Welcome to Rainbow! We're so glad you're here! 🥰 We’ve created this guide to help with the basics of Rainbow and get you started on your new Web3 and Ethereum journey. If you have any questions along the way, please connect with us at anytime at [email protected]
Table of Contents:
- Create and Backup your Rainbow Wallet:
- The Importance of Backing Up:
- How to acquire Ether (ETH):
- Option 1: Buy ETH directly within the Rainbow app:
- Option 2: Buy ETH on an exchange and send it to your wallet:
- Option 3: Have a friend send you some ETH:
- Send assets out of Rainbow:
- Additional Readings:
Create and Backup your Rainbow Wallet:
Once you have the Rainbow app installed on your device, iOS/Android, open it up and tap the "Get a new wallet" button to begin. You now have your first Ethereum wallet, but you need to back it up so you don't lose it.
Step 1: Tap "Get a new wallet" to begin
Step 2: Choose your backup method. In this example, we’re on an iOS device
The Importance of Backing Up:
A wallet is permanent, and it's not like a login account to a traditional website like Facebook or Google. If you don't back up your wallet, then there is no way to recover it. Thankfully, backing up your wallet is super simple:
- In Rainbow, you can instantly backup your wallet using our Backup feature (shown in the first screenshot below).
- If you prefer to back it up manually on a piece of paper or other physical object, then you have that option too! Just make sure your secret phrase is secure in a separate location.
- Either way, you can always change your mind later and edit your backup within the app's settings.
How to acquire Ether (ETH):
Ether (ETH) is the native currency of the Ethereum ecosystem, kind of like how the US Dollar is the native currency of the United States. ETH is the most popular cryptocurrency used on the internet, and it's how you'll pay for goods and services in the new world of Web3.
- To complete a transaction using your wallet, you'll pay a fluctuating transaction fee (often called a gas fee) which must be paid using ETH. If you don't have any ETH in your wallet, you won't be able to transact. These fees support the people who are responsible for validating transactions on the public decentralized ledger known as the Ethereum Blockchain.
Option 1: Buy ETH directly within the Rainbow app:
You can purchase ETH directly in the app by clicking the Buy button on your main wallet screen:
Option 2: Buy ETH on an exchange and send it to your wallet:
Buying ETH from a crypto exchange can often have fewer limitations, but it also requires more account setup and approval. As an example, check out how to buy ETH from Coinbase via their Help Centers:
After successfully acquiring ETH on an exchange, you can then send it to your wallet by copying your wallet's public address.
Step 1: Click the More button on your main screen
Step 2: Tap "Copy Address" to get your wallet's public address
Step 3: Paste this address into your crypto exchange's send flow
Option 3: Have a friend send you some ETH:
If you have a friend who is willing to give you some ETH, then you can send them your public wallet address or let them scan your Rainbow QR code.
Step 1: Click the More button on your main screen
Step 2: Tap on the "My QR Code” button
Step 3: Have your friend scan your Rainbow QR code or tap the "Share" button to send your public address via a message
Send assets out of Rainbow:
Now that you have your wallet created, backed up, and some ETH — you can at any time send your assets to another wallet, an exchange, or to a friend. Here’s how you do it on both Android and iOS devices:
Step 1: From the main screen, tap on the send button
Step 2: Paste a public wallet address or choose from your list of saved contacts or imported wallets
Step 3: Tap on the asset you want to send from the list that appears.
Step 4: Enter the amount you want to send
Step 5: Review the transaction summary to make sure everything is correct, then press and hold on the "Hold to Send" button to confirm the transaction
