What is a Bitcoin Wallet?
A Bitcoin wallet is similar to a digital bank account. Here you can send, receive and manage your bitcoins. This is how it works: You buy bitcoins from BTC Direct, then these are sent to your wallet. You manage your money in your wallet. Would you like to send bitcoins elsewhere? You can then select the “Send” option in your wallet and enter the recipient’s address. The money is sent from your wallet to the recipient’s wallet.
Which Bitcoin wallet should I choose?
There are many different types of wallets to choose from. Which wallet you should choose depends on several factors. Are you just starting out with trading cryptocurrencies or are you already more experienced? Do you want to buy small quantities or invest a lot?
Creating a Bitcoin wallet is very easy. There are roughly three types of wallets: mobile wallets, software wallets, and hardware wallets. Mobile wallets and software are usually free. Each has multiple providers and each wallet has its own specifics in terms of things like ease of use and security.
You can use a mobile wallet Coinomi to buy your crypto from BTC Direct without having to switch between tabs and apps. And since you no longer have to copy and paste your receiving address, it’s also easier and safer!
How do I create a Bitcoin wallet?
Which wallet is best for you depends on several factors, such as: B. what your buying needs are and what you want to use the bitcoins for. If you are just starting out to buy bitcoins, online wallets are the easiest and most user-friendly way to manage them. A widely used free wallet is Coinomi. This wallet also supports other coins. You set up a Coinomi wallet by following these steps:
1. Go to the App Store (iOS) or Google Play Store (Android).
2. Find and download Coinomi.
3. Open the app and write your 24-word recovery phrase. Very important, this is a backup for your wallet!
4. Set a strong password
5. Add bitcoins to your wallet
6. Use your receiving address to receive bitcoins
What is a Bitcoin receiving address?
The receiving address corresponds to your bank account number. Every Bitcoin wallet has a unique Bitcoin receiving address. You can share this bitcoin address with others to let them know how to send money to your wallet.
BTC addresses are alphanumeric and always start with 1 or 3. Here is an example of a receiving address: 3FZbgi29cpjq2GjdwV8eyHuJJnkLtktZc5. A common question is how to get a BTC address. Each wallet automatically generates a Bitcoin address. If you’ve just created a new wallet, you’ll have a unique Bitcoin address in no time. If you enter this address on our order form, we will know where the money should be sent.
New Bitcoin addresses are not only generated after creating a new wallet, but also after every transaction. And for good reason: If your address changes frequently, your privacy online is better protected.
Do you want to reuse your old Bitcoin address? No problem! Any address where you previously received bitcoins can be reused. It doesn’t matter if someone sends money to your newest address or your oldest address – bitcoins go to the same wallet. In most wallets, all generated addresses can be found in the transaction history.
Please note!
To receive and send bitcoins, always copy and paste the receiving address. This will reduce the risk of making mistakes. Do not write or enter the address. All cryptocurrency transactions are immutable; Once the money has been sent there is no way to get it back.
How can I receive or send bitcoins?
When buying or receiving Bitcoins, use the receiving address from your wallet. We can’t emphasize it enough: copy and paste this address, don’t write or type it. The Bitcoin receiving address is similar to your personal bank account number from which you receive Bitcoins. But where can you find your Bitcoin receiving address?
delivery address
First, log into your wallet. In most wallets, the receiving address can be found under the “Receive” button. There are wallets where the Bitcoin receiving address changes automatically after it has been used for a transaction. This is your privacy policy. But don’t worry: ‘old’ receiving addresses are always valid and linked to your wallet.
To take
To get bitcoins in your wallet, copy the receiving address from your wallet and paste it into the BTC Direct order form. This way we know which wallet to send money to.
Send
Sending bitcoins is just as easy! Click on “Send” in your wallet. Enter the receiving address that you copied from the recipient. Enter the amount you want to send and confirm.
Create a bitcoin wallet backup
When creating a Bitcoin wallet, it is important that you make a backup. In this way you ensure that you always have access to your wallet and therefore your bitcoins.
Most wallets display a randomly generated sequence of 12 or 24 words. This is known as the seed phrase or recovery seed and it acts as a backup for your wallet. Write this seed with pen and paper and keep it in a safe place. Don’t save it digitally or online as this makes it vulnerable to hackers.
If you lose your wallet credentials, you can use the backup to regain access to your funds.
safety first
Just as you keep your physical wallet safe, you also protect your crypto wallet. If your wallet isn’t secure enough, hackers can steal your money. Fortunately, there are tons of ways to keep your wallet secure. Take the time to go through these tips:
Never store your backup data digitally
Write down the following information about your wallet provider on a piece of paper: Username, password, recovery seed Keep them in a safe place. Don’t take photos with your phone. A mobile device with a constant connection to the internet. This makes it easier for hackers to access your wallet.
If possible, choose two-factor authentication (2-FA)
This may sound complicated, but 2-FA is simply that you sign in with multiple devices. Why is that helpful? With 2 FA, hackers cannot access your wallet with just your password. A code is also required to access your wallet. This code can be sent to you via SMS or via an app such as Google Authenticator. We recommend enabling both options for maximum security.
Embassy
As soon as you have activated the 2 FA mode via SMS, you will receive an SMS with a unique code on your phone every time you log in. To activate the 2 FA mode via SMS, you must enter your phone number in the secure settings of the wallet. This means that you will need both your phone and your password to access your wallet.
Google authenticator
You can find the Google Authenticator app in the App Store (iOS) or Google Play Store (Android). To connect the app to your wallet, you need to scan the QR code in your wallet. You can find the code in the security settings. Make sure to secure the QR code by printing it out in case you lose your phone. As soon as the app is connected to your wallet, it generates a new six-digit code every thirty seconds. To access your wallet, you need to enter the code.