Bitcoin Cash continues to grow with lots of people getting into cryptocurrency. Ask most of them and you’ll see how they love it cos it does fetch them some cool cash with few trade transactions. Bitcoin is considered today as a top digital currently which involves peer-to-peer digital payment systems. Trust me; you definitely need a wallet in order to manage your Bitcoin. All you need to know about proper Bitcoin guides and reviews and Bitcoin cash transactions have been properly documented for you on this site. So all you need is to learn more about how you can setup Bitcoin wallet.
A Bitcoin wallet is a program that allows you to send and receive Bitcoin cash. A Bitcoin wallet is similar to a digital bank account. Here you can send, receive, and manage your Bitcoin. Talking of Wallets, it helps you to keep track of your Bitcoin balance which is been kept in more than one bitcoin addresses. Generally, wallets also have a feature that keeps a history of your Bitcoin Cash transactions. So, therefore, you need to read below to know how to be able to setup Bitcoin Wallet more successfully.
A Bitcoin receiving address is similar to your personal bank account number on which you receive your Bitcoin. When you log into your wallet, in most wallets, the receiving address can be found under the button ‘Receive’. There are wallets in which a Bitcoin receiving address will automatically change once it has been used for a transaction. All these things we’re going to highlight for you below.
How to Setup Bitcoin Wallet
Everything about Bitcoin wallet can be quite easy, even with the transactions also. We’ll still show you the different types of wallet we have so you choose from the one you want. So follow the steps below to setup Bitcoin wallet:
- First, you need to go to the App store (iOS) or Google Play store (Android) and download Coinomi.
- Open the app and writ-down about 24 words phrase for your recovery in order to backup your wallet.
- You’ll be required to set a strong password which you can as well remember.
- Then add Bitcoin to your wallet.
- You’re done! You’ll then be receiving Bitcoin through your address.
There are many different wallets to choose from across various platforms. While they all share certain basic functionality, features vary from one wallet to the other. Which wallet you should choose depends on several factors. This depends on the wallet that suits you depending on several factors, such as what your buying needs are, and what you would like to use the Bitcoins for. Before we take you through on how to setup Bitcoin wallet, it’s necessary you first know the several kinds of wallet we have.
- We have the HARDWARE WALLET; which enables you to manage your cryptocurrencies from a physical device. Once you purchase the device, you’ll safely store your Bitcoins on it.
- Another one is using a MOBILE WALLET; this enables you to manage your coins using a Smartphone. With this method, you can always be with Bitcoins anytime anywhere. Although it’s not safe compared to the Hardware Wallet but it’s free.
- Last but not the least is the SOFTWARE WALLET; you can manage your coins using your computer device. Just like the Mobile Wallet, it’s less safe than Hardware Wallet and also free.
How Does Bitcoin Works?
Once you buy Bitcoin at BTC Direct, it will be sent to your wallet. This wallet enables you to manage your coins. Even if you wish to send your Bitcoin somewhere, you can still choose the option ‘Send’ in your wallet, and enter the receiving address of the recipient. The coins will be sent from your wallet to the recipient’s wallet.
A receiving address is similar to your bank account number. Each Bitcoin wallet has a unique Bitcoin receiving address. You can share this bitcoin address with others to let them know how to send coins to your wallet.
A BTC address is alphanumeric and always starts with a 1 or a 3. For instance, you can see something like this: 2GZbgi29cpjq3GjdwV8eyHuJJnkLtktZc8. Each wallet automatically generates a Bitcoin address. If you’ve just created a new wallet, then you have a unique bitcoin address right away. When you enter this address accordingly, It will be determined where Coins will be sent to you.
A new Bitcoin address is not only generated once you’ve created a new wallet, but after each transaction as well. When your address changes frequently, your privacy on the network is been protected. It doesn’t matter if someone sends coins to your most recent address or to your oldest address- the Bitcoins will arrive in the same wallet. In most wallets all generated addresses can be found in the transaction history.
How to Send or Receive Bitcoin
For sending or receiving Bitcoin, you need to always copy and paste the receiving address. This limits the risk of making a mistake. Don’t write or type the address. All cryptocurrency transactions are irreversible; once the coins have been sent, there’s no way of getting them back.
Receiving Bitcoin Core is as easy as giving the sender your public address. Sending Bitcoin requires a few more steps and since Bitcoin transactions are irreversible, it is important to pay attention when sending. Overall, the process for sending Bitcoin is actually quite easy:
When buying or receiving Bitcoin, you use the receiving address from your wallet. Copy and paste the address or scan QR code, do not write or type it > Specify the amount you want to > confirm that the address and amount are both correct > then send.
In order to send Bitcoin, which can be quite easy; click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much you would like to send, and confirm. But if you want to Receive Bitcoin in your wallet; copy the receiving address from your wallet, and paste it on the BTC Direct order form. Once you do that, you’ll be notified on which wallet the coin is going to prior to the address you copied.
How to Secure your BitcoinWallet
It’s very important to manage your Bitcoins safely, because you are responsible for managing them yourself knowing fully well that you are your own bank. Just like you keep your physical wallet safe, you protect your cryptocurrency wallet. If your wallet isn’t secure enough, hackers could steal your coins.Luckily, there are several ways to secure your Bitcoin wallet, which we’re going to teach you on this site.
The first method is to learn how to backup your wallet for safety reasons. When you create a Bitcoin wallet, it’s important to make a backup as well. This way you ensure you will always have access to your wallet, and thus your Bitcoin.
Most wallets show a series of 12 or 24 randomly generated words. This is called a seed phrase or a recovery seed, and it functions as a backup for your wallet. Write this seed down with pen and paper, and store it in a safe place. Do not store it digitally or online, since this makes it vulnerable to hacking. If you should ever lose your wallet login credentials, you can use the backup to regain access to your coins.
Just as you’re advised not to store your wallet digitally, you just need to write down the following details of your wallet provider on a piece of paper: login name, password, and recovery seed. Store this safely. Don’t take a picture with your phone. A mobile device has a constant connection to the internet. Having done this will make it easier for hackers to access your wallet.
Another measure is through the use of a Two-Factor Authentication method. This method is quite useful because it enables you to log in with different devices. How useful it is? With Two-Factor Authentication, hackers can’t access your wallet with just your password. In order to access your wallet, a code is also required. This code could be sent to you by SMS or through an app such as Google Authentication. To enable Two-Factor Authentication through SMS, you’ll have to enter your phone number in the safety settings of your wallet. This means you’ll need both your phone and your password to access your wallet.
So it is very necessary that you enable both the Backup measure and the Two-Factor Authentication measure.
You can find the Google Authentication app in the App Store (iOS) or Google Play Store (Android). To connect the app to your wallet you’ll need to scan a QR code in your wallet. You can find the code in the safety settings. Make sure to backup the QR code by printing it in case you lose your phone. Once the app is connected to your wallet it generates a new six digit code every thirty seconds. To access your wallet you’ll need to enter the code.
Read More: How to Create Uber Account
Previously we discoursed hazards that could come with bitcoin investment, you can read it here