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HomeBitcoin 2019How to create a bitcoin wallet (instruction + expert advice)
Bitcoin 2019, News

How to create a bitcoin wallet (instruction + expert advice)

Bitcoin is on the rise again! So the question of creating a Bitcoin wallet is now relevant for very many, and today we will understand it. Very, very carefully.Moreover, wallets for all other cryptocurrencies work exactly the same. What for create a Bitcoin wallet in Russia - read here!

How to register a Bitcoin wallet and replenish its balance. Watch the video instruction.

What are wallets for Bitcoin and how they work (in simple words)

In fact, a wallet is just a mechanism for storing a private key to your Bitcoin address. (this is the analogue of the account in the blockchain)

  • The fact is that a private key is, roughly speaking, "password", allowing you to manage funds on your bitcoin address. The loss of a private key means the loss of funds at the address, without any hope of restoring access to them.
  • The private key is used to generate a public key (there can be many of them for each address), which is attached to the transaction as proof of ownership of the transferred funds. In this case, the inverse operation — calculating the private key from the public key — is impossible even theoretically.
  • So the task of the wallet is reduced to the safe and convenient storage of a private key and providing access to it, as well as generating public keys.

Types of Bitcoin Wallets

IMPORTANT! Today, the market offers a huge variety of different BTC wallets for every taste. It’s very useful to know what are Bitcoin Wallets at 2019-2020 year. The most important thing, however, that a beginner needs to learn is the differences between “Cold” и Hot wallets.

  1. Hot wallets require constant (if possible), of course, Internet connection. Most wallets: software installed on a computer, applications for smartphones and the web version are “hot”. Such wallets are convenient and allow you to quickly complete a transaction at any time, but they are less secure than “cold” wallets, since infection of a device with viruses can give attackers access to your funds.
  2. “Cold” wallets do not have an Internet connection and only connect when there is a need to conduct a transaction. Most often they belong to the so-called hardware wallets - devices specially designed for storing keys - but there are also more “exotic” solutions: from pieces of paper with a printed QR-code key to a computer disconnected from the Internet with the “regular” wallet installed. “Cold” wallets are much safer (they are not physically connected to the Internet), but less convenient than “hot” ones.

How to get any of the most popular variants of a bitcoin wallet:

  • Paper wallet
  • Hardware wallet
  • BTC wallet online
  • Mobile app
  • Desktop wallet

We will not consider “creating a wallet” in one of crypto-exchange exchanges. No matter what the owners of the trading floors say, the account on the stock exchange is not a bitcoin wallet - you do not receive either a private or public key, and all the coins on your balance are de facto owned by the exchange.

Creating a paper bitcoin wallet (instruction)

Despite all the “archaism” of paper media in the digital age, creating a paper bitcoin wallet is almost easier than any other. For this you need;

  1. Go to the website of one of the services offering a program for creating paper wallets. For example, Walletgenerator.net.
  2. Download the proposed service archive. Online generation, despite its convenience, is best not to use for security reasons.
  3. Disconnect from the Internet, unpack the archive and run the html-file from it.
  4. Press the “Get New Address” button and chaotically drive the screen with the mouse while the random number generator is running.
  5. Print the received document with two QR codes. On the left - the public key, on the right - the private one.

Using a hardware wallet

The first step, of course - acquisition of the hardware wallet. There are a great many of them on the market today, but all of them, in general, outwardly resemble the familiar “flash drive”, even with a small screen. The interface for all wallets is also similar and the differences are purely cosmetic.

As an example, we use one of the most popular hardware wallets on the market - the Trezor Model T. Here it is:

    1. To create a wallet, you need to connect it using a USB cable to your computer or smartphone and go to the web page trezor.io/start.
    2. Next you need to choose your wallet model.
    3. And your operating system - the site will offer you to download the driver that provides work with the wallet.
    4. After that, the wallet will download the latest firmware version from the site. This ensures that you are the first user of the wallet, and the most sophisticated and authentic software version is used on the wallet itself.
    5. After installing the firmware, you will be prompted to restore the old wallet from the seed phrase or create a new one. We are, of course, interested in the second option. Next, you need to create a backup copy (backup) of the wallet.
    6. Backup - this is a randomly created mnemonic phrase (it’s also a seed phrase) from 12 words, in which the 128-bit number is encrypted, used to generate all private keys for all currencies in the wallet. With this phrase you can “transfer” all your funds to any other wallet that supports the BIP39 standard.
    7. The phrase will be displayed on the screen of the 3 wallet in “portions” of the 4 word. Write it down (a special card made of waterproof paper comes bundled with the wallet, but you can use anything) and keep it in a safe place. This phrase will be shown only once and there is no possibility to restore it. However, to make sure that you have written down the seed phrase correctly, immediately after its generation, the device will ask you to enter 2 random words from it (for example, the third and seventh).
    8. After that, it will only be necessary to give your wallet a name and protect it with a PIN-code from strangers. The maximum code length is 9 numbers, and keep in mind that the buttons with numbers are randomly mixed each time so that no one can see what you are typing:

