Wallet Setup Guide
How Wallets Work
A PIVX wallet is made up of two halves. One is the public, shareable part called the public key. The other is the private part that is required for spending the stored PIVX in that wallet. If you want to receive PIVX into your wallet, you should provide one of your public addresses. Think of the public part of a PIVX wallet as your email address and the private part of the PIVX wallet as the password to that email address: you can share the email address freely, but not the password.
If you need help on setting up your wallet, there’s many YouTube videos describing how to do so, such as this tutorial, or this one, but there are generally 3 steps that you should follow, detailed below.
Step 1 – Installing the Wallet
The best way to store your PIVX is using the PIVX Desktop Wallet.
See here for current wallets available and download the one you want to use.
Step 2 – Encrypting the Wallet
Encrypting your wallet is a great idea to prevent other people using your computer to steal your money or your wallet.dat file. Please don’t forget the encryption password. If you lose it, you can’t access your funds. Example of encrypting the wallet this is seen in this video.
Step 3 – Backing up the Wallet
The most important thing in cryptocurrencies is backing up your wallet data! Always keep backups in multiple places so your money is safe in case you lose access to the computer. Every time you create a new receiving address, you must backup your wallet.dat file or you risk losing your newly received funds.
Backup wallet.dat (Sufficient)
- Make your your PIVX wallet application is closed.
- Go to your PIVX wallet folder.
- Copy the wallet.dat file and save it on a usb stick in a secure location. Remember: if your wallet is unencrypted and it gets stolen, your PIV is not safe! You can backup the pivx.conf file as well.
You can find your wallet in the following directory:
– Windows: %APPDATA%\PIVX\
– Linux: ~/.pivx/
– Mac: ~/Library/Application\ Support/PIVX/
Another method for backing up your wallet is to backup your private keys as described here. It is good practice to print the private key and put it in a secure and external location. NEVER GIVE ANYONE YOUR PRIVATE KEYS.