We all hear about cryptocurrencies in different media and even on the street, but not all of us know what this relatively recent term is. If you are new to the world of cryptocurrencies, what comes next will interest you.
Although if you already know, I advise you to read this guide equally because it will not leave you indifferent. The financial sector has been modernized considerably by introducing a new digital market where we can make investments and obtain greater benefits.
Thanks to the cryptocurrencies we can carry out operations with them in a simple way and from our desk. In 2009, the first cryptocurrency, Bitcoin, was launched, and since then many others have arisen that are equally valid to operate within this market.
Currently, one of the best ways to perform these operations is through Exodus, one of the best portfolios we can choose today.
- 1 What is Exodus?
- 2 How does Exodus work?
- 3 Security of the Exodus wallet
- 4 How to add cryptocurrencies to Exodus?
- 5 How to send and receive cryptocurrencies from Exodus?
- 6 Conclusions
What is Exodus?
Before we go deeper into this world, we have to know what Exodus is exactly in order to advance in this market of digital currencies and virtual financial services.
We could say that Exodus is a wallet created in 2015 by JP Richardson, technical director, and Daniel Castagnoli, creative director, who offers users these financial services, developing a simple but attractive system at the same time.
As they define themselves on their website, Exodus is “an all-in-one application to secure, manage and exchange blockchain assets”. The blockchain assets are also called digital currencies or cryptocurrencies, so that we can better situate ourselves in this new word without getting lost.
Exodus is a support that helps you make investments and where you can track the value of your assets in real time, as market conditions are constantly changing. This platform is the first portfolio that gives us the possibility to use it from our desk, a very comfortable and useful way to carry out these operations, giving us the necessary tools for this, in a simple and complete way.
A very important fact that we want to give you about Exodus is that the web portal that you provide us can be used all over the world since it is programmed in different languages such as, among others, English, German, French, Spanish or Portuguese.
This platform works mainly with a specific currency, Bitcoin, since it is the digital currency that has been running on the market longer and has a greater value. However, Exodus gives us the possibility to operate with other equally valid digital currencies, such as Dash, Ethereum, Litecoin, EOS or Dogecoin, among others.
Another advantage that has to choose this support to perform these operations is that it has integrated the Shapeshift system. This system is exclusive of Exodus and with it you will be able to carry out cryptocurrency exchange operations in an easy way.
Another feature that stands out of the digital support of Exodus, is the ability to change the theme of the application, thus allowing to have a more personalized portfolio and to our liking. Hence the touch of elegance that presume its creators.
To access this, we must go to the main page and click on the button that says “setting” (frame, scenarios). Then we will open a menu where you can choose not only the theme, but also between textures and colors.
The themes are pre-installed, so you can not install independent themes to those that exist. To choose the theme that we want to install, we just have to click on it and it will be applied immediately.
Exodus is a software platform currently available for download, which only works on Mac and Linux operating systems, and in the case of Windows, only for the 64-bit operating system. With it only you control your assets without banks, without intermediaries or institutional supervision.
Therefore, it is a very good digital portfolio to carry out digital financial operations with cryptocurrencies since it offers us some great services in a very simple way.
However, would you use a web portal to invest and carry out financial operations only with this data that we provide? No, right? What we all require from this type of platform is the guarantee of knowing that our money is only used by us, without others being able to access it by stealing or hacking our account.
Therefore, below, we will detail the security measures available to Exodus to ensure the welfare of its users and generate the full confidence that they can deposit in this digital support to increase the success of Exodus and users of said platform.
How does Exodus work?
At this moment and before going deeper into the operation of the Exodus platform, we have to say that this operation is very easy to use, since it is a very intuitive support and comes well detailed. In addition, to be able to select the language that we want, allows us a greater understanding of what on this platform they show us.
First of all, we must know that we have the possibility of creating a new portfolio (also known as wallet) or restoring an existing one, that is, that we already had before accessing this platform, and this through this application. In this case, we will go to the website of the platform where we can perform these actions.
Next, we’ll explain what to do according to whether you want to create a new portfolio or restore an existing one.
Restore portfolio: If you want to restore a portfolio that you already had before accessing the Exodus application, all you have to do is go to the main panel of the platform, in the middle of which is a button that says “restore from backup” that you should click, you must then insert the password that you have previously established and the 12 words that we explained in the previous section. As simple as that.
New portfolio: On the contrary, if what you want is to create a new portfolio, you should go to the main panel of the Exodus website and there, at the bottom of it, you will have the possibility to consult the assets that you have at the moment, including also the percentage that it occupies based on the total of cryptocurrencies or digital currencies with which you can work.
