If you earn money online it can be withdrawn through some payment processors to your bank account. But, in case of bitcoins you cannot withdraw your earned bitcoins through any payment processors like Paypal, Payza, solid trust pay etc. To withdraw your bitcoins or to send and receive the bitcoins you need a bitcoin wallet. Through bitcoin wallet you can receive and send money without any transaction fees and few online bitcoin wallets have vault facility where you can store your accumulated bitcoins with multi level protection.
What is a Bitcoin wallet:
- A bitcoin wallet is a digital wallet or a software or an app or a website where bitcoins can be stored.
- You can create your own wallet anywhere like computers, smartphone, online wallets etc.
What is a Bitcoin address:
- A bitcoin address is a unique address similar to a email address.
- To create a bitcoin address it is free like creating a email address.
- To send and receive bitcoins a bitcoin address is necessary.
How does a bitcoin address looks like:
- A Bitcoin address looks like this – 1NgKzevNoA7eH3YAuPV5cFogcatyhuuAn4.
- You can create unlimited bitcoin address for various purpose for free of cost.
How to create a Bitcoin wallet:
As said earlier you can create a bitcoin wallet on computer, app, wallet etc. Here you can get idea about creating bitcoin wallet in different ways,
How to create a bitcoin online bitcoin wallet (Recommended):
- One of the best thing about online bitcoin wallet is the vault facility. You can save your bitcoin using 3-tier vault protection.
- There are several online wallets available on the internet. I recommend you to create a xapo wallet is is very safe secure and the right place to store your bitcoins.
- Creating online xapo app wallet is very easy but you need to provide correct information for validation.
- Once you land on the xapo wallet home page click open a xapo account.
- In first step you have to enter your name and email ID. And you have to confirm your email ID by clicking the verification link to proceed further. Also you have to create a password for your account.
- In next step you will be asked to verify your mobile phone number to increase security and reduce spam account creation. Every time if you want to transfer your bitcoin you have verify your mobile number if two factor authentication is set.
- In the next step you will be asked to enter your residential details and if needed they will ask you to enter proof of address based on the geographical location.
- After completing these your account will be ready. And the first time you enter your account you will be asked to set a four digit PIN. You will be asked to enter the PIN and password every time you log into your wallet.
- Once you login to your account you can set three factor security for transaction which includes primary email confirmation, secondary email confirmation and mobile phone confirmation.
- You can get your bitcoin address by clicking on ‘my address’. The xapo wallet bitcoin address is dynamic.
Xapo mobile app:
- Xapo provides bitcoin mobile app for the android and iPhone users to ease their work. You can download xapo wallet from play store and app store.
- Through xapo bitcoin mobile app you can send and receive bitcoins very easily.
Xapo bitcoin debit card:
- Xapo bitcoin debit card is a great feature. You can apply for xapo debit card once your account is approved and link it to your Paypal account.
- Bitcoins are used as regular currencies in few countries on hotels, super markets, bars etc. You can apply for xapo debit card and use it for shopping.
- Also, there are lots of online shopping sites which accept bitcoins. Although, bitcoins can be sent directly in seconds by entering bitcoin address, debit cards can be used for safe transactions.
Advantages of xapo wallet:
- Xapo wallet uses dynamic and multi-signature wallet address to secure your bitcoins. Every time a transaction is made your bitcoin address will change and your old bitcoin address will be alive.
- Xapo asks several questions before creating a account. This mean they give high importance to their customers and their security.
- Transaction fee is zero. You can send and receive money without paying any transaction fees.
- Xapo provides free vault. After receiving bitcoins to your wallet you can transfer it to your vault for high protection.
Computer | PC (Not recommended for beginners):
- Professionals always prefer to create their own bitcoin wallets in their PCs.
- Bitcoin wallet in computers is the most safest compared to online bitcoin wallets unless its not deleted accidentally (applies if you don’t use cloud backup).
- To create a bitcoin wallet in your computer follow these steps.
- To create bitcoin wallet on your computer you should download a wallet first. Use this link to download – Bitcoin wallet.
- When you land the page you will see a number of bitcoin wallets as shown in the picture above.
- You should select anyone among those. I recommend you to download Multibit HD or Bitcoin wallet. Bitcoin wallet is the traditional one but will take more time to sync data and Multibit HD wallet is know for the sync speed. Here I’l show how to create Multibit HD bitcoin wallet.
- Just click on the wallet which you wish to download and again click visit website.
- In that website click on the operating system for which you like to download the wallet and click accept. The .exe file (windows) or similar file will be downloaded to your computer.
- Like you install other software, click on the .exe file (windows) and follow the procedure to install.
- After installation, a desktop icon will be created like one shown below.
- You should open that file to start Multibit HD setup. Just right click and open that file.
- Agree their terms & conditions and click next. Then select ‘I want to create a new wallet’ option and click next.
- Create a password for your bitcoin wallet and remember that this is not like creating password on websites where you can recover if you forget. In case of bitcoin wallet if you forget your password all your bitcoins are gone and you cannot recover. So, be cautious and write the password on your personal diary.
- On the next step you will be asked to create backup for your wallet. If you want backup, create a account on drop box or mentioned cloud services and specify the backup folder. This is not a mandatory one, you can skip this step without creating backup and you can create backup later anytime you feel to have.
- In next step you have to create the wallet words. Wallet words are must while you restore your account. So, write the wallet words and date stamp in your personal diary to protect it. Click next and you will be asked to type the wallet words and the date stamp. You have to type them to create the wallet.
- After completing all the steps a final report will be displayed as shown in the picture above. Click finish to create your wallet.
- After clicking finish you will be asked to enter your password. Enter your password to access your wallet. The home page of the wallet will look similar to the picture shown above.
- To get your bitcoin address, click on request payment. Your bitcoin address will be displayed near recipient as shown in the picture above.
- You can create multiple address for various purpose in same wallet. You can label them as ‘friends’ ‘Bitcoin mining’ ‘Bitcoin faucet’ ‘Business’ etc to maintain account for each activity.
Which wallet should I choose:
- Both the wallets are safe. If you want basic, secure account you can go with PC wallet.
- If you think your computer is not a safe place and wish to get more benefits like apps, 3-tier security, vault etc you can go with online wallet.
- Xapo is just an example and there are more online wallets like xapo. If you want to create wallet some other site you can research and join one.
- I recommend xapo for beginners for complete protection and eliminate risk of bitcoins being deleted from your computer (applies if you didn’t create cloud back up).
Tags : How to create a bitcoin wallet, online bitcoin wallet, Bitcoin wallet mobile apps, How to create a bitcoin vault.