Setting up a cryptocurrency wallet is easy with Uphold, here's how to get started:
The way we interact with money is changing. Part of that is because currency itself is changing, cryptocurrencies are fast becoming appealing to consumers and investors everywhere. Technology has also evolved, with new and seamless ways to conduct transactions from the convenience of a digital wallet.
You may be asking why cryptocurrencies over the traditional USD or GBP? They offer security, faster transaction speeds, and they can be potentially valuable as investment assets. With a digital wallet, they’re also accessible and easy to use.
We’ve created an easy to understand summary of Uphold along with a guide which summarizes how to create a digital wallet.
What is a Digital Wallet?
Digital wallets are just like physical wallets, a place where you’d hold an assortment of credit cards, debit cards, store-specific charge cards, and cash money—enabling you to always have multiple ways to pay for goods and services at all times.
Digital wallets have many of the same virtues, except instead of carrying a physical wallet--your funds exist online or on your phone. With an Uphold digital wallet, you can select from a variety of “cards” that contain the ability to send and receive money instantaneously. Not only does your Uphold account allow you to make use of digital money transfers, but it also makes it easy to keep track of both fiat currencies as well as bitcoin, ethereum, and six other cryptocurrencies.
What is Ethereum?
Developed by Vitalik Buterin, Ethereum was designed for ideological purposes to solve many of the problems Buterin saw with the Bitcoin network. In 2013, when Buterin unveiled Ethereum, it wasn’t meant to be used exclusively as a cryptocurrency. Rather, the intention was to create a programming language, aimed at facilitating a more “accessible, freer, and more trustworthy Internet” across the planet.
Five years later, Ethereum is indeed much more than a cryptocurrency; it’s a whole online ecosystem, one where developers and dreamers can freely tinker with ideas and push for decentralized global computing power.
Setting Up Your Ethereum Wallet on Uphold
There are just three simple steps you’ll need to keep in mind when creating an Ethereum card on Uphold.
1. Sign up for an Account
First, you’ll need to sign up for your account. Visit the Uphold signup page and fill out the form provided; you’ll just need your name, date of birth, email address, and mobile phone number to get started.
2. Verify Your Identity
Once you complete the registration form, you will have an Uphold account. However, you need to verify your identity before you can access the full range of features. For instance, members who have not yet verified will have a transaction ceiling of $1,000.
To become verified, click on the membership tab and then select start. You’ll be asked to provide the following:
- Your current physical address
- A clear photo of your face
- If you’re a resident of the U.S. your Social Security Number or Tax ID Number
- An upload of your valid government issued ID—a passport, driver’s license, etc.
3. Organize your Dashboard
Once you’re verified, you’re ready to organize your dashboard. You can add individual “cards” to your Uphold wallet—including an Ethereum card. Each card represents your holdings in a specific currency, so you’re free to add whichever cards interest you—whether that’s Ethereum, Bitcoin, or something as mundane as US dollars.
4. Add An Ethereum Card
Ready to create your Ethereum card? All you have to do is look to the right tab of your dashboard, then select Add Card/Currency. You can then name the card and select the currency that it’s associated with. By clicking on the card, you can add funds—whether from an existing bank account, credit card, or cryptocurrency address.
Uphold makes it easy to create an Ethereum wallet, or to expand your wallet portfolio with over 30+ different traditional and cryptocurrencies. Using these simple steps, you can use your Uphold wallet to discover a whole new world of digital money. Crypto transactions and member-to-member digital money transfers have never been easier than they are today.
This article should not be used as or considered investment advice. If you have questions regarding cryptocurrencies, tokens or any financial investments please consult your financial advisor.