A Bitcoin wallet is the best and safest way to manage your Bitcoin and that responsibility is left entirely to you. It’s become a new way for people to transfer or receive funds. Bitcoin management gives you the power to be your own bank and here in this article, we’ll provide details for you to get started at NitroBetting.eu.
What is a Bitcoin Wallet?
Just like your online banking platform for real money, a Bitcoin wallet does the same but for Bitcoin instead of real money. A bitcoin wallet gives you the ability to receive, send, and also manage your bitcoin efficiently.
There are several sites where you can buy Bitcoin from, it’s pretty seamless and the perks is that, it will be immediately sent to your wallet.
Now that the Bitcoin is secure in your wallet, you can choose to send, purchase, and transfer just by using the send option. You can do this by inputting the receiving address in your app and the funds will be sent to the recipient’s wallet.
What Bitcoin Wallet Should I Choose?
There are various Bitcoin wallets in which you can make your selection but there are also factors to consider before selecting a Bitcoin wallet. These factors are considered by both beginners and professionals in cryptocurrency trading seeking to buy or invest any amount of money.
It is very easy to create a Bitcoin wallet. Bitcoin wallets come in three types and they are the mobile wallets, software wallets, and hardware wallets. It costs nothing to make use of the mobile and software wallets, unlike the hardware wallets.
Each of these wallets comprises of its very own characteristics such as easy usage and level of security. Here is an overview of the wallets:
- Mobile Wallet: managing your cryptocurrencies with a smartphone. It’s free and portable.
- Software Wallet: managing your cryptocurrencies with a computer. It’s free and slightly portable.
- Hardware Wallet: managing your cryptocurrencies with a physical device. It’s the most secured storage method.
How Do I Create a Bitcoin Wallet?
There are various factors to consider before choosing a Bitcoin wallet to create and these factors include your buying needs and how the Bitcoins will be useful to you. The most commonly used free wallet is Coinomi and it accommodates other coins. Here are the steps on how you can set up this wallet or others, but we will use Coinomi as an example:
- Go to Google Play Store (Android) or the App Store (IOS).
- Search and download the Coinomi app.
- Open the app and take note of the 24-word recovery phrase. This serves as the security of your wallet.
- Choose a strong password.
- Add Bitcoin to your wallet using your credit card.
- Make use of your receiving address to receive Bitcoin.
What’s a Bitcoin Receiving Address?
The same way you have a bank account number for your bank account, a Bitcoin receiving address is your account number for your wallet. A unique Bitcoin address is attached to each Bitcoin wallet and you can easily share your address with other people for them to be able to send cryptocurrencies to your address.
A BTC receiving address is always alphanumeric and it always starts with a 1 or 3. Each wallet automatically creates its own address and a new address will always be generated after creating a new wallet and after every transaction. This helps to keep the account more secured.
How Do I Receive or Send Bitcoin?
During purchase or receiving of Bitcoin, you make use of the receiving address and it will be safer to copy and paste this address instead of typing it to prevent mistakes since Bitcoin transactions cannot be reversible.
- The Receiving Address: login to your wallet and look for the button “receive”.
- Receiving: copy the address and paste it on the bitcoin direct order form.
- Sending: click on the “send” button and paste the receiving address and input the amount of bitcoin you want to send.
Creating a Bitcoin Wallet Backup
Your wallet backup is as important as your wallet since it provides you with access to your account. The majority of the wallets generate a series of 12 or 14 words selected randomly and it is called a recovery seed or seed phase. It will be best to write down this phase instead of storing it digitally to prevent it from being vulnerable to hacking and this phase will help you get back into your account in case you lose your login credentials.
The safety of your Bitcoin wallet is as important as your digital mobile banking. The fact that the wallet is online makes it easy for it to be invaded by hackers but here are a few ways in which you can keep your account safe
- Do not store your backup digitally: this will make it easier for hackers to gain access to your account and as such, your coins will be at risk. It is best to write it down and store it in a safe place.
- Make use of two-factor authentication: this makes it difficult for hackers to gain access to your wallet with just your password. With this, a code is automatically sent you by either SMS or through google authenticator and other apps such as this. Without this code, hackers cannot gain access to your account.
Last Tips on Getting Started with Bitcoin
Please note that this guide we are providing is only for general learning purposes. Always be cautious and careful while choosing a Bitcoin wallet. Do your research.
You might also find of use Bitcoin.org. It provides a wide range of wallets to choose from and its pros and cons. Also, very importantly, be sure your country supports the wallet of choice. If you are looking for a bitcoin wallet, let’s say in “Costa Rica”, make sure it’s on the list of supported wallets.
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