How to start bitcoin wallet

How to start bitcoin wallet

The Bitcoin.com Wallet is a feature packed, non-custodial wallet application for Bitcoin Cash (BCH) and Bitcoin (BTC) cryptocurrencies. One of the most useful features of the app is that it supports something known as a ‘shared wallet’. Also known as aВ multi-signatureВ (or multisig) wallet, a shared wallet is accessible by a two or more persons and requires at least oneВ of these ‘cosigners’ to authorize the spending of BCH from the shared wallet.

Table of Contents

1. Create a shared Bitcoin wallet by following these 5 steps:
2. Why use a shared wallet?
3. Remember!

Create a shared Bitcoin wallet by following these 5 steps:

1. Download the Bitcoin.com Wallet app for iOS, Android, Windows, Linux, or Mac
2. From the Home screen, tap the «+» in the Bitcoin Cash Wallets Menu to create a new wallet.
3. From the «Add Wallet» menu, select «Create shared wallet»
4. Set the ‘wallet name’, ‘your name’, ‘total number of copayers’ and the ‘required number of signatures’ needed to send BCH from the shared wallet.В Note: ‘Total number of copayers’ is the number of people or devices that will have access to this wallet. ‘Required number of signers’ is how many of these people or devices will have to manually authorize a transaction before it can be sent.
5. Create the wallet and then share the invite code with the other people who you want to join the wallet. This codeВ can also be scanned or the block of text copied and pasted

Why use a shared wallet?

• Security:В A single user with multiple devices can use a shared wallet to increase security of transaction capabilities. This way, even if your smartphone is stolen, the thief would be unable to spend from the shared wallet without authorization from the additional cosigners (i.e. one of your other devices).
• **Accounting:В **A shared wallet gives all cosigners access to the transaction history of a single wallet.
• **Third party escrow or mediation:В **For making a bet or buying something online.
• Voting on use of funds:В An organization can be set up to only be able to send a payment after reaching a required threshold of authorizations.

To understand how shared wallets can work, consider this common use-case: Jasmine wants to setup a shared wallet at her company for payroll purposes. She wants 3 managers and herself to have access to the same wallet. This wallet sends salary payments to employees each month. She creates a new shared wallet, sets the name as «Payroll Wallet». She then adds her name and sets the total number of copayers to 4 (herself and the 3 managers). Lastly, she sets the required number of signers to 3. This means any of the 4 cosigners can submit a payment request but the payment will not be completed until 3 of the 4 cosigners give their authorization within the app.

Remember!

Multisig wallets are just like normal wallets—no exception: each cosigner within a shared wallet has a unique private key which grants them (partial) access to the wallet. It is very important to have all cosigners createВ backup to their shared wallet(s)! Warning: If you create a wallet where 3-of-3 cosigners are required, then if one cosigner loses his or her device (and doesn’t have the backup), or refuses to sign a transaction, then the funds within that wallet will be inaccessible to all participants! For this reason, it is not recommended to create shared wallets that require the signatures of all participants. В As you can see, multi-signature wallets are useful for a number of reasons. To create your own shared wallet download the Bitcoin.com Wallet app today!

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How to start bitcoin wallet

Creating a Bitcoin wallet is as easy as installing software on your mobile device or laptop/desktop.

When you install the app, your Bitcoin wallet is automatically created. You can then receive bitcoin to your wallet immediately, store it safely, and use it as you please.

Table of Contents

1. Which Bitcoin wallet should I choose?
2. Software wallets: convenient buying, selling, storing, trading, and using
3. Hardware wallets: long-term storage for larger amounts of bitcoin
4. Web wallets (AKA cryptocurrency exchanges): convenient buying, selling, and trading
5. Paper wallets: alternative to hardware wallets, unique method for gifting bitcoin

Which Bitcoin wallet should I choose?

There are a number of wallet apps on the market from a variety of vendors and with different features to choose from. We welcome you to try the Bitcoin.com Wallet, the fully non-custodial crypto wallet trusted by millions.

The Bitcoin.com Wallet is what’s known as a ‘software wallet‘. It provides an excellent combination of security and ease-of-use. Depending on how you’re using your bitcoin though, you may want to consider another wallet type. Here’s a rundown on the different types of Bitcoin wallets and their respective pros & cons:

Software wallets: convenient buying, selling, storing, trading, and using

• Software wallets take the form of an app which is downloaded for free to your phone or desktop. You simply open up the app and can make Bitcoin transactions in an instant.
• Since software wallets are connected to the Internet, there’s a small risk of hacking. Therefore, it is recommended to not store large amounts of bitcoin in your software wallet.
• While there have been a few isolated cases of software wallets being hacked, by far the greater risk is that you lose your ‘private key,’ which is like the password to your wallet. Therefore, it’s critical to backup your wallet and adhere to password management best practices.