BTC wallet online

Web versions of Bitcoin wallets are perhaps more popular than all the others combined due to their convenience. At the same time, an online wallet is the least secure of all options. Strictly speaking, in most cases you will receive only the public key, and the private key will remain with the service. However, if you need a wallet for a one-time transaction or for using small amounts, why not?

In runet the most popular web wallet - blockchain.info.

  • To create a new wallet, just go to this page and click “Register”.
  • Next you need to enter your email address and password.
  • A link will be sent to this box, which you need to click on in order to confirm the registration, as well as your ID, which you need to keep in a safe place - it is used to enter the wallet.
  • After that, the wallet is, in general, ready to work, but it would be better to go to the security center in your personal account and use it.
  • At a minimum, it is worthwhile to generate a seed phrase and enable two-factor authentication.

Seed-phrase is created in the same way as hardware wallets, even if the words are displayed directly on the browser screen. Upon completion, you will be asked to enter four randomly selected words to confirm.

  • For two-factor authentication, you need to bind the mobile number to the wallet by selecting the appropriate item in your account:
  • This number will receive an SMS with a code that you need to enter to confirm. Then you can go to the next item - “Activate two-step verification” and select the “Use mobile phone number” option. After that, each time you log into your account, you will receive an SMS with a code that must be entered in addition to the password.

Alternatively - Google Authenticator or Yubikey applicationthat should be installed on your smartphone. The wallet will generate a QR code for the application, which you can scan and get the 6-digit confirmation code.

After these manipulations, the wallet can be safely considered ready for work.

Mobile Apps

The vast majority of mobile wallets in terms of interface completely duplicate their web versions. For example, the registration procedure in Blockchain.info applications for iOS and Android is no different from the web version. Is that empty fields at the edges of the form is much smaller. So you can safely use the instructions for a bitcoin wallet online.

Desktop wallet

The most “classic” version - it all started with the dextop wallets. We will not consider the “full client” Bitcoin Core with synchronization and download of hundreds of gigabytes of the blockchain bitcoin. In the end, we just want to start a wallet for BTC, so Bitcoin Core functionality will be superfluous. It is much more reasonable to use another popular wallet - Electrum.

  • To install go to Electrum website and download the desired distribution. In our case - the installation file for Windows.
  • Set the wallet as well as any other program. All the fun begins when you first start the program:
  • Here we give the wallet a name and click “Next”, since we need to create a wallet. After that, the program will offer us the 4 wallet creation option.
  • Standard - the best option for the first wallet.
  1. Wallet with two-factor authenticacion - would be good if it were not for the obligatory use of the TrustedCoin service, which does not allow to change the number to which the wallet is attached, and also charges an additional fee for each transaction.
  2. Multi-signature wallet - A wallet with multi-signatures is relevant first of all in a situation when collective money is on the wallet (for example, company funds).
  3. “Watch Bitcoin Addresses” It does not allow to fully manage coins, so it is not interesting for us.
  4. On the next screen, select “Create a new seed”:
  5. We write down the phrase shown to us from 12 words. Copying does not work, so take a piece of paper and write it “manually”. As usual - the mnemonic phrase is shown only once and is not restored when lost. On the next screen, we will be asked to enter a seed phrase to make sure it is written correctly. Again, this must be done manually - the “Paste” function does not work.

After that, it remains only to come up with a password that will protect and encrypt the wallet file on the computer. The minimum requirement is 13 characters. This password can be lost (but not necessary) - you can restore access to the wallet using a mnemonic phrase. After confirming the password in the next window, the wallet will close. Run it again, go to your account using the name of the wallet and password and use.

Conclusion

As you can see, everyone can create a Bitcoin wallet - no special knowledge and skills are required for this. Only attentiveness and accuracy.

Of course, since the number of wallets on the market is incalculable, the interfaces may differ slightly in different products, but the instructions provided give you a quality “base”, based on which you can cope with any BTC wallet.

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