This is a topic that’s been on everyone’s lips in the last couple of years. Most people have heard about bitcoin mining and how they can be used to pay for products or services. However, most people don’t know what they need to do to be able to use their bitcoins. That’s why we have taken it upon ourselves to explain how to get a bitcoin wallet and how you can use it. As always, more information about bitcoin can be found right HERE. Additionally, make sure you check our article on how to get an Ethereum Wallet.
What is a Bitcoin Wallet?
Before explaining “How to get a bitcoin wallet”, first we must share some thoughts on what a bitcoin wallet actually is. A bitcoin wallet is similar to a digital bank account. Here you can send, receive, and manage your bitcoin. Imagine the BTC wallet as any other e-wallet like PayPay, Skrill, etc. You buy bitcoins and they get sent to your wallet. From there, you can send them to someone else or spend them. All these options will be available on the wallet. When you send the crypto coins, they will arrive at the other person’s wallet. As you can see, everything is pretty simple and straightforward.
If you check the web you will realize that there is a wide variety of digital wallets, and all have the same purpose. Manage cryptocurrencies in the simplest way possible. However, before doing that, make sure that the wallet is compatible with the crypto currency you want to store on it. In our case, we are talking about a Bitcoin wallet. It’s common sense that if you get a bitcoin wallet that you will want to send/receive bitcoins through it. For that reason, you will need a digital wallet that’s compatible with BTC. The process of getting a bitcoin wallet is simple and we will explain it below.
How to get a Bitcoin wallet?
The first step is to create the so-called “Bitcoin wallet”. It functions as your bank account in the world of the cryptocurrency. You can use it to buy and sell Bitcoins, pay for services and even trade currencies on exchanges. In this case, you will use it to bitcoin deposit.
Choosing a Bitcoin Wallet
There are various types of Bitcoin wallets. Some of them require the installation of a desktop client, others can work directly on the web. We’ve chosen the service of Coinbase for the purpose of this article. You can find more information about it right HERE. It is one of the best out there and was declared “Best Bitcoin Wallet of 2016” on several popular websites. It is easy to use, as it doesn’t require additional software. However, the process of getting a wallet and funding it is similar for most other web-based services out there.
Opening an Account
To start the registration, go to the Coinbase website and click on the “Sign Up” button. This will open a short registration form. You need to fill in some details such as names, e-mail and a password. We recommend you to use a strong password with a combination of letters, numbers and special symbols such as “$”,”@” or similar since security is very important. The Coinbase software shows how strong it is and it should, at least, reach the “Good” level. After you’re done, tick the “Terms and Conditions” checkbox and click on the “Create account” button.
Activating the Account
In order to activate your account, you now have to verify your email address. Coinbase will send you a link to the e-mail you used in the registration form. Just wait a few minutes for the message to arrive and click on the link. You should see the screen below and it means your Bitcoin wallet is now active and ready to use.
Which wallet suits you best depends on several factors, such as what your buying needs are, and what you would like to use the crypto-currency for. When you enter the crypto world as a beginner, an online wallet is the easiest and most user-friendly way to manage your digital assets. Creating a Bitcoin wallet is very simple; what’s more important is what do you need the wallet for. There are roughly three types of wallets: mobile wallets, software wallets, and hardware wallets. So, what type of wallet do you need? This question is easily answered, depending on your crypto needs.
For instance, are you new or do you have a lot of experience with bitcoin? Are you going to buy a large amount of crypto assets or just a small amount? Experienced traders use hardware wallets because they are the safest, even though you need to spend money on purchasing the device. Since we are not talking about trading with bitcoin here but rather using it to fund your betting/casino account, we will spend more time on explaining mobile and software wallets. In most cases, these wallets are free and very easy to set up. The mobile one means you will be walking around with your BTC wallet while the software one can be set up on your home PC or laptop.
There are three steps that have to be followed regardless of which type of Bitcoin wallet you choose. Keep reading to learn more about these steps.
Regardless of which platform you picked, the first thing you need to do is register on their website. The website will usually ask you for a name, surname, and an e-mail address. You will have to enter a password as well. Last but not least, you will have to accept the terms and conditions and then click on the confirmation e-mail that the website will send to you. Once all of that is done, you will have your account.
Get an Address
Once you register, you will be the proud owner of a virtual wallet. The next step is getting a bitcoin address. You just have to enter your virtual wallet with your email and your password. Once you have the wallet open click on the “Accounts” tab (the name of the tab may change slightly depending on the platform you have chosen). Usually, there will be several options and you need to pick the “BTC Wallet” option and then “Generate Bitcoin address”. They will then give you a code which you need to copy. This code will be your bitcoin address. This answers the question of “how to get a bitcoin wallet? However, there are several other things you need to know about.
Once you have the address, you can easily send and receive bitcoin. To receive money, you need to give your receiving address from your wallet to the person who will be sending you bitcoins, or to the place where you are purchasing bitcoins. On the other hand, to send digital currencies, the process is even simpler. All you need to do is to click “send” and then enter the bitcoin address of the person who will be receiving the bitcoin.
Last but not least, you have to secure your account. Different platforms offer various ways to do that. However, the most used way is attaching your phone number to the account. Once you do that, every time you log in to your wallet, you will get a text message. So, if someone else tries to get in your account, the text message will notify you and you can take appropriate measures to protect your account.