Tip: Make sure the software wallet you’re using is fully non-custodial like the Bitcoin.com Wallet, meaning only you can access your coins — not the wallet provider. This protects you from the risk of fraud or bankruptcy by the wallet provider.

Hardware wallets: long-term storage for larger amounts of bitcoin

• Hardware wallets, also known as cold wallets, are physical devices created specifically for the purpose of storing cryptocurrencies. They offer the best security for your digital assets because they insulate you from the Internet, making it effectively impossible for hackers to infiltrate your wallet.
• Since they take more time to access, hardware wallets aren’t ideal for making frequent Bitcoin transactions. Use them for long-term storage instead.
• As with software wallets, you need to back up your private key and adhere to password management best practices.

Tip:В Hardware wallets are well worth the money — especially if you own a lot of bitcoin. To make sure the device isn’t compromised, only buy one from a company you can trust.

Web wallets (AKA cryptocurrency exchanges): convenient buying, selling, and trading

• Centralized cryptocurrency exchanges are a popular place for many newcomers to buy their first bitcoin because they make the buying process very simple. It’s like opening a trading account.
• However, the cryptocurrency exchange itself retains control over the funds in your account. Not only does this expose you to the risk of the exchange getting hacked or going bankrupt, it also means you have to ask for permission to withdraw your bitcoin, wait longer to withdraw, and usually pay higher transaction fees for withdrawals.
• We recommend using cryptocurrency exchanges only for trading (not for storing your bitcoin).

Tip:В Cryptocurrency exchanges are not a secure place to store digital assets. Once you’ve bought your bitcoin, you’re advised to move it to your software or hardware wallet if you don’t plan on trading it immediately.

You can start your trading journey today with the Bitcoin.com Exchange.

Paper wallets: alternative to hardware wallets, unique method for gifting bitcoin

Paper wallets are created by downloading a software package, then running the software (for security, preferably in an offline environment) to generate a public/private key pair which you print out on a piece of paper. Having created a paper wallet, you can send any amount of bitcoin to the wallet address. To spend it, you use the private key written on the paper to sign the spend transaction.

Like hardware wallets, paper wallets allow you to store bitcoin completely offline. This makes them a lower-cost alternative to hardware wallets.

Since the public/private key pair is written on the paper, handing over the paper to another person is similar to handing over a cash note. This makes paper wallets a novel way to exchange bitcoin face-to-face.

You can create your own Bitcoin Cash paper wallets at Paperwallet.bitcoin.com.

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How to Open a Bitcoin Wallet, Step by Step (With Photos)

For a new bitcoin investor, understanding how wallets work is essential. The key storage unit for bitcoin and altcoins, wallets are where digital currencies are spent, received, and banked. Besides the blockchain and the coin hash, the wallet is one of the basic structures in the world of New Finance.

How do you set up a wallet?

Understanding Wallets

In basic terms, a wallet is a database kept either online or offline that stores the private key for coins in your possession. When you make a transaction, you sign for the transaction with your private key, which confers your ownership of the coins and your right to initiate the transaction. The blockchain encodes the transmitted bitcoin with the recipient’s private key, formally transferring ownership. This is roughly equivalent to a physical wallet, where taking money out of your wallet and permitting someone else to place that money in his or her wallet conveys a money transfer.

Wallets can exist as physical devices, on paper (which is just a printout of both your public and private keys; the actual coins exist on the blockchain), as software on a private computer, or a managed web account. Should a wallet ever become inaccessible, the private key would be inaccessible, making the bitcoin “lost” or not spendable. Proper wallet management requires protection of passwords and any physical assets, management of backups, and informing appropriate individuals about how to access the wallet in the case of your incapacitation or death.

Many exchanges, including Coinbase, automatically create wallets for new accounts as a courtesy. All a new subscriber has to do to use such wallets is to load them with bitcoin or altcoins. However, as managed wallet providers tend to charge transaction fees for any outside transaction, it may be cheaper to consider a non-managed option.

There are plenty of free wallet options available. Using a web-based wallet option means, however, sharing your private key with a third party. For the privacy-minded, this may be a no-go, but for the new user, this is the easiest option available.

Setting Up a New Wallet

For this example, we are looking setting up a new wallet at blockchain.info:

Step #1. At the blockchain.info homepage, scroll to “New to Digital Currencies?” Click on “Get a Free Wallet.”

