How do I Store IOTA if I am interested in investing in the coin?
Installing the Firefly hot wallet is a piece of cake.
Installing Firefly (IOTA’s next generation wallet) is quite simple. Let’s first download for MacOS.
Drag Firefly to your Applications folder as shown below:
Open Firefly and click Continue.
Accept the TOS.
Choose your Appearance.
Create a Profile. You can have multiple. Let’s create one to begin.
Let’s go ahead and create a new wallet since I am not migrating.
We can connect to a hardware wallet (cold) or software wallet (hot). Let’s create a hot wallet and in a future post a cold wallet. Select I want a software wallet.
Save recovery kit template to document your mnemonic phrase.
An example of the document is below:
Create a Strong password.
Configure your Pin Code.
Confirm your Pin Code.
It is now time to back your wallet. Click Continue.
Write down your mnemonic phrase. Do not forget this or you will lose access to your funds. Do not store this online.
Next, verify your recovery phrase and upon validation, click continue.
You have the option of backing up your recovery phrase for easy recovery. It is encrypted with your password. Allows for easier recovery. Many people backup to an encrypted USB as swell for extra protection.
Once you save the backup, you have successfully configured the Firefly wallet.
Here is what the Firefly wallet looks like. The UI is very crisp and clean.
Click Receive to get an address to receive IOTA.
How do I Login to Firefly once I Exit the Application?
When you login to IOTA for the first time, you can choose your Profile.
Select the applicable profile and enter your pin code.
In my next post, we will go over how to connect IOTA via the Ledger Nano X.