How to Create Bitcoin Wallet Step by Step and what is the Bitcoin wallet
The purpose of this article is to give you the knowledge you need to know how to create a wallet to keep Bitcoin safe before you buy it. You already know that Bitcoin is a digital currency so we can not take Bitcoin by hand and give it to someone else like traditional currency. Because Bitcoin is a digital currency. So you also need a digital wallet to trade in Bitcoin.
Before creating a Bitcoin wallet, it is very important to know what a wallet is and its functionality. There are three things we can do with a Bitcoin wallet, just like a bank account itself.
Objectives of a Bitcoin Wallet
- Get Bitcoin – Receive Bitcoins
- Deposit – Store Bitcoins
- To send to someone else or make payments
When we create a Bitcoin Wallet, a wallet is created for us in the Bitcoin Blockchain. We can call this a Node in Blockchain. So every time we create a Bitcoin Wallet we create a node in the Bitcoin Blockchain. We also get a private key or a password to unlock that node. Our Privat Key or Password should always be kept confidential.
He also gets a Public Key which is what we call the Bitcoin Wallet Address. When someone sends us Bitcoin we need to send Bitcoin to our Bitcoin Wallet Address. Just like the account number of a bank account. We can illustrate the Bitcoin Wallet address as follows. It is made up of letters and numbers and letters.
If we are sending Bitcoin to someone else, we must first use our password to unlock our wallet. Then you can send Bitcoin to the wallet address of the wallet to be sent.
There is something that needs to be understood very well here. No matter what kind of Bitcoin we deposit (Bitcoin), Bitcoin is always in the blockchain node in our wallet. The wallet connects us to the blockchain node.
So here are about five main types of wallets we can identify. We are talking about Web Wallet, Hardware Wallet, Desktop Wallet, Mobile Wallet and Paper Wallet respectively. In this article, we will talk about the Web wallet and hardware wallet used by the majority of people who work with Bitcoin and Cryptocurrency today. We hope to talk about other wallets and their functionality in another article.
01. Web Wallet
Simply put, a Web Wallet is an Online Wallet. We can create this web wallet through a website. So here are some of the most popular Web Wallets. The Web Wallet offered through Coinbase.com and Blockchain.com ranks high with security and features. The following is a step-by-step guide on how to properly create a wallet provided through the Coinbase website.
First go to the coinbase.com website here. Once you have visited the website, click on the Get Started section at the top right.
Then enter your name, email and a very strong password on the next page. Remember to use a password that is hard for anyone to think of. After entering the relevant information correctly, click on the Create Account section below.
Then, as mentioned below, an email will be sent to the email address you provided to Coinbase to confirm your email address.
Now enter the email address you provided and open the email sent from Coinbase. Then click on the Verify Email Address section as shown in the second screenshot.
Next you will get a section to enter your phone number as shown in the third picture where you will have to enter the number of the phone you are using and click on Send Code. You will then receive a code from Coinbase for the number you entered and a section will appear to enter the code as shown in the fourth figure. Enter the code sent to the phone number you provided and click the Submit section.
Later, when you log in to Coinbase, you will be able to get a code for your phone in this way for the security of your Coinbase account. It’s very important for the security of our Coinbase account.
Next, let us see how to make settings in Coinbase. You are now logged in to the Coinbase Account. You can see the numbered locations in the figure below. First click on the Profile Icon in the numbered location and then click on Settings in the menu that appears.
Under Settings, we first provide information related to the profile.
Enter your information correctly in the form below. Next, enter the number of your house or apartment in the Unit section. If not, leave it blank. Next, enter the short name of your State in the State section. Or a short name relevant to your area.
Finally go and check your postal code here. The Postal Code is the code that applies to the post office where you receive letters. Go to the link given earlier and select the country of your choice and search your post office. In the Codes section, you will get the Postal Code related to your post office. Give it to the Postal Code of the Coinbase Account.
Second, click on the Security section under Settings in the image above. There you can see the phone numbers and 2-step verification. There is no need to change anything in the Phone Numbers section as we were given the phone number and verified when we created the Coinbase account. If you need to change your phone number, you can do so.
We can further enhance the security of our Coinbase Account in the next 2-step verification section. In the first part of the image below, the current is the phone number that you provided when you created the Coinbase Account, which gives you a code every time you log in to the Coinbase Account to increase the security of the account.
In addition, to further enhance the security of our Coinbase account, you can do this by activating the Authenticator option under Other Options in the first part of the image below. Here you first need to download the Google Authenticator App to your phone.
Then select the Authenticator option under Other Options in the first part of the image below. There you will receive a code that will come to your phone and give it.
Then comes the step as shown in the second part of the image below. There open the Google Authenticator app you downloaded and give it a plus sign at the top. Then you will get an option to scan the QR Code and give it and scan the QR Code.
You will then receive a new code with a six digit number that changes every minute through the Authenticator App. Also take a screenshot of that QR Code and save it in a safe place. If at any time you lose your phone, it is important to retrieve the code.
Now enter the code in the Authenticator App in the Enter your 2-step verification code section that you see in the second part of the image below and enable it. From now on, every time you log in to your Coinbase account, you will have to enter the code through the Authenticator App.
You will have to use the Authenticator app many times in the future so you can explain each of these steps in this way.
We have now created the Coinbase Account. The next step is to deposit Bitcoin into the Coinbase Wallet. To do this, first go to the Portfolio in the Coinbase Account top menu in the image below. Then select Bitcoin at the bottom. Next you will get a section as in the second part of the image below.
It tells you to send Bitcoin to the same Bitcoin address you were given, and that you will lose your Bitcoin if the Bitcoin address is incorrect. Therefore, you need to use the correct Bitcoin address. Also, by sending another cryptocurrency to a Bitcoin address as well as sending Bitcoin to other cryptocurrency addresses, you will not be able to recover your Bitcoin as well as other cryptocurrencies by mistaking your Bitcoin address. So after checking several times you should be very careful while sending and receiving Bitcoin and other cryptocurrency. Then give I Understand in the second image.
Next we get a part as shown in the image above. Select Receive there. Then you will get our Bitcoin Wallet Address below along with the QR Code in the image above. Copy the address from the option to copy the Bitcoin Wallet address to the right of its address.
Now if we send Bitcoin to our Coinbase Wallet after purchasing Bitcoin or if someone else sends you Bitcoin, Bitcoin should be sent to this address. We will talk about the next steps in the article related to buying Bitcoin.
02. Hardware Wallet
There are many types of hardware wallets available in the market today, but Ledger’s hardware wallet is the most widely accepted for safety and quality. The company has launched several types of hardware wallets in the market with various features.
You already know that Bitcoin is always in the Bitcoin Blockchain. This is the device that acts as the Privat Key to unlock our Bitcoin Wallet in the Blockchain.
You should also keep in mind that buying through the Ledger website may result in various issues regarding the security of your bitcoin in purchasing this through other parties. You can access the Ledger Official Web Site by clicking the “Buy Ledger” button below. This will allow you to download the Genuine Ledger device to your home via DHL within a few days. Buy Ledger
In the next article we will talk about how to buy Bitcoin correctly. It’s one of the most important articles in this series and we will see about that in the next article.