How To Set Up Your Own Bitcoin Wallet
Before reading this start with my introduction to Bitcoin here.
Bitcoin is a cryptocurrency which is maintained, stored, used, transacted, bought and sold through wallets. Wallets are online accounts to hold and use bitcoins as the digital cash. There are several apps and websites, who offer such wallet services. You may choose any authentic service from any such wallet service provider to store and use your Bitcoins. Setting up a bitcoin wallet is simple, and this does not take you through any legal paperwork, government related work etc. It’s a decentralized system, where you just open a wallet as a secure space online for you to store your currency.
Validating a wallet is simple and easy by the password and code you set to enter and transact. You can load more bitcoins, and use the stored ones, and also buy and sell the ecash through the wallet.
How to set up your own Bitcoin Wallet?
Setting up your own bitcoin wallet does not demand any more expertise than to use the internet methodically. The steps are simple:
Step-1: Find a website for the wallet service which would obviously be your choice after the research you do, or recommendations you get.
Step-2: You would get option to open a wallet. Click on it, and you will be taken through a small registration process.
Step-3: Enter your email id, and create a password. Your wallet is instantly formed while you would be sent an email to authenticate this registration with a validation link that has to be clicked.
Step-4: And then you can enter the bitcoin wallet using this password.
Isn’t it that simple! You can create your own bitcoin wallet in any wallet service by just these few simple steps. And you get a few keys to keep account of and store securely and privately for all future transactions.
Important passkeys regarding a bitcoin wallet
Important passkeys regarding a bitcoin wallet are as follows:
- A public key is your wallet address, and this is needed to send and receive funds. Just like a bank account number, the public key is your wallet identity online to receive and send bitcoins.
- The Private key is for validating though your account, and it’s kind of your digital signature or code that authenticates to the system that it’s you.
- Your private keys stay stored in a specially encrypted file, and this is called the Keystore file.
These three are the main components of a bitcoin wallet system which functions together to form the secure system.