Desktop Wallet setup guide
How Wallets Work
A GUAP 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 GUAP in that wallet. If you want to receive GUAP into your wallet, you should provide one of your public addresses. Think of the public part of a GUAP wallet as your email address and the private part of the GUAP 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 are generally 3 steps that you should follow, detailed below.
Step 1 – Installing the Wallet
The best way to store your GUAP is using the GUAP 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. To encrypt your wallet simply click on “Settings->Encrypt Wallet…”. Create a 12 or 15 word passphrase comprised of random words, and with each word separated by a single space. To help generate the 12 or 15 word passphrase you can use an online tool such as https://www.useapassphrase.com/ (less secure) or an offline non-electronic tool such as Diceware (most secure) which uses a word list and six dice to generate each word. You can also use a password but this is not recommended as it is less secure than a 12 to 15 word passphrase. If you do choose to use a password then make sure it is a complex one.
Please don’t forget the encryption passphrase. If you lose it, you can’t access your funds. A best practice for recalling the passphrase is to store it in the non-cloud enabled version of a password manager such as 1Password or SplashID, and/or simply handwrite the passphrase and store the note in a safe of safe deposit box.
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 GUAP wallet application is closed.
- Go to your GUAP 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 GUAP is not safe! You can backup the guapcoin.conf file as well.
You can find your wallet in the following directory:
– Windows: %APPDATA%\guapcoin\
– Linux: ~/.guapcoin/
– Mac: ~/Library/Application\ Support/guapcoin/