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Thursday, September 06, 2018

First bitcoin wallet - where to start?

first bitcoin wallet

Where do you keep your money? Surely, on your bank account. These are also current in the wallet. The investment in Bitcoin works exactly the same way. To start your adventure with virtual currency for the good, you have to create a private Bitcoin wallet to start with. How to do it?

How to set up a Bitcoin wallet?

Let's start with the reminder that Bitcoin is a completely independent currency with all financial institutions, let alone banks. Immediately a problem arose, where and in what form we have to store our coins. The second challenge is to create a payment system. This is how the Bitcoin client institution was born. It is basically a program or application that allows you to manage your virtual money. Why is it so important? Every transaction made using the bitcoin must be recorded by the online linkage system. Thanks to this, there is no risk of fraud or currency falsification.

 The most popular place for storing your coins is the so-called Bitcoin wallet. It is a tool that is simply reminiscent of a bank account. You do not keep your wallet in your pocket, but on your computer. In this way only you have access to your coins and you can manage them freely. Of course, the system requires security, which is why the wallet must be password protected. Your wallet has so-called the public key needed for the entire network to verify your account and the actual number of coins you have. In addition, you receive a private key, through which you can make transfers. The key is long and quite complicated, so forget about setting a password in the style of "wife's name". It's finally about the security of your finances. Thanks to the codes, the wallet is perfectly protected and the risk of hacking the system has been very minimized. To further increase the level of security, try to disconnect your computer from the network after finishing work.

This description was mainly about the traditional wallet you install on your computer. Currently, one of the most popular ways to manage Bitcoins is to set up an e-wallet. Among the most trusted applications I can mention the BlockChain.info offer. It's completely free (you do not pay commission for the transfer) and a very secure Bitcoin online client. The operator guarantees a high level of security thanks to the most popular AES security standard today - in short, it is about the best transaction encryption.

The Blockchain wallet primarily gives you very large and free opportunities to manage your virtual finances. You can, for example, request confirmation of the transfer by SMS or e-mail, you have the option of importing and exporting a private key and above all - you can create backups, which works well in case of a larger number of operations. In practice, therefore, the BlockChain application is no different from the best electronic banking systems.

How to use the Bitcoin wallet?

It is very easy. Assuming you already have some coins and would like to transfer them to your contractor, you simply use the blockchain.info application tools. To make a transfer, you need to know the public key of the person to whom the coins are to be found. The transaction will be carried out at an express pace, counted in minutes rather. By using your own portfolio, you eliminate the need to involve other network users for the transfer. It's very convenient.

 Bitcoin Wallet, of course, allows you to safely store your funds. An interesting option is the ability to have multiple addresses - thanks to this, it can eg transfer coins between your accounts, and also avoid situations in which all network participants know how much exactly you have Bitcoins. By setting up a wallet, you can immediately access addresses of points that honor payments in that currency. The big advantage of the blockchain.info e-portfolio I propose is that you have access to your money from anywhere on earth. It's enough that you're on-line. Remember to choose trusted suppliers. Blockchain is recommended by thousands of users of the virtual currency and guarantees security - and that's what we mean.

Is the Bitcoin wallet secure?

As usual - it all depends on you. If you protect your private code and only use trusted applications and e-wallets, you have nothing to worry about. Of course, you can increase the security of your virtual finances. Remember to store your wallet data on external media - portable disks or pendrives. These must, of course, be stored appropriately. Never share your private code with third parties. If you're using a traditional Bitcoin client and wallet on your computer, try to disconnect it from the network when you do not use it. There is also the option of securing access to your wallet with a password. A very safe form is the storage of the portfolio in online services described in this article. This is probably the most convenient and flexible form of managing your Bitcoins.