In order to hold cryptoassets, you must obtain an address generated by a wallet. A cryptoasset address is similar to a bank account number like an IBAN. A cryptoasset address takes form through a combination of 26 to 35 letters and numbers. The following is an example of crypto address: 3LeTsJninxrc489rjZseMvmkmkGVPqvzk5
There are two ways to generate a cryptoasset address:
1/ Generating a cryptoasset address quickly, and for free through a mobile application:
Download Coinomi (on your Play Store or Apple Store). Next, follow the instructions detailed in the video below:
NB: It is EXTREMELY IMPORTANT to write down your recovery phrase. Your recovery phrase also referred to as your SEED, is a list of 18 words in blue that will enable you to recover your funds if you are to lose your phone or delete the application. It is the only way to recover your funds if one of those two scenarios occur.
2/ Generating a cryptoasset address in the safest of manners: Ledger Nano S and Ledger Nano X
The Ledger Nano S allows users to generate a cryptographic address in the safest of manners, offline, what is known as a cold storage. This enables users to control their assets and prevents anyone from having any knowledge of, or access to, these funds. You can find a holistic tutorial on how to use your Ledger Nano S and access your wallet’s addresses here.
The Ledger Nano X is a new type of hardware wallet designed for smartphone users. Unlike its predecessor, the Ledger Nano S, this model comes with a Bluetooth connection, a larger screen and more internal space that allows you to install up to 100 different cryptocurrency applications.