In addition, on the left side of the panel, you have a menu available with other options that you may require.
Once you have created a new portfolio, you must choose which cryptocurrency you want to perform the operations you want to carry out in the support. To do this, you must go to the “wallet” tab and choose among those available (Bitcoin, Dash, Litecoin, EOS, Ethereum, etc.).
Receive You must click on the button that says “receive” to receive any transaction and, in doing so, it will show you the address of your wallet and the QR code that you will have associated, which, in case you had doubts, is known as a quick response code, that is, a module for storing information in a dot matrix or in a two-dimensional barcode.
Send: If, on the contrary, you need to send funds to your own portfolio, you will have to insert the password, enter the 12 words and include an email address.
All these steps are the ones indicated for an adequate and perfect functioning of the platform that Exodus provides its users. It may seem complicated, but nothing is further from reality.
Once you do it for the first time following these steps that we have explained in the previous paragraphs, everything is very simple and intuitive, so that anyone can use it without having great computer knowledge.
But we have not finished explaining all the details of Exodus support, so to get the most benefits from this application, we still have to tell you several important details. One of those details is that we need to know everything about it.
Therefore, in the following section, we will tell you one of the things that we must influence based on this topic, and it is to know what we must do to be able to add cryptocurrencies to the system, something that we cannot pass because it is one of the most important points to know about the support we are talking about.
So, without further ado, we tell you below all the details of the operation of this new platform that is Exodus.
Security of the Exodus wallet
Knowing what Exodus is, a very important aspect that we should know about is the security measures it provides for its users. It is clear that one of the main reasons why people are afraid to enter the digital financial system on their own is the handicap of security.
If we do not see with total clarity that our money and our personal data are protected, we do not launch to carry out operations of this type for fear that these can be seen by anyone in the network and used fraudulently.
For this reason, Exodus offers us a series of security measures so that our data and operations are safe and only in view of our own eyes.
Several Passwords: More specifically, the main security measure that Exodus provides us is the insertion of several passwords when we perform operations on your portal. These passwords are personal and non-transferable, so the users themselves are the ones who create our own passwords.
The advisable thing is that these keys contain so many numbers as letters and that, of those letters, some are in small letters and others in capital letters, so that this way it is safer for us. Also, you can add some other type of characters.
Password Required Every Transaction: These keys will be requested every time we go to perform any type of operation on this platform, since the support does not have the option of storing them on the website, for greater security of users and thus prevent theft and hacking.
Therefore, once we have created our passwords, we should store them somewhere safe. A good option for this is to store in an encrypted file on our mobile phone or, if you see it too complicated or your terminal does not have this service, you can simply write it down on paper.
12-word System: With this, we can appreciate that Exodus is a very secure support with which to perform financial services without practically taking any risk in it. However, despite containing this security measure in terms of keys, it also offers another measure called the 12-word system.
This system, as it is derived from its name, is based on including 12 words, that is, in a random way, that have no relationship between them. In this case, it is the same procedure as with the keys, that is, every time we go to operate in Exodus support, we will ask for these words.
So once we introduce them for the first time, we must keep them safe for that we do not forget in the next operation that we perform in said platform.
This system is one of the newest in the digital market, one more reason to consider that the Exodus platform is the best option to operate with cryptocurrencies, since it is clear to us that they are strongly committed to the security of their users.
Trackability of Your Assets: Not only does Exodus appeal to the fact that it is a pioneer in different aspects of its service, such as seeing your assets in real time, operating with different digital currencies or performing these services from your desk.
Also what makes it even more attractive is that they have taken the trouble to have excellent security measures to keep their users safe from theft or fraudulent use of their data, thus making them feel safe and secure, when operating in this support.
If after reading all this you are interested in working with this support, we believe that it is time for you to know how this platform works for a greater knowledge of it and for you to be even more convinced that this support is right for you.
So if you are interested in continuing to learn more about Exodus, you just have to keep reading, because here we detail all you need to know to add cryptocurrencies to your portfolio on the Exodus platform.
How to add cryptocurrencies to Exodus?
The time comes when we want to carry out transactions with our wallet and, obviously, for that we must have cryptocurrencies to work with, since if we do not have these digital currencies in our wallet, this application will be of little use since we will not be able to carry out any kind of financial operation that this support offers us.
The question that concerns us now is how to add digital currency to our wallet. As we have highlighted before, in the main panel of the website that Exodus provides us we have the option of consulting the cryptocurrencies that we have available to be able to carry out financial operations and choose the ones that most interest us according to the moment in question.
When we know which digital currencies we want to use to operate in the support, we will have to choose them and add them to our own wallet. To do this, we must click on the button that says “wallet”, allowing these digital currencies to enter our virtual wallet in the correct way.
