How to get a Bitcoin Wallet?
Getting started with Bitcoin.
Been thinking about opening a Bitcoin wallet to start investing or receiving payments/donations? There is a lot of noise to filter out when it comes to bitcoin and cryptocurrency in general. Here is a quick guide to get you started with Bitcoin.
Hardware wallets are primarily used for long term storage of cryptocurrency. They are called ‘hardware wallets’ because they are actually a physical device that you store in the real world.
Ledger > can be used for multiple cryptocurrencies.
Coldcard > bitcoin only.
This is a software wallet that can be installed on your computer. I would recommend going down the desktop path rather then using a wallet that is installed in your browser.
Electrum > one of the most popular.
Wasabi > open source wallet.
Good for ease of use and quick transactions but it is classified as a ‘hot wallet’ due to it always being connected to the internet and depending on the app, the wallet can keep track of other sensors, applications and information from your mobile. I use hot wallets to receive payment before transferring to a desktop or hardware wallet for long term storage.
Cake Wallet > open source, no tracking.
Edge > tracks identity, usage data & diagnostics.
Generate the wallet;
Once you have picket your type of wallet, the next step is to generate your wallet. Most of the wallets are the same you basically follow the bouncing ball.
- Choose ‘create’ a wallet
- Name the wallet
- Choose ‘Standard Wallet’ if the opinion pops up
- Seed your wallet
Seeding will generate 12 random words.
WRITE THEM DOWN
Store multiple back ups of these ‘seed’ words preferably offline. These words give you access to your wallet/money. Keep them private, whoever has these words can access your funds.
You will also be asked to create your password > this only encrypts/unencrypted your wallet on your device.
You can receive/transfer funds with the use of your Bitcoin wallet address (long string of characters) generated by your seed phrase. These addresses can be used by others to send you Bitcoins.
Each type of cryptocurrency you use will have it’s own address. Alternatively, you can use the generated QR code for your wallet. This can be put on a website or signs for ease of use when receiving donations or payment.
A QR code is a way of storing text information in a format that can be scanned by a smart phone. If someone has a wallet on their phone, they can scan your QR code to avoid typing out your full wallet address. This also reduces human error when sending funds to a wallet.
What is next?
So you are all set up with your wallet and ready to receive bitcoin. Yay.
What if you want to buy your own Bitcoin to send to your wallet?