How to use a Bitcoin wallet – Best Bitcoin Wallet for Newbies
This guide will show you how to create and set up your first Bitcoin wallet for newbies – like me (chose best online Bitcoin wallet, create Bitcoin wallet, sent and receive Bitcoin).
What is a Bitcoin Wallet?
A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets.
A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. 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 trust the provider to maintain high levels of security to protect your coins. There are the 4 different types of Bitcoin wallets you can use:
Software wallets are Hot Wallets that require the download of software clients to create and use a wallet, Software clients are available for both — desktop platforms and mobile platforms.
A Paper Wallet is a fancy term for printing out your public and private keys on a piece of paper. Paper Wallets are more secure than using software or online wallets because you physically have your keys printed on a piece of paper. As you might have guessed, it is a Cold Storage method, as it is offline. Most of the online/software wallet services allow you to print your existing wallet keys.
Hardware Wallets are stand-alone hardware cold-storage devices that generate keys on the fly while making a transaction. They are USB shaped devices, which have to be plugged into your computer while making a transaction. Hardware wallets are secured from your regular computer malware because it generates private keys offline, on the device itself. Ex: TREZOR or Ledger wallet.
Bitcoin Web Wallets (Online Wallets)
If you bitcoin beginner, Online Wallets are the easiest to use. There’re 2 best Bitcoin Online Web Wallets for you.
One of the quickest and easiest ways to get a Bitcoin wallet is to simply go to Blockchain.info and fill out their brief requirements. Blockchain.info is another web wallet like Coinbase and provides a simple setup and mobile access to your account via their Android app. They also provide a number of other useful services to the Bitcoin community.
Step 1: Click https://blockchain.info/wallet/#/signup
Step 2: Check Email & Verify Account
Step 3: Login
Click Login Link & Type your password
***Please check your email to approve this login attempt.
How to Sent and Receive Bitcoin on Blockchain
You can sent your Bitcoin to another Bitcoin Address by click SENT
To request a bitcoin address for receiving funds simply press Request at the top of your wallet. The following will be displayed
If you only need to share the bitcoin address with another user then simply press Copy to the right of the bitcoin address displayed, and this address will be copied to your clipboard. If you have multiple fund categories set up within your wallet, then you can choose which one you would like to receive the funds to from the Receive To: drop down menu.
You can also generate a QR code for the receiving address by pressing View QR Code.
Once the address has received funds, a new address will be displayed the next time you click Request.
Generate a payment request for a specific amount
If you are requesting a specific amount, then you can generate a request link to share with the person sending you funds. Simply fill out the form and press Next.
Press Copy Link to copy the generated link. This link can be shared with the person you are requesting funds from.
Coinbase is a web wallet with a simple design and a number of very useful features that make it excellent for beginners. You can send and receive bitcoins via email and buy and sell bitcoins directly from Coinbase. A full-featured Android app enables access to all account functions on the go. Coinbase’s founders have a proven startup track record and have raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space. They are also one of the only large Bitcoin companies to never suffer a major hack. Click here to sign up.
How to sent and Receive Bitcoin on Coinbase
As Blockchain, you can sent your Bitcoin to other Bitcoin Address by click SENT
- Sent: Sent your BItcoin to your customer
- Receive: When receiving bitcoins, you need to send your address to the person or company who’s giving you bitcoins. Click Button Receive -> Your wallet should generate addresses for you.
How to Buy Bitcoin HERE
Blockchain or Coinbase – Which is the best?
Blockchain wallet is a bit buggy and only supports bitcoin, no alts, but as a wallet I would prefer blockchain over Coinbase because you can be sure that your account would not get blocked or banned with funds. In terms of security also, blockchain is good.
But apart from being a wallet Coinbase have buy/sell option and their merchant services are popular so people who prefer these would use Coinbase. But as a bitcoin wallet blockchain is better. What is your opinion?