The brilliance of bitcoin is that you can have complete control over what you own. You won’t have to run to an ATM to get them or need authorization from the bank to send them digitally. However, like an account number, you do need a bitcoin address to send or receive your coins.
A bitcoin address is used to transmit important messages, similar to an email id. But to get a Bitcoin address, users first have to create a Bitcoin Wallet.
What is a Bitcoin Wallet?
Bitcoin Wallet – as its name suggests – is a digital wallet that is used to store, transfer or receive bitcoins. The following are the two major types of bitcoin wallets.
Software or Mobile Wallet
These are applications that you install on your computer or mobile phone. Most trading exchanges provide you with this type of wallet when you signup. Software wallets are easy to use and offer many handy features for convenient use. However, these wallets are less secure than hardware wallets.
These are small electronic devices that you own physically- similar to a USB stick. These wallets don’t need an internet connection to function and often come with double or triple-tier access protections which makes them very secure. But they are somewhat complex to operate.To send or receive bitcoins, you need your own address. Read this to learn how to send #BTC Click To Tweet
How to Create Your Own Bitcoin Wallet?
So now that you know about Bitcoin wallets. Let’s get you your own. For new users, it’s very simple. Go to Appstore on your mobile and install the wallet like Coinbase or MetaMask. Open the app and create an account using a strong password; make sure to note down your recovery phrase, and you are done.
How to Send or Receive Bitcoin?
Every wallet creates a unique bitcoin address on its own; most wallets also allow you to create more than one bitcoin address. To receive bitcoins, copy your receiving address from your wallet and paste it for the sender. To send bitcoin, click on the send button and paste the address provided to you by the recipient.
Never try to type bitcoin addresses as all bitcoin transactions are irreversible, so there is no margin of error here.
This is it, now you know how to create your own bitcoin address. One final piece of advice, write down your login password, recovery phrase, and name on a paper and keep it in a secure place. Don’t store this info digitally, yes you shouldn’t even take a picture of this paper. Also, always try to use Two-Factor Authentication (2FA) to safeguard your bitcoin wallet from hackers.
Bitcoin is the most famous cryptocurrency but it’s not the only one; there are many others as well. For instance, ETH is the second most popular cryptocurrency. You can read about it here.A bitcoin address is like an email id that is used to communicate with the blockchain. Read this blog to learn how you can get your own bitcoin id/address Click To Tweet
Suleman is a part-time crypto writer and full-time book addict. He holds a master’s degree in Chemical Engineering. Nothing excites Suleman like a well-organized fundamental analysis for long-term investment.