If you earn money online it can be withdrawn through payment processors to your bank account. But, in the case of Bitcoin, you cannot withdraw your earned Bitcoin through any payment processor like Paypal or Payoneer. To withdraw your Bitcoin and to send, receive, and store the Bitcoin you need a Bitcoin wallet.
Through a Bitcoin wallet, you can receive and send money with minimum miner fees and few online Bitcoin wallets have a vault facility where you can store your accumulated bitcoins with multi-level protection.
This article will explain to you how to create a Bitcoin wallet online, mobile phone, and on a PC for free.
What is a Bitcoin Wallet:
- A Bitcoin wallet is a digital wallet or software or an app or a website where Bitcoin can be stored.
- You can create your wallet on your devices like computers, smartphones, online wallets, etc.
- It’s not recommended to use a mobile phone Bitcoin wallet since, if you lose your mobile phone, you might lose access to all your Bitcoin.
What is a Bitcoin Address:
- A Bitcoin address is a unique address similar to an email address.
- Creating a Bitcoin address is free like creating an email address.
- To send and receive Bitcoin a bitcoin address is mandatory. However, online wallets like Coinbase allow sending Bitcoin to other Coinbase users using the email address.
Related article – How to create a Litecoin wallet.
How Does a Bitcoin Address Look Like:
- A Bitcoin address looks like this – 1NgKzevNoA7eH3YAuPV5cFogcatyhuuAn4.
- You can create an unlimited Bitcoin address for various purposes free of cost.
Types of Bitcoin Wallets:
Before proceeding to create your Bitcoin wallet, learn the types of Bitcoin wallets. Each BTC wallet has its pros and cons, find the best one that suits you.
How to Create a Bitcoin Wallet:
As said earlier you can create a Bitcoin wallet on a computer, app, wallet, etc. Here you can get an idea about creating a Bitcoin wallet in different ways,
How to Create a Web Bitcoin Wallet (Recommended):
One of the best things about the 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 create a Xapo wallet that is very safe and secure and the right place to store your Bitcoin.
Creating an online Xapo app wallet is very easy but you need to provide the correct information for validation.
Once you land on the Xapo wallet home page click open a Xapo account.
In the 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 to 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 log into your account you can set three-factor security for the transaction which includes primary email confirmation, secondary email confirmation, mobile phone confirmation, and authenticator verification.
You can get your Bitcoin address by clicking on ‘my address’. The Xapo wallet Bitcoin address is dynamic.
Recommended article – How to create an Ethereum wallet.
Xapo Mobile app Wallet:
- Xapo provides Bitcoin mobile app for android and iPhone users to ease their work. You can download the Xapo wallet from the 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 the Xapo debit card once your account is approved and link it to your Paypal account.
- Bitcoins are used as regular currencies in a few countries in hotels, supermarkets, bars, etc. You can apply for the Xapo debit card and use it for shopping.
- Also, there are lots of online shopping sites that accept Bitcoins. Although Bitcoins can be sent directly in seconds by entering a Bitcoin address, debit cards can be used for safe transactions.
Advantages of using Xapo Bitcoin Wallet:
- Xapo wallet uses a dynamic and multi-signature wallet address to secure your Bitcoin. 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 an account. This means they give high importance to their customers and their security.
- The transaction fee is low. You can send and receive money with low transaction fees.
- Xapo provides a free vault. After receiving Bitcoins to your wallet you can transfer them to your vault for high protection.
To create a Xapo Wallet – Click here.
To create a Coinbase Wallet – Click here. (Supports 20 cryptocurrencies including BCH, BTG, ETH, ETC, LTC, etc.)
To create a CoinPayments wallet – Click here. (Supports 200+ cryptocurrencies including BCH, BTG, BTX, ETH, ETC, LTC, Doge, Ripple, etc.)
Computer [Windows, Mac, Linux OS] | PC Bitcoin Wallet (Not recommended for Beginners):
Professionals always prefer to create their Bitcoin wallets on their computer that runs on Windows, Apple Mac, or Linux Operating system.
Bitcoin wallet on computers is the safest compared to online Bitcoin wallets unless it’s not deleted accidentally (applies if you don’t use cloud backup).
To create a Bitcoin wallet on your computer follow these steps.
To create a Bitcoin wallet on your computer you should download a wallet first. Use this link to download – Bitcoin wallet.
When you land on the page you will see several bitcoin wallets as shown in the picture above.
You should select anyone among those. I recommend you to download Multibit HD or Bitcoin wallet. The Bitcoin wallet is the traditional one but will take more time to sync data and the Multibit HD wallet is known for the sync speed. Here I’ll show how to create a Multibit HD Bitcoin wallet.
Just click on the wallet which you wish to download and again click visit website.
On that website click on the operating system for which you like to download the wallet and click accept. The .exe file (windows) or similar files 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 the one shown below.
You should open that file to start the Multibit HD setup. Just right-click and open that file.
Agree with their terms & conditions and click next. Then select the ‘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 a password on websites where you can recover if you forget. In the case of a Bitcoin wallet if you forget your password all your Bitcoins are gone and you cannot recover. So, be cautious and write the password in your diary.
In the next step, you will be asked to create a backup for your wallet. If you want a backup, create an account on dropbox or mentioned cloud services and specify the backup folder. This is not a mandatory one, you can skip this step without creating the backup and you can create a backup later anytime you feel to have it.
In the next step, you have to create the wallet words. Wallet words are a must while you restore your account. So, write the wallet words and date stamp in your 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 the recipient as shown in the picture above.
- You can create multiple addresses for various purposes in the same wallet. You can label them as ‘friends’ ‘Bitcoin mining‘ ‘Bitcoin faucet‘ ‘Business’ etc to maintain the account for each activity.
You might also like this – Best Bitcoin PTC.
Which Wallet should I choose:
- Both wallets are safe. If you want a basic, secure account you can go with a 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 an online wallet.
- Xapo is just an example and there are more online wallets like Xapo like Coinbase, Coinpayments, etc. If you want to create a wallet some other site you can research and join one.
- I recommend Xapo or the wallets mentioned above for beginners for complete protection and to eliminate the risk of Bitcoins being deleted from your computer (applies if you didn’t create a cloud backup).