What is Bitcoin Wallet
Before we dive head-on into usage and working of Bitcoin Wallet.
let us scheme through the basics first.
As Wikipedia defines, Bitcoin is a crypto-currency and a digital payment system. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.
If you were to convert it into other currencies, you might get a fair idea of its worth.
One bitcoin, as of 2nd July, 2017, is equivalent to 2450.01 US Dollars. As the amount is very big, the bitcoin has been divided into 10^-8 units, where each unit is called ‘Satoski’, who is accounted for bitcoin’s installation.
As far as Indian Rupee is concerned, when you have 157716.04 Rs with you, you carry a Bitcoin.
But in order to carry a bitcoin, you need a Bitcoin Wallet.
Therefore, we shall learn how to create your own bitcoin wallet.
How to create your own Bitcoin Wallet
A “Bitcoin Wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others.
We all know that bitcoin is a concept ‘off-paper’ i.e. digital.
So the Bitcoin wallet is a software which can be easily downloaded onto your Computer models as per your present working conditions.
There are two main types of Bitcoin Wallet. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins but the bigger hassles of the software wallet is installing and maintaining it.
A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
How to install a Bitcoin Wallet
You will find a variety of ‘how to install a bitcoin wallet’ blogs and articles claiming things on the basis of a personal opinion but I want you to research your way out of this hassle.
Software Wallets are as safe as ‘houses’ but like your house, first installing them requires hard work and they need proper maintenance.
After typing Bitcoin into the Google Search Engine, click onto bitcoin.org.
Now that your process has started, click onto the second option ‘choose your wallet’ on the left side.
Then, it is upon you to decide where you want to instill your wallet i.e. Mobile, Desktop, Hardware, web. Desktop provides you three options namely, Windows, Mac and Linux.
Mobile Wallet is also flexible and you can choose between ‘Android’, iOS, Windows and Blackberry.
iPhone and Android apps are available with popular choices including:
Bitcoin hardware wallets are the most secure because they do not expose your private keys to the network.
- Ledger Wallet – Smartcard based and malware proof
- Ledger Wallet Review
- OPENDIME – The Bitcoin Credit Stick
- OPENDIME Review
How to use Bitcoin Wallet
Bitcoin web wallets are the easiest and most convenient to use but are potentially less secure than the above options because the private keys to your bitcoins are usually held by a third-party.
Due to the large number of security breaches where people have lost bitcoins, we do not recommend any of the current Bitcoin web wallets. A wallet like Copay can be used on mobile & desktop. It provides the benefits of a software wallet and is easy to use across many devices. Copay also helps you securely share wallets with other people
Bitcoin Core Wallet. Some people claim that the original bitcoin wallet, Bitcoin Core, is the best. It has been scrutinized and evolved since its creation.
‘It has been shaped and worked over and over again.
Download the Application according to your windows requirement. You can check your specification by right clicking on the ‘My Computer’ icon or in the Windows Setting Panel.
Then, as the download is complete, start its initialization and choose the Destination Folder.
Complete the Installation and open the bitcoin software.
It will load for sometime where it verifies the block chain blocks and synchronizes with the network.
You should encrypt the wallet in order to save your transactions from being manhandled by others.
Now the Wallet is installed onto your device. You will see no transactions as you haven’t made any.