Choosing a safe and convenient storage for Bitcoins is crucial for the future of portfolio with cryptocurrencies. Which Bitcoin wallet to choose if you are a novice user? The easiest way, of course, is to keep Bitcoin on the cryptocurrency market, but it’s a short-sighted solution. Cryptocurrency exchanges, despite increasing sophistication and funds allocated for security, are not able to provide 100% protection against the loss of cryptocurrencies, for example as a result of hacking, technical error or a prosaic reason, such as the inability of the user to regain access to the account.
Which Bitcoin wallet to choose?
The solution to security dilemmas is simply taking over responsibility for protecting digital assets. It is therefore necessary to personally look after the security of the Bitcoin portfolio, which involves securing the private key under investors own control. The best choice for most users is a hardware wallet, such as Ledger or Trezor, where the private key is securely encrypted. The best Bitcoin wallet is therefore a secure hardware solution, physically similar to a usb flash drive. Another option is the Bitcoin wallet installed on a secured computer, disconnected from the internet on a daily basis. There are many solutions to choose from, such as Bitcoin Core, Electrum, Mycelium, Armory and many more. It is also worth to buy Bitcoin wallet on a mobile device, in this case we can choose from Bitcoin Wallet, Mycelium, Bither, BRD, Edge, Electrum.
How to set up a Bitcoin wallet?
Since we already know that for the safe storage of Bitcoin, you need a wallet, let’s see how to take a step-by-step approach to creating a Bitcoin wallet. Of course, if we choose a hardware solution, we will be carried out step by step through all the complexities of configuration and use of the Bitcoin wallet hardware.
How to set up a Bitcoin wallet if we have it on a computer or mobile device? The most important are the following stages:
- make sure that you have full control over the device (computer, laptop, smartphone), because the most important factor determining safety is usually a person. Select a wallet installation on a device that only one user has access to and that is thoroughly checked for threats from viruses or unauthorized access, also via an Internet,
- check if the software you are downloading comes directly from the producers’ or wallet’s website,
- install the wallet and use all available security methods: difficult password, two-way confirmation (2FA), pin, and other available ways
- secure your portfolio backup in a location that is inaccessible to others and safe for long-term storage
Creating Bitcoin wallet step by step: Exodus
To set up a Bitcoin wallet, make sure that you go to the wallet manufacturers’ website, not the page that pretends to be legitimate and intended to infect your computer.
For example, the Exodus cryptocurrency wallet page can be found at exodus.io. The “Downloads” page with applications for specific operating systems allows you to choose the right version.
In order to fully use your wallet, you must first transfer funds there. If you do not yet have Bitcoins, use the cryptocurrency exchange that meets your expectations for ease of use and risk level. We recommend Binance with a lowest commissions offer.
The first transaction will allow two things:
- setting the wallet access with password. Remember that the password has to be secure! The most common problem of cryptocurrency users is … forgotten password, so it must also be memorable. Use secure password storage solutions such as LastPass.
- creation and saving of the so-called seed, an emergency key that allows you to recover your wallet. The key usually consists of 12 or 24 words. Remember to NOT store it on your computer, but in a safe offline location.
And that’s all! You can now use the Exodus wallet, accept and send cryptocurrencies from your computer. The list of crypto accounts supported by Exodus is long and has over 100 items. These are among others:
Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Litecoin LTC, Tron TRX, Dash DASH, Binance Coin BNB, Monero XMR, Ethereum Classic ETC, EOS EOS, Zcash ZEC, Bitcoin Gold BTG, Bitcoin SV BSV, Lisk LSK, Waves WAVES, Loom LOOM, 0x ZRX, Aeron ARN, AirSwap AST, Appcoins APPC, Aragon ANT, Ark ARK, Augur REP, Bancor BNT, Basic Attention Token BAT, Bread BRD, BitTorrent BTT, ChainLink LINK, Cindicator CND, Civic CVC, Crypto.com MCO, Decentraland MANA, Decred DCR, DigiByte DGB, DigixDAO DGD, Districtx DNT, Edgeless EDG, Ethos ETHOS, FunFair FUN, Genesis Vision GVT, Gnosis GNO, Golem GNT, IExec RLC RLC, Kyber Network KNC, Loopring LRC, Lunyr LUN, Maker MKR, Matchpool GUP, Metal MTL, Mithril MITH, NEM XEM, Neo NEO, Numeraire NMR, OmiseGO OMG, Paxos PAX, Po.et POE, Polymath Network POLY, Populous PPT, Power Ledger POWR, Quantstamp QSP, Raiden RDN, Request REQ, Ripio RCN, Ripple XRP, SingularDTV SNGLS, Status SNT, Stellar Lumens XLM, Storj STORJ, Storm STORM, TenX PAY, TrueUSD TUSD, USD Coin USDC, Viberate VIB, Wings WINGS, Gemini Dollar GUSD, Qtum QTUM, AdToken ADT, Amber AMB, BnkToTheFuture BFT, Dai DAI, Dent DENT, Dentacoin DCN, Dragonchain DRGN, FirstBlood ST, Iconomi ICN, Kin KIN, Kucoin KCS, MediShares MDS, Melonport MLN, Pillar PLR, Qash QASH, Revain R, Rivetz RVT, Salt SALT, Santiment SAN, TAAS TAAS, Tether USD USDT, Time New Bank TNB, Veritaseum VERI, Waltonchain WTC, Wax WAX, WeTrust TRST.
Can Bitcoin wallet be treated like a Bitcoin account?
Quite popular question is from people who think about the cryptocurrency market as an analogy to banking or websites. Often, however, without knowing the popular names from the Bitcoin industry, it is difficult to orientate well at first. We think, therefore, that being synonymous with how to set up a Bitcoin account would simply be setting up a place to store Bitcoins. The easiest way is to get the Bitcoin address (check the instructions: how to quickly get the Bitcoin address), although you do not need complicated technological configuration done by yourself to start with cryptocurrencies. For the start you can use the address of the cryptocurrency maintained by the cryptocurrency exchange or another service that deals with the sale or transfer of cryptocurrencies. From there Bitcoin can find a secure, hardware wallet, paper wallet or address configured on a secure, disconnected computer. Use the instructions above to set up your Bitcoin Exodus wallet and use a secure solution on your computer or smartphone. After installing the wallet, you already have a safe place to store cryptocurrencies, it’s a good time to start investing in cryptocurrencies!