Storing your cryptocurrency on an exchange is widely accepted to be a bad practice. Exchanges have been hacked, shut down by authorities, or just gone out of business. Bitfinex has announced they will continue to increase restrictions on US accounts so now is a great time to move your IOTA from Bitfinex to an IOTA wallet. This process sounds intimidating but with this guide, I will explain how to move your IOTA to a wallet.
IOTA Light Wallet Guide
- Your IOTA seed. The first and most important step here is to remember your Seed and keep it safe! Write down, save it as a .txt file and put it on a jump drive, print it out, do whatever you have to do but at the same time, keep it safe! Your seed is essentially the password of your wallet. You can either come up with one on your own by creating a string of 81 random letters with the number 9 mixed in somewhere. If you’re using a Mac or Linux, you can also generate random a seed by opening a terminal and typing:
cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1
Just don’t lose your seed, and keep it safe! Your wallet is as safe as the computer it’s running on so be sure your anti-virus and/or firewall are running and up to date.
- Install the wallet. You can download the IOTA light wallet by following this link. Scroll down the page until you see ‘Downloads’ and then download the file that corresponds to your operating system. .tar.gz, .dev and .rpm for Linux; .dmg for Mac; .exe for Windows. After downloading, go ahead and install the wallet on to your computer.
- Setup your IOTA wallet. The first time you open the wallet, it’s going to ask you whether you want to run as a ‘light node’ or a ‘full node’. You’re going to select ‘light node’. Next, it’s going to ask you to choose a host. For the purpose of keeping this guide simple, choose the Bitfinex host. It will be the host with “bitfinex” in the URL. Next, it’s going to ask for your seed. NOTE: You may get a popup about the “transition phase”, if so, enter your seed and proceed. If you’ve never used your seed before, it will say your balance is 0. You can click the ‘X’ and close this pop-up. You may be prompted to enter your seed again if so, go ahead and do so. You should now be logged in and see a screen showing ‘Balance, Send, Recieve, History’. You’re now ready to receive IOTA!
- Withdraw IOTA from Bitfinex. Login to your Bitfinex account and click Withdraw in the top right-hand corner. Under ‘New Withdraw’, scroll down and click ‘Iota’. Leave that window open, but put it aside for now. Now, open your IOTA wallet, log in with your seed and click ‘Recieve’. You should see a long string of letters. If you click the string of letters it will save it to your computer’s clipboard so that you can paste it elsewhere. Return to the browser window with the Bitfinex Withdraw page open and paste your receive address into the bar labeled ‘Address’ on the website. Enter the amount of IOTA you would like to send in the ‘Send Amount’ box, and select your Bitfinex wallet you would like to send from in the downdown beside ‘From’. Check any boxes to show that you agree to the terms, and click ‘Request Withdrawal’. Your withdrawal has now been initiated. You will likely be taken to a page on Bitfinex where you will be provided with a confirmation number that you will need to enter in order to confirm the withdrawal. You may also receive an email from Bitfinex with another link that you will need to follow to again confirm the transaction. After you have confirmed the IOTA withdrawal, you should receive an email from Bitfinex saying the transaction has been approved. The IOTA (Mi) balance should now display in your IOTA wallet!
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