Chapter 8: Setting Up a Wallet

A Bitcoin wallet is basically equivalent to the physical wallet or bank account.

There are two main types of wallet:

(a) Software wallet is the one you install on your computer or phone of a different operating system. You are in complete control of the safety and maintenance of this wallet.

(b) A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to have trust in the provider for the maintenance and security of your Bitcoins. For beginners, five main wallets are recommended. These are:

  1. Blockchain
  2. Coinbase
  3. Xapo
  4. Luno
  5. Electrum

The above-listed web wallets have all the full features that make it excellent for beginners. They also have the software you can install on your devices on whatever platform, such as Android, Blackberry, IOS, and even Windows and Linux.

For Example:

  1. Log on to blockchain.info
  2. Hit the sign-up button.
  3. Enter your email, a combination of numbers, alphabets and special characters to make it strong.
  4. Enter your preferred password.
  5. Confirm your password.
  6. Take time to read the terms and conditions of service and ensure you fully understand it.
  7. Click on the box to confirm you have truly understood the terms of service.
  8. Click continue. This will to take you to your dashboard. Explore the contents of your dashboard using the buttons you see there.
  9. Click on Get started. This will take you to your wallet information:
    1. Wallet I.D: a combination of numbers, special characters, and alphabets.
    2. Ensure you save it. On your next long in, use your user I.D with your password to log into your dashboard again. Note: you cannot login with your email.
  10. Log into your email and verify your mail. In case you forget your Wallet I.D, don’t worry because they are backed up in your mail.
  11. Once your verification reads ‘Success,’ you are good to go with the next step of purchasing of your first Bitcoin to fund your wallet.

 

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