The Bitcoin wallet allows you to receive Bitcoins, to keep them safe and store them, and send them to others. Read and discover how to set up your own Bitcoin wallet!
Are you ready to create your first Bitcoin wallet or your own personal account? Before we explain to you how to set up the wallet, let’s see what a Bitcoin wallet is exactly.
A wallet is like having your own Bitcoin account. Setting up a Bitcoin wallet is equivalent to setting up a bank account. It enables you to receive Bitcoins, to keep them safe and store them, and to send them to others. There are two types of Bitcoin wallets. A hardware wallet maintains a high level of security and protects your Bitcoin coins by storing all of your coins offline. The second type is the hot wallet and you can install it on your computer or smartphone. When using this type of wallet, you are in a complete control over your coins, but you need to keep in mind that you are on a device that is connected to a WI-FI so they are less secure.
You can setup your own Bitcoin wallet by using these 3 ways:
- Coinbase – This is an extremely popular web wallet with a number of useful features, a simple design which makes it perfect for beginners. Directly from your account, you can send and receive Bitcoins via email or you can buy and sell Bitcoins directly. Once you will understand how things go and the overall hang of things, our recommendation is to move your coins to a wallet known as Ledger Nano S. Even though Coinbase is a suitable place to buy Bitcoins and learn how things work with Bitcoin, it is not a good solution for a long term of your investment.
- Electrum – This is a software wallet that allows you to set up a powerful level of security. During the installation process, you will be given a twelve-word phrase that will enable you to recover all of your Bitcoins in case your computer fails.
- Bitcoin Wallet for Android – For those who are looking for security and mobility, we highly recommend this option or the Bitcoin Wallet mobile app. There is a version for Blackberry OS, as well as for Android.
There are two other wallets you can use such as Armory and Bitcoin-Qt.