How trustworthy is the Exodus blockchain

Exodus wallet experiences 2021

Exodus is a very innovative wallet for many different cryptocurrencies. Downloading and installing the wallet takes less than five minutes. Exodus is a light wallet, which ensures that the wallet is quick to set up and ready for immediate use. What is a light wallet? Exodus does not store the complete blockchain of all integrated cryptocurrencies such as Bitcoin, Ethereum etc. but only serves as an interface to the cryptocurrency networks. Only the keys (public & private key) are managed in the wallet. A verification of the payments via the blockchain does not take place directly in the wallet, but Exodus is connected to the networks via various interfaces.

The wallet currently supports 8 different cryptocurrencies: Augur, Bitcoin, Dash, Decred, Dogecoin, Ethereum, Golem & Litecoin.

Setting up the Exodus wallet

The Exodus wallet is downloaded, installed and ready to use in less than five minutes.

Step 1 set up the Exodus wallet: download and installation

Step 2 Set up the Exodus wallet: Send bitcoins or altcoins to the wallet.

Immediately after installation, the wallet is ready for use and Bitcoin or Altcoins can be sent to the wallet. To do this, go to the menu item “Wallet”, select the appropriate currency and click “Receive”. Your own wallet address is displayed here, with which, for example, Bitcoins can be received.

Immediately after sending the coins, they appear in the wallet. As long as no sufficient confirmation has been made by the network, the payment will still be marked as "pending". This can now take up to several hours, depending on how congested the network is. Normally it takes between 30-60 minutes for Bitcoin and between 5-45 minutes for Ethereum.

Only when the confirmation has been carried out by the network is the corresponding cryptocurrency on the wallet available for free use.

Step 3: Set up the Exodus wallet: Backup

Only after the first cryptocurrency has been paid into the wallet can a backup be set up for the Exodus wallet. The first thing to do is to set up a password for the wallet. This protects the wallet from unwanted access.

Attention: The password should be kept very safe, because there is no way to restore the password if it is lost.

In the third step of the backup, twelve phrases are displayed that are used to restore the wallet (not the password!) In the event that the wallet is lost. These phrases should also be well saved and printed out.

In the fourth and last backup step, an email address is given that makes it possible to restore the wallet, even if the computer is no longer accessible.

Exodus Wallet Exchange: Exchange cryptocurrencies

Another integrated function in the Exodus wallet is the exchange option. Through the integration of the Shapeshift provider, Bitcoins can be exchanged for altcoins or altcoins with one another very easily. We particularly liked this function, as it can be used very easily and without further registration.

An exchange order is created in three steps, after which Shapeshift automatically carries out the barter in the background and transfers the exchanged coins directly back to the Exodus wallet.

Disadvantage of the Exodus wallet: Insufficient privacy

A big disadvantage is the lack of privacy of the wallet, because a new address is not generated every time to receive Bitcoin, Ethereum or other Altcoins, but the same address is always used. Every transaction of the Bitcoin wallet is recorded in the blockchain and is also visible to everyone. This means that everything from the first transfer to the last transaction can be traced in the blockchain. This means that anyone who has sent coins to the address can see the complete history and current balance of the wallet.

If you are interested in buying a cryptocurrency, we recommend looking at these coins:

Bitcoin
IOTA
Ripple
Ethereum
Tron