How To Send & Receive Cryptocurrency with Universal Wallet

Whether you are just entering the cryptospace or are a veteran, sending and receiving cryptocurrencies can be a daunting experience. The Ethos Universal Wallet simplifies the often cumbersome task of sending and receiving cryptocurrency.

At some point, most of us have worried about inputting the wrong public key address, being redirected to a phishing site and having our private keys compromised, or struggled to determine how much gwei (gas) is needed to complete a transaction. Fear no more, the Universal Wallet is here!

The Universal Wallet enables you to safely and securely interface with tokens across multiple blockchains. Let’s explore how SmartKeys enable your SmartWallet to exist and grant you access to the funds stored within it.

SmartWallets are secure by combining the best of the BIP32, BIP39, and BIP44 technologies, respectively. Your SmartKey will never touch the internet and is not stored by Ethos. Ethos cannot authorize or spend any of your funds without your SmartKey, only you have control of your assets.

This is what we mean by self-custody, you control the keys.

After setting up your first SmartWallet and documenting your SmartKey, creating new wallets and storing your assets is as simple as 1, 2, 3!

1 – Create as many SmartWallets as you want2 – Select a coin from the coin library to generate an address in the SmartWallet3 – Send the coins to your wallet!

Yes, it’s that simple!

But let’s break it down a little more and walk through the process start to finish of creating your 2nd (or 79th) SmartWallet. Let’s also explore how to simply send and receive crypto utilizing your SmartWallet.

Generating Additional SmartWallets

1 - Open the app and tap the + in the upper right corner of the screen2 - Select ‘SmartWallet’3 - Enter a name for your wallet by tapping inside the box

How to Add Assets to a SmartWallet

1 - Select the SmartWallet you want to add coins to and tap the ‘Add Coin’ button near the middle of the screen2 - From the Coin Library, tap whichever coin you would like to add3 - Once added to the SmartWallet, you can tap a coin in your wallet and choose to ‘Transact’ or view the ‘Profile’ for that coin

How to Receive Cryptocurrency to a SmartWallet

1 - Tap the QR code icon (labelled ‘Send/Receive’) at the bottom right corner2 - Tap the wallet you wish to transact with and select ‘Receive’3 - You will be displayed your wallet’s public address in the form of a QR code and alphanumeric string. Simply select ‘Copy and Share’ to send the address to a friend or to send money from an exchange to your wallet, or simply have them scan your QR code!

Now that your wallet is funded, you can finally go to that hip cafe in town and easily pay with an accepted cryptocurrency on the spot! Since Ethos does not have access to your assets, you and you alone are in control.

To ensure that you are the only one with access, all transactions leaving the wallet require authorization via PIN and biometric authentication.

How to Send Cryptocurrency from the SmartWallet

1 - Tap on your BTC wallet and select ‘Transact’ or tap on the Send/Receive tab on the bottom of the screen2 - Tap the wallet you wish to transact with and select ‘Send’3 - Using the in-app QR scanner, scan the QR code of the address you wish to send funds to (or copy/paste the recipient address), choose to enter the fiat or crypto value you wish to send, select the transaction speed, enter your PIN and biometric data and that’s it!

Is it taking a while for your transaction to go through? Most of us have experienced this at some point and it can be a panic-inducing moment when you are worried that your Ethereum may be lost in the ether itself. But don’t worry – if your transaction experiences a longer-than usual transaction time, it’s almost always due to network congestion of the blockchain and will be cleared when the transaction does.

Thankfully, using the QR-scanner or copying and pasting an address are ways to ensure your funds go where they are meant to, but that sometimes isn’t enough for comfort and that’s why the Ethos Universal Wallet makes it easy for you to track the progress of your transactions.

How to Track Transactions

1 - Select the Menu button in the upper left corner and tap ‘Transactions History’2 - Select the wallet you wish to check the transaction history of. Here you can view the total value of the transaction, to whom it was sent, the time of the transaction, number of confirmations, and the TX-hash.3 - For more details, select the copy icon next to the TX-hash and paste that into your browser. You will be brought to a block explorer where you can find more information on your transaction.

We hope that this guide is helpful to show you the details of How to Create your SmartWallets, and send and receive crypto using the Ethos Universal Wallet.

To learn more about the Ethos Universal Wallet – click here.

If you have any questions or support concerns, feel free to email us at [email protected].
Thank you for reading “How To Send & Receive Cryptocurrency on the Universal Wallet.”