What is Exodus?
Exodus is a non-custodial multi-coin wallet that allows users to secure, manage, and exchange their favorite cryptocurrencies such as Bitcoin, Ethereum, Cardano, and more. This is done from a beautiful, simple to use crypto wallet that puts the user in control of their wealth. The Exodus wallet encrypts the users private keys locally on their device, with no one else able to gain access. The wallet even allows advanced users to view and backup their own private keys if they wish. As they say, “not your keys, not your coins”, with the exodus wallet, no one else has access to your private keys or coins. This means you are truly in control and are your own bank. With this comes great responsibility, should you lose access to your wallet, no one else has access to help you restore it. This however is never a problem as long as you backup your seed phrase, given to you when you first create a new wallet. With this seed phrase, you can restore your wallet on any new device should you lose access to your old one.
How to Install and Set Up Exodus
First, you will want to visit the official Exodus wallet website, and download the wallet. The wallet is available to download for Windows, Mac, Linux, as well as Mobile via the Google Play and Apple App Store. Once installed you will be greeted with the Welcome to Exodus screen as shown in the first image above. At this point you can make your first crypto deposit to the wallet, or head to the backup tab to make a backup of your wallet before receiving funds.
Securing Your Exodus Wallet
Before we start using the wallet, it is a good idea to make a backup first. Should anything go wrong, your backup has already been made and your funds will forever be safe and secure. As shown in the second image in the slide above, click on the Backup link in the top right of the wallet page.
Note: You can install the same wallet on multiple devices, PC and Mobile for example. As long as you use the same seed phrase it will generate the same wallet and addresses.
Next you will be prompted you to create a password, this will be the password you must enter every time you open the wallet. As shown in the third slide, you will then be asked to write down your seed phrase for the exodus wallet. This is the single most important thing you must do to secure your funds. If your lose access to your device or wallet for whatever reason, this seed phrase will be what allows you to restore your wallet on a new device. It is recommended you write this seed phrase down with a pen and paper, and store it safely offline. Never share this seed phrase with anyone, as anyone with access to it, can restore your wallet and access all the funds available.
Note: Even if you forget your wallet password, you can restore the entire wallet with this seed phrase. But if you lose access to the seed phrase, no one will ever be able to recover your wallet again.
Exploring Your Exodus Wallet
As shown on the next slide in the fourth slide in the images above, the exodus wallet is very clean and simple to use. Use the send button to send funds, and Receive to show your bitcoin address. On the right on the page for each coins, you will see advanced options that allow you full control over your crypto, including full access to your private keys.
Note: Never give your private key to anyone, the private key is what allows the wallet to spend your funds. You receive bitcoin with your public key, as that is always safe to give out. Public keys can only receive bitcoin, while it takes the private key to spend them.
Exchanging Coins Within The Exodus Wallet
On the fifth slide above, you will see that you can exchange coins directly from within the Exodus wallet. This wallet holds nearly all major crypto coins and tokens, and allows you to exchange them with the click on a button. Be mindful that this service does take a small portion of the exchange for a fee. While this fee is usually small, you will want to compare the rate you are getting with that of other popular exchanges.
Access Developer Tools
There is a little hidden trick in this wallet, that will allow you to access the developer tools. If, when within the wallet, you hold down CTRL + SHIFT + D, the top menu will appear allowing you access to some hidden tools reserved for developers.
Exodus wallet also allows in wallet staking for many of the your crypto assets. This means you can start earning staking rewards and interest directly from within the wallet for several of your top crypto assets.
Not 100% Open Source
While this wallet has been around for several years, is extremely popular, and is highly trusted by many in the crypto community, it is important to note that the code is not 100% open source. That may be the only downside for some who seek a fully open source wallet.
According to the team, many parts of this wallet are open source, but they do keep some of the code private, as they have understandably put a lot of work into this wallet, and don’t want others to just copy what they have done.
This wallet offers so much, its actually hard to cover everything. The main takeaways are, the wallet is clean, attractive, and easy to use. While not 100% open source, it is compatible across nearly all devices, and a top rated multi-coin wallet. This is also a wallet I have personally used and have enjoyed for many years.
My only personal complaint would be, the team is so good at keeping things updated, it feels like the wallet is always changing. Just when I get used to the look and feel, it seems to change with the next update. Otherwise, it really is the most attractive looking wallet to date, and the mobile wallet looks great as well.
Watch the video below for a more detailed look into the exodus wallet, or click one of the links to go directly to the official website at: https://www.exodus.com