Are you approaching the world of cryptography and now you want to know how to create a Bitcoin wallet to use your virtual money to carry out transactions and pay for goods and services?
To begin, let's clarify what a BTC wallet is and how it works, which we called "account" in the article title. The wallet, which in English means "wallet", is a computer portfolio made up of an encrypted file accessible only owned by its password. The wallet does not properly contain Bitcoin (this is stored in the blockchain), but rather stores the public and private keys that entitle the user to use virtual money and manage the account.
If you want to use Bitcoin or any other encryption, then, you need to use a digital wallet. Bitcoin safe for you: your money in Bitcoin will be kept in a file on your computer and, if you lose the file or forget the password, the wallet and all its contents in Bitcoin will be lost and unrecoverable forever, just as it would if he lost his physical wallet. There are, however, two important differences: 1) The Bitcoin wallet is a virtual wallet, so you can make backup copies of it (on external hard drives, USB sticks, sd cards, online file storage services such as Google Drive and Dropbox). Even if someone finds the wallet they couldn't use it without knowing the password. 2) Unless we split your money across multiple wallets (Bitcoin).
This means that in certain cases the damage from loss of the file could be much worse than the loss of a physical wallet in which we typically keep a small amount of money. After this very important premise, let's move on to creating our first BitCoin wallet, a necessary step to then be able to send and receive payments in Bitcoin.
How to open Bitcoin wallet To do this you need to use software that can manage our file-wallet. Bitcoin.org has a list of software suitable for doing it divided by platforms and features: it is up to you to choose the one that best suits your needs, based on the degree of security offered and availability on your device and operating systems (Windows PC, Mac , Linux, Android ...).
Example : Ledger In addition to the software wallets that we have just seen, there are various types of wallets to open an account and manage your Bitcoins, such as the Hardware wallets. They are small devices similar to USB sticks. If centralized trading platforms and online wallets create a significant security problem, hardware wallets such as Trezor and Ledger allow users to maintain complete control over their private keys and safely store their cryptocurrencies. Not only an effective solution against the recent hacker attacks on the chips, but also against physical attackers since by inserting the wrong pin 3 times the device resets. Ledger Nano S When we activate the device for the first time we are asked for a pin that protects the seed and is given the possibility to generate or import an already existing seed. It supports several wallets (also Ripple and Ethereum) and works with official companion applications.
The Chrome Ledger Bitcoin Wallet application, today Ledger Live, is used to manage Bitcoin and other crypto assets derived from Bitcoin. Here is how to proceed: Connect your device Install the Bitcoin app using Manager in Ledger Live Optional: you can install the app for the cryptographic resource you want to manage Open the Bitcoin Wallet Chrome app Connect and unlock your device Open the crypto resource app you want to use on your Ledger device Depending on the app you have opened: The portfolio of the selected cryptographic resource opens directly Select Bitcoin or Bitcoin Cash Select Legacy or Segwit addresses (Segwit is recommended).
To receive the cryptocurrencies contained on the exchanges, press Receive, enter the associated address and send the sum we want to the generated address. For each transaction carried out, the application will ask to verify it on the device: the device will display the amount, the recipient's address and the rate which must be manually signed and confirmed on the device.
Another Example: Armory Armory is one of the safest and most reliable Bitcoin wallets. Armory Bitcoin Wallet can be downloaded from www.bitcoinarmory.com and is compatible with Windows, Mac OSX and Linux. Download and install the version of the software compatible with your operating system and click on the download link on the website homepage Run the installation file and allow the program to make changes to the computer.
Click Next and accept the terms of use. Continue with the installation by following the guided steps Once the process is finished, a screen will welcome you to Armory, click on Create Your First Wallet At this point give a name to the wallet and a description. By clicking on Advanced Options on you can select the Target compute time and the maximum memory use you want to assign Enter a passphrase that consists of 10 or more random characters or 6 or more random words. Verify your password. For greater security, you are asked to backup the wallet between paper, digital or export the list of keys. Once the list of keys has been saved, close the window and click Finish to complete the wallet creation process.
At this point the Armory Bitcoin Wallet management screen opens, from which it will be possible to send and receive virtual money, manage the account and transactions. From here you can also create a new wallet and import or restore a wallet.
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