on storing large amounts of cryptocurrency, consider using a hardware wallet for added security. A hardware wallet stores your private keys offline, making them immune to online hacking attempts. Jaxx Liberty Wallet supports integration with hardware wallets, so you can manage your funds securely while using the app.
Conclusion
Jaxx Liberty Wallet is a great choice for anyone looking to store, manage, and exchange cryptocurrencies. The app is user-friendly, secure, and supports a wide range of cryptocurrencies. With its backup and recovery options, as well as the ShapeShift integration, Jaxx Liberty offers a seamless experience for both beginners and experienced crypto users.
By following the steps outlined in this guide, you can easily set up Jaxx Liberty Wallet and start using it to manage your digital assets. Whether you're sending, receiving, or exchanging cryptocurrencies, Jaxx Liberty provides an all-in-one solution to meet your needs.
Always remember to secure your backup phrase and use strong passwords to protect your funds. Regularly back up your wallet and consider using additional security features like biometric authentication or hardware wallets for extra peace of mind.