We want to remind you briefly, that in order to perform this operation of adding cryptocurrencies to our wallet, the Exodus application will require us to insert the password that we created at the time, that is, at the beginning, when we created our portfolio or when we restored an existing one.
We advise you not to work with many cryptocurrencies at the same time so as not to mix too many in the same purse and thus avoid problems when making the operations.
It is more advisable to create different wallets for each type of cryptocurrency, so it will be more convenient and easier. Normally, users prefer to use Bitcoins as the main digital currency, but, as we explained in previous paragraphs, Exodus allows us to work with many others. So, to add any of them to our wallet, choose the one that we choose, we must follow these steps equally.
As you have seen, it is essential to know in detail everything that includes the digital support that is Exodus. We already know what this platform is about, what is behind it, the security measures available to it, how it works and how to add digital currency to our Exodus wallet.
However, we still have the task of knowing how to send and receive cryptocurrencies from this digital platform, since Exodus gives us the possibility to carry out these actions, not only allowing us to use it as a purse to accumulate digital currency, but for more options that we will explain in the following paragraphs.
Therefore, in the last section of this article we are going to analyze this other movement that can be carried out in said portal, explaining all the steps you have to follow to send and receive digital currency. Below, we detail everything you need to know.
How to send and receive cryptocurrencies from Exodus?
In this section that we are going to tell you everything you need to know about how to send and receive digital currency from Exodus.
First, let’s explain how we can send cryptocurrencies.
The first step: For this, we will have to go to the main menu and click on the button that says “wallet”.
The second step: Next, we will have to select what currency we want to operate and then click on the tab that says “send”.
The third step: After giving that last button, we will find in the upper part of the main screen a box that puts the currency we have chosen and next to it the word “Address”, such as “Bitcoin Address” or “EOS Address”. At this specific point we must indicate the destination address where we want to send the cryptocurrencies.
The fourth step: Once the address has been inserted, we will have to add the number of digital currencies that we want to send and then, in the lower left part of the main page, the total number of cryptocurrencies that we will have in our portfolio will appear.
The fifth step: After making all these movements, we will return to click on the “send” button to correctly validate the operation we have made, but before concluding this action, Exodus will ask us again for the password that we generated at the beginning and also the 12 security words of which we spoke earlier.
The sixth step: To conclude the operation that we are carrying out, we will have to pay a commission of 0.30 dollars for each service we perform. This commission is intended for miners who are an important key when performing all these operations since they are the ones that examine the blocks and certify the transactions.
As you can see, the action of sending digital currencies with this system is very easy and fast and the additional cost is ridiculous.
On the other hand, if we want to receive digital currency, it will not be difficult since the procedure to follow is as simple as in the case of the previous transaction.
The first step: In this case, the first thing we must do is insert the address of the user account with which we are going to perform this operation.
The second step: Next, we will have to verify all the steps and be waiting for the other party to send us the cryptocurrencies that are necessary in this case.
Nothing else. Once again, this platform gives us facilities when it comes to making financial transactions through its digital support. Is not it great?
As we have said in previous paragraphs, Exodus allows us to make other movements, such as carrying out digital currency exchange. In the event that we want to perform this type of operation, we will have to do it directly through the Shapeshift platform that is integrated as a new feature in Exodus support.
The first step: To carry out this action, we will need to click on the button that says “Exchange”, and in the upper part of the screen that appears after pressing that button, we can choose the digital currencies that we want to use in this action.
The second step: Under the name of each of them we will find several options, such as “all”, “half” or “min” (minimum). What these options mean is whether we want to send all the funds, half of them or just a minimum amount, respectively.
The third step: Next, we have to include the amount that we want to exchange and in the lower part we can see the total of the transaction made.
The fourth step: To finish the operation, we will have to click again on the “Exchange” button and we will go to the operations history to check definitively if the operation that we have just done has gone well.
Therefore, if you have followed these steps, surely that operation has been carried out satisfactorily.
Knowing all that we have just developed about the Exodus digital support and knowing how simple, fast and convenient to use it, there is no doubt that this is a very useful platform, new and with security measures that make it very attractive even to the more distrustful of you.
It is one of the best wallets that we can find today in the digital financial market, being a wise choice for this support as the most appropriate to perform our operations with cryptocurrencies, as it offers a wide range of services to perform such actions with guarantee.
Obviously it is a portfolio that is growing and continuously receives updates on your system and that users must be updated to use the best tools possible that this support offers us. It seems that Exodus has pleasantly surprised us all and we hope it continues like this, improving its system with the passage of time and according to the needs of each moment.