Once you hear how interesting to run Bitcoin from your friends, you may ask yourself “How do I create the Bitcoin wallet?”, won’t you? For background knowledge, the Bitcoin wallet is a feature-packed, non-custodial wallet application for both Bitcoin Cash (BCH) and Bitcoin (BTC) crypto-currencies.
One of the most useful features of the Bitcoin wallet app is the fact that it supports “Shared wallet”, which is also known as a multi-signature wallet. It is easily accessible for two or more people and requiring one of these cosigners to give authorization to the spending of BCH out of the shared wallet.
Creating a bitcoin wallet is super easy than you imagine, Now let’s have a look at the following review about the steps on how to create the Bitcoin wallet, why you use it, and other related information.
How To Get Started With Bitcoin or Bitcoin Cash
How to create a bitcoin wallet? There are 3 easy and simple steps to help you create and get started with Bitcoin wallet. Those are downloading the Bitcoin wallet, adding Bitcoin to your wallet and use the Bitcoin wallet to send and receive bitcoins.
Here is a detailed description of each step that you can read and follow carefully.
Download a Bitcoin Wallet
Downloading a Bitcoin wallet is the primary step you should perform if you want to create a Bitcoin wallet. However, there are some considerations you must take into account before you are downloading the app.
The feature is the one to consider. This way, wallets usually feature the ability to keep a history of your Bitcoin Cash Transactions. There are typically different wallets across various platforms. Though they may share some certain and similar basic functionalities, the features are different from one to another.
Therefore, before you finally download the Bitcoin wallet, you had better check out the features offered.
Add Bitcoin or Bitcoin Cash to Your Wallet
The second step of creating the Bitcoin wallet is to add Bitcoin or Bitcoin cash to your wallet. Make sure you have already download the bitcoin wallet app and have the wallet so you can perform this step.
So have your Bitcoin or Bitcoin cash wallet address ready. Afterwards, visit “buy Bitcoin page”. This will enable you to buy bitcoins using your credit card. You can also buy Bitcoin Cash (BCH) or Bitcoin (BTC) right from the wallet mobile app.
Other way to add bitcoin to your wallet is to choose a Bitcoin Exchange where you can set up an account fast and purchase the bitcoins using your funds from your bank account. Remember, keep your private keys safely and never share them with anyone else. Or you can create a backup of your wallet’s private keys and other credentials for offline storage.
Use A Bitcoin Wallet To Send and Receive Bitcoins
Do you know a fact? Receiving bitcoins is easier than sending them. Sending bitcoins need a few more steps. Further, bitcoin transactions are irreversible. Thus, it is crucial to be careful when sending the bitcoins.
There are 5 easy steps to send bitcoins. Firstly, copy the receiver’s public Bitcoin address. Or you can just scan the code. Secondly, open your wallet and head to its “Send” feature. Paste the receiver’s address into the given appropriate field. Third, specify the amount you want to send and fourth, confirm the address and amount are both correct. Finally, the fifth step is to tap on “send” option.
By the way, Bitcoin Cash is considerably more accepted by thousands of people as individuals and many websites, too. Even it is also accepted by brick-and-mortar businesses throughout the world.
Steps To Create The Shared Bitcoin Wallet
There are simply 5 easy steps you can follow to create the Bitcoin wallet. The firsts step requires you to download the app of Bitcoin.com Wallet for iOS, Android, Mac or Linux and Windows. Secondly, go to your home screen and tap the “+” symbol in the Bitcoin Cash Wallet Menu to create a new wallet.
In the third step, select “Create shared wallet” from the “Add Wallet” menu. After that, you must follow the next step which is the fourth step. It is to set the “Wallet name”, “Your name”, “Total number of copayers and the “Required number of signatures”. This is aimed to send BCH from the shared wallet.
Remember, the total number of copayers is the number of people or devices that will have an access to this wallet. Meanwhile, the Required number of signers is how many of these people or devices must manually authorize a transaction before it is send.
The last step to perform in order to create the Bitcoin wallet is creating the wallet and share the invitation code with the other people whom you want to join the wallet. You can actually scan this code, copy the text and past it.
Why You Use The Shared Bitcoin Wallet
After you understand the steps on How do I create the Bitcoin wallet, here are the reasons why you are suggested to use it. What does the shared Bitcoin wallet promise?
First of all, it is about security. A single user who are using multiple devices can use this shared Bitcoin wallet to increase the security of transaction. In this case, though your smartphone may be stolen, the thief would be unable to spend from the shared Bitcoin wallet without the cosigner’s authorization.
The second reason is the accounting. A shared wallet offers all of the cosigners an accessible transaction history of a single wallet. Further, a payment of an organization can be set up only after achieving a required threshold of authorizations.
Things to Remember
In creating the Botcoin wallet, remember that multisig wallet are like normal wallets by no exception. Each of the cosigner who are using shared wallet can access the wallet. However, it is much recommended that all cosigners create a backup of their shared wallet. This is because you will not be able to access to all participants in the shared wallet if your device is lost and you cannot give authorization as one of the cosigners. To avoid this issue, it is better not to create a shared wallet that requires the signatures of all participants.
For New Bitcoin Users
So you have your bitcoin wallet, well, congratulations! You will never be so curious about to search “how do I create the Bitcoin wallet” anymore, right. If you have bought your first BTC and basically known how to send and receive bitcoins, you are no a full-fledge-Bitcoiner. However, if you are just a new Bitcoin user, there are still many things to learn.
Bitcoin is a tool that will be useful as you are able to hold and spend it right. For the best tips for the new Bitcoin users, we really recommend you to explore; how to choose the right bitcoin wallet, how to choose the right bitcoin exchange, the guide to avoiding bitcoin fraud and the cold storage dealing with what it is and how to set it up.
These are the things that the new bitcoin users have to learn since they are really important. They are just the basics. There is still a blockchain technology on which it relies are tough solutions to payment problems around the world.
Thus, it is quite crucial to have a better understanding of how to create bitcoin wallet, how to receive, store and spend the bitcoins.
Overall, creating Bitcoin wallet is not as difficult as you may think of. You can get started to create the Bitcoin wallet or the shared bitcoin wallet by following all of the steps we suggest above. Remember, having the guidelines of doing something is important, including the way you create the bitcoins, send and receive them as well as spend them. One more, you must also learn how to avoid the fraud. So keep this article with you and share with your fellows for a reference or guidance.