Step #2. Enter your email and password. Confirm the password and toggle the Terms of Service box. Hit “Continue.” Make sure that you pick a password you are unlikely to forget and read the terms of service thoroughly.

Step #3. Click “Get Started.”

Step #4. Your wallet is now online. You can now create an address with which to receive coins by hitting “Request.” You will need an exchange account to fund your wallet. Once funded, you can send coins by hitting “Send.”

Final Notes

Note that different wallets accommodate different coins. For instance, the blockchain.info wallet can show you your wallet total in USD or in BTC, ETH, or BCH. This means you need to take into account which coins a wallet will accept before you decide on which wallet to use.
It is relatively easy to use a wallet. However, it is important that you understand the risks involved and perform the due diligence needed to maximize and safeguard your investments.

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How to start bitcoin wallet

Bitcoin.com Wallet — это многофункциональное приложение-кошелек для криптовалют Bitcoin Cash (BCH) и Bitcoin (BTC), в котором вы сохраняете полный контроль над средствами. Одна из самых полезных функций приложения — «общий кошелек». Общий кошелек, он же кошелек с мультиподписью, доступен двум или нескольким пользователям. Для операций в нем требуется, чтобы хотя бы один из этих «сопоручителей» разрешил тратить BCH из общего кошелька.

Table of Contents

1. Чтобы создать общий биткойн-кошелек, выполните 5 шагов:
2. Зачем нужен общий кошелек?
3. Помните!

Чтобы создать общий биткойн-кошелек, выполните 5 шагов:

1. Скачайте кошелек Bitcoin.com на свое устройство с iOS, Android, Windows, Linux или Mac
2. На главном экране нажмите «+» в меню кошельков Bitcoin Cash и создайте новый кошелек.
3. В меню «Добавить кошелек» выберите «Создать общий кошелек»
4. Задайте параметры «имя кошелька», «ваше имя», «общее количество плательщиков» и «необходимое количество подписей». Они нужны для отправки BCH из общего кошелька. Примечание: «Общее количество пользователей» — количество людей или устройств, которые будут иметь доступ к кошельку. «Необходимое число подписей» — количество пользователей, которые должны будут вручную подтвердить транзакцию, прежде чем она будет совершена.
5. Создайте кошелек, а затем поделитесь кодом приглашения с теми, кого хотите пригласить в свой кошелек. Код можно отсканировать либо скопировать и вставить, как блок текста

Зачем нужен общий кошелек?

• Безопасность: Общий кошелек подойдет и одному пользователю с несколькими устройствами. Он позволит повысить безопасность транзакций. Даже если смартфон будет украден, вор не сможет потратить деньги с общего кошелька без авторизации других пользователей (то есть других ваших устройств).
• Учет: общий кошелек предоставляет всем поручителям доступ к истории транзакций единого для них кошелька.
• Депонирование у третьего лица или посредничество: чтобы сделать ставку или совершить покупку онлайн.
• Голосование по поводу использования средств: Организация сможет отправлять платежи только после получения необходимого числа авторизаций.

Чтобы понять принцип действия общих кошельков, рассмотрим их работу на следующем примере: Жасмин хочет создать в своей компании общий кошелек, чтобы с его помощью выдавать заработную плату. Она хочет, чтобы к одному и тому же кошельку имели доступ 3 менеджера и она сама. С этого кошелька она хочет ежемесячно отправлять сотрудникам заработную плату. Она создает новый общий кошелек и называет его «Зарплатный кошелек». Затем вводит свое имя и устанавливает общее количество плательщиков — 4 (она сама и 3 менеджера). Наконец, она устанавливает необходимое число подтверждений — 3. Это значит, что любой из 4 участников может отправить запрос на выплату, но выплата не будет совершена, пока 3 из 4 участников не одобрят ее в приложении.

Помните!

Кошельки с несколькими подписями ничем не отличаются от обычных, исключений нет: каждый пользователь в общем кошельке имеет уникальный закрытый ключ, который дает ему (частичный) доступ к кошельку.

Очень важно, чтобы все участники создали резервные копии общих кошельков!

Предупреждение: если создать кошелек, для которого требуются подписи всех трех участников, а затем один из них потеряет свое устройство (не имея резервной копии) или откажется подписывать транзакцию, то средства, находящиеся в кошельке, не будут доступны никому из участников! Вот почему не рекомендуется создавать общие кошельки, требующие подписей всех участников. Как можно видеть, кошельки с несколькими подписями полезны по ряду причин. Чтобы создать собственный общий кошелек, скачайте приложение Bitcoin.com Wallet сегодня!

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