The Best Way To Set Up a Bitcoin Wallet

The Best Way To Set Up a Bitcoin Wallet

Bitcoin Wallet is similar to the bank account where it allows to receive the bitcoin and to store and then it transfers it to the others. It is considered to be the person in a network of bitcoin like that of your online bank account. Private keys and secret code is present in the Bitcoin wallet which will make you spend the bitcoin. A bitcoin wallet is nothing but it is simply an app, website or a device which is involved in managing the private keys.

This guide will help you to set up a bitcoin wallet

  1. a) Access bitcoin by using a mobile wallet

The app for the mobile wallet is present in the smartphone which is found in the iPhone and Android. For the beginners, it is the best choice and it is user-friendly app when you are having the small amount of bitcoin and if it is accessible.

  1. i) Airbitz and Bread wallet is found to be the most popular wallet. They maintain the accounts by username and password and no need to store your bitcoin.
  2. b) Web wallet from online use

Creating a web wallet is found to be the best choice if you want to use bitcoin for online purchases. It is found to be more convenient and easy to use.

  1. i) It is like a bank account, you have to register and transfer your bitcoin and log on to manage wallet.
  2. ii) There are many risks involved with the web and it is better to use a hybrid wallet called copay. It provides security which is not present in the basic web wallet and used across the multiple devices.
  3. c) Download software wallet for control

No need to depend upon the third person if you have downloaded the software wallet. About two days are required by the blockchain for downloading.

  1. i) The official wallet is the bitcoin core where it has slow processing but it offers privacy and security.
  2. ii) Armory is better software wallet comparing to bitcoin core.
  3. d) Investment in hardware wallet

Hardware wallet or cold storage is found to be a small device to be a bitcoin wallet.

  1. i) The cost of the wallet is $100 only and the best one is Trezor.
  2. e) Paper wallet for long-term storage

It is the most secured one to hold bitcoin for the long term in a paper wallet.

  1. i) Public and private keys are stored in a paper in QR code form and it is secured in offline from hackers.
  2. f) Keep your wallet secure

You can keep your wallet more secured by taking regular backup and save this in multiple places as you can access anyone if it is destroyed.

  1. i) Keep a backup in the home and the other back up at the workplace.