How Do I Open My First Bitcoin Wallet?

Read our few steps to know how to open your first Bitcoin Wallet.

Step 1: What is a Bitcoin wallet?

A Bitcoin wallet is where you can store, receive, and send bitcoins. It’s like your own “bank account”. All wallets have a Bitcoin address (also known as a public key). Your Bitcoin address is like your email address; it’s what you give out to people to be able to receive bitcoins.

A