Are you new to cryptocurrency and do not know much about setting up your Bitcoin wallet? If so, do not hesitate because every day, nearly a hundred thousand new people find out about the existence of Bitcoin.
Having said that, you are still way ahead of many others. So in this blog, we will help you with an easy way to create a Bitcoin wallet online to flag off your crypto journey. Let us start!
What is a Bitcoin Wallet?
A Bitcoin wallet is a digital storage space that lets you store, transact, and manage your Bitcoins. It is similar to a bank account which helps you facilitate deposits, withdrawals, and other financial operations. The only difference is that you are dealing in cryptocurrency instead of money.
Types of Bitcoin Wallets
Broadly, there are two types of Bitcoin wallets: Cold Wallets and Hot Wallets.
These are the ones that are connected through the internet, and the users can access their wallets from anywhere. The most common types of hot wallets are:
- Desktop Wallets: These are the wallets stored in your computer hard drive that leverage encryption to secure a user’s private keys.
- Web Wallets: Web wallets are usually stored on the cloud and are offered by a third party to make crypto transactions.
- Mobile Wallets: Mobile wallets are the latest addition in the crypto world which offer you an application on your phone to carry out all your crypto operations.
People who want additional security for their Bitcoin wallets usually prefer cold wallets. They are completely offline and never get in touch with the server, eliminating the risks of hackers stealing its information. Some of the cold wallet types are:
- Paper Wallets:
A paper wallet is an offline storage solution where the user pens down their private keys and secures them safely in a vault.
- Hardware Wallets:
Hardware wallets are a more advanced form of paper wallets where the private keys are stored in a physical, digital device such as a USB. However, they remain secure until plugged into a system with an active internet connection.
How to Set Up Your Bitcoin Wallet?
To create Bitcoin wallet online, you first need to choose the type of wallet you wish to have.
For Mobile Wallets: Simply go to Apple Store or Play Store and download any efficient and secure mobile cryptocurrency wallet. Once the app is downloaded and opened, a few simple steps would allow you to create your online Bitcoin wallet.
For Desktop Wallets: Desktop wallets are similar to mobile wallets. You first need to download a software crypto wallet. Next, follow a series of steps to set up your wallet in minutes.
For Hardware Wallets: These are the most time-consuming wallets to set up but are highly secure. You need to purchase a hardware Bitcoin wallet from an electronic store. Next, you need to download the hardware’s associated software to your computer and run a few given instructions to set up your Bitcoin wallet.
Ready to Create Your First Bitcoin Wallet?
We hope it will become easier to create Bitcoin wallet online now that you know different types of Bitcoin wallets and their setup procedure. Remember, whichever wallet you choose, never share its private key with anyone and you will have a safe and wonderful crypto journey ahead.