Anyone who is going to buy Bitcoin should be aware that first, you need to create a Bitcoin wallet. At the moment, different types of digital coin storage are widespread, which can be found on the official website bitcoin.org. There is a list of popular wallets that are trusted by the developers of the world’s main cryptocurrency. How to create a Bitcoin wallet for free and what is required for this, we will now tell you in detail.
Types of Bitcoin wallets
Registering a Bitcoin wallet is not difficult, but requires a responsible attitude. The first step is to choose the appropriate storage type. There are several types of wallets that are used by both ordinary users and large institutional investors.
The so-called desktop wallets appeared the very first – everything began with them. It was created by the Bitcoin developer himself. It provides a fairly good level of security. Essentially, this is software for installation on computers and laptops. This is quite convenient since the user can use this software at any convenient time.
So-called wallets, which are special separate devices like flash drives. They are easy to connect and use, yet very secure. In general, it is believed that it is hardware wallets that are capable of providing the maximum level of security when storing digital coins. The device can be placed in a vault at a bank or kept in some secret place, but keep in mind that if you lose your hardware wallet, you will not be able to return access to tokens.
You can also create a Bitcoin wallet in the UK on a mobile device. This is a kind of analog of software for a computer, which is implemented in the form of a mobile application and is intended for a mobile operating system. The emergence of such a wallet has contributed to the expansion of the potential audience since with the help of wallets running Android or iOS, you can access digital assets at any convenient time. Unfortunately, this type of storage is considered the most vulnerable of all.
These cryptocurrency wallets are convenient because they can be accessed from any device connected to the global network. For example, such wallets are usually created on trading platforms, providing users with quick and convenient access to trading on the exchange. Using such services, you can create a Bitcoin wallet in Russian – many of them have an interface translated into different languages. How to replenish a Bitcoin wallet can be found in a separate detailed article on the portal.
Choosing and creating a wallet for BTC
Next, let’s look at how to make a Bitcoin wallet, even if you have never encountered anything like it. Everything is quite simple, and you just need to follow the instructions. Hardware, desktop, and mobile wallets are registered using similar principles. The main thing is to realize and not forget that if you lose access to the wallet, you can lose all digital coins contained in it.
Creating a hardware wallet
A so-called hardware wallet is a physical device that stores a private key. It looks like a flash drive with the wallet.dat key file. This type of token storage is called cold storage and, as mentioned above, it is the most secure and guarantees the safety of funds. Some devices have a small display and there is always an anti-tampering password. At the moment, among the most popular types of wallets for BTC are:
- Ledger Nano S
- Trezor Wallet
One of the most popular cold wallets in the world is the Ledger Nano S. It is also the most affordable, and on the official website, you can buy and immediately order delivery of the device to any place. It costs about 60 euros and works with 1,000 digital coins. Ledger Nano S is a convenient, reliable, and time-tested method for long-term storage of digital coins. It is impossible to hack it due to a lack of access to the network. You can carry it in your pocket, but it is even better to store it in a safe and inaccessible place.
How do I install and use a desktop wallet?
Let’s look at the procedure for installing and configuring a PC wallet using the example of Electrum. It is included in the list of recommended software that is mentioned on the bitcoin.org website. It all starts with downloading and installing the program. After launching, you will need to come up with a name for the wallet and select its type. If you’re a beginner, go for the standard one. After that, you will need to create a kind of password called seed. You can also use the suggested option. After that, an entry will be generated to access the Electrum private key.
Next, you need to enter the selected or issued seed to confirm the login. Then the password is entered and you can proceed with transactions. The wallet address for receiving payments with a QR code is located in the Receive tab. To send tokens, you need to use the functionality of the Send tab. Here, in the Pay to the field, you must specify the address of the recipient of the coins. The main thing is not to give your seed or password to anyone, and they cannot be stored on e-mail or other media with access to the Internet.
We will consider the installation and registration of a Bitcoin wallet on a mobile device using the example of software called BRD. Previously, it was available under the name Bread Wallet, but then the developers rebranded it. This mobile wallet runs on Android and iOS platforms. The installation will take no more than three minutes. First, you need to download the wallet and launch the application, and after launch, select the new wallet button. A message will pop up with instructions on how to restore the wallet if access to it is lost.
The next step is to set a PIN to access the application. On modern smartphones, this procedure can be replaced by setting up fingerprint access. The wallet is then ready to go. The address will be visible immediately upon entering. According to many users, this mobile wallet is the best for BTC. If you want to create a Bitcoin wallet for free, this option is perfect for you.
How to register a wallet online?
Finally, consider the question of how to make a Bitcoin wallet online. A web wallet is convenient and relatively reliable, and it is registered very quickly and easily. We will consider the procedure using the example of Bit Go. It is also on the recommended list on bitcoin.org.
You need to select Personal, enter an e-mail address, and come up with a password. A link to activate the wallet will be sent to the mail. You need to click on it and go to the site, after which it will be necessary to strengthen the protection measures. The best way is to use Google Authenticator, scan the QR code from the app. In the Wallet tab, you can find out the address of the registered Bitcoin wallet.
Advantages and disadvantages of Coin wallets
Each of the wallets discussed above has a number of advantages and disadvantages, which we will now consider below. The advantages of a desktop wallet include its security, the ability to store coins on a PC, and the difficulty of breaking a password. The disadvantages are lack of mobility, the inability to conduct transactions from outside the home, the risk of hacking without encrypting the seed. The hardware wallet does not work online, it is the most secure and generally quite convenient. Among the disadvantages is the fact that this is an electronic device. If it fails, access to assets will be lost. The wallet can also be trite to lose.
The mobile wallet is convenient, easy to use, always at hand, and allows you to quickly carry out any transactions. On the downside, the wallet is always online, so BTC can be stolen by hackers. Also, if you lose your phone, you can lose all assets if someone gains access to the installed applications. The web wallet is quite convenient, easy to use, and works from any device. Of the minuses, the storage of private keys online is distinguished, and some wallets are tied to a mobile phone number, that is, access to assets can be lost.