Theta is a project that is taking blockchain to video streaming. It launched in 2019 with the ultimate goal of decentralizing video streaming and video on demand. Hence, The Theta network allows users to share bandwidth and storage on a peer-to-peer (P2P) basis. Thereby, streaming service costs reduce while video quality increases.
The native token of this network, THETA, serves various governance tasks. As an investment, this asset is promising. It has gained much value this year. So, if you plan on investing in this asset, you will need a wallet to hold your tokens. Do you want to know which wallets are the best to keep your THETA investment safe? If so, read on to find it out.
What Is THETA Cryptocurrency?
THETA is the native token of the Theta network. Originally launched as an ERC-20 token in December 2017, THETA moved to its own blockchain in late 2018. THETA is used for various governance purposes within the Theta network. A second token named Theta Fuel (TFUEL) is used as a reward token in the Theta network.
How to Store Your THETA Tokens
When THETA was issued as an ERC-20 token, any wallet compatible with this standard could store your THETA tokens. However, after moving to its blockchain, the options to hold THETA are more limited. Two wallets meet all the requirements of safety and functionality to store THETA:
- The Theta Wallet. It is the official Mainnet wallet specifically created to store THETA and TFUEL tokens.
- Ledger. The manufacturer of hardware multi-currency wallets, popular among crypto investors and traders.
Let’s review the process to store your THETA holding in each of these wallets.
Storing Your THETA through the THETA Wallet
The Theta token wallet is easy to use. It takes only a few minutes to set up and interact with the Theta blockchain. Follow these steps:
- Create a Wallet. First, you have to go to the website of the Theta Project at https://www.thetatoken.org/. Click on the Wallet tab to open the Theta Wallet page. There, you can create and access your wallet.
- Set a Password. Next, you have to set a password for your wallet. Make sure you choose a password you can easily remember. Alternatively, you can write it down on a piece of paper and store it safely.
- Save your Keystore. After entering the details to set your password, click on Download Keystore. Save the Keystore File in a safe location. It is advisable to save a backup copy on a different device.
- Record Mnemonic Phrase. The Mnemonic Phrase consists of 12 recovery words linked to your new wallet and password. You need to record this information and keep it confidential. For security, the wallet will not show this information again. Hence, make sure you save this information before you continue. When you have written down the 12 recovery words, click Continue.
- Unlock your Wallet. Now, you are almost ready. Click Unlock Wallet to begin using your new wallet.
- Log into your Wallet. You can gain access to your wallet with your Keystore File and Password. Once you log in, you can receive, send, and stake THETA tokens.
- Get your Wallet Address. To store THETA tokens, you should click Receive. A popup window will display your wallet’s Public Address. Click on Copy or scan the QR code to send your wallet address to the exchange where you want to buy THETA tokens.
Storing Your THETA through the Ledger Hardware Wallet
Ledger manufactures two popular crypto wallets: Nano S and Nano X. Both wallets support over 1,800 cryptocurrencies and digital tokens, including THETA. They differ in some functionality features. Nano X is compatible with more than 100 crypto apps, whereas Nano S supports three. Also, Nano X works on Windows, Linux, macOS, Android, and iOS operating systems. Nano S doesn’t work on iOS.
Both wallets offer the same high-security level and are easy to use. Therefore, Nano S is more suitable for occasional crypto investors and enthusiasts, whereas Nano X is for active traders and investors. To store THETA tokens in any of these wallets, you have to set up the USB device first. We recommend following the instructions provided in the respective manuals of these hardware wallets.
How to Secure Your THETA Tokens
You can store your THETA tokens safely in any of the wallets we described. However, never share the access information to your wallet (Password, Mnemonic Phrase).
How to Buy and Send THETA to Your Wallet
You can buy THETA tokens from a cryptocurrency exchange. Big custodial exchanges allow you to buy THETA using fiat money. But if you already hold other cryptocurrencies, you can swap some of your crypto holdings for THETA tokens on a crypto-to-crypto exchange.
For example, on LetsExchange.io, you can swap over 260 cryptocurrencies with this simple procedure:
- Select the cryptocurrency that you will send as payment.
- Select the cryptocurrency that you will buy (THETA in this case).
- Provide the public address of the receiving wallet.
- Send the payment to the address of the deposit wallet that the exchange provides.
Most instant exchanges are non-custodial. It means you need to use your own crypto wallet. Therefore, you have to set up a THETA coin wallet before buying these tokens on such platforms.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.