3 Ways To Set Up a Bitcoin Wallet
To be able to buy and sell Bitcoin, you need a wallet. It is a bit similar to a bank account, where you receive, store, and send Bitcoin. The wallet safeguards the secret code you need to use your bitcoins and helps manage transactions. Let us look at 3 ways to set up a Bitcoin wallet.
A software wallet is a program that stores private and public keys and interacts with blockchain to enable users to send and receive digital currency and monitor their balance. To set it up, download your wallet of choice. Install it by following the instructions - each wallet is slightly different than the others.
Web-based wallets store your private keys online on a server controlled by an admin group. Some wallets conveniently link between your mobile and software wallets. You can access this wallet anywhere, where is internet connection, making it a popular choice. However, the website is in charge of your keys and can take your Bitcoin out of your control, which is why it is considered unsafe.
Hardware wallets are physical devices that hold private keys electronically and facilitate payments. These wallets can be carried with you and don’t rely on you keeping funds in a third-party's storage. They are considered as a safe option. However, these you need to buy. Setting them up simply means following the instructions provided by the manufacturer, as, again, each wallet is different.
But if you looking for a non-electronic wallet, you might consider making a paper wallet.
Also, you can follow these advises on how to choose a Bitcoin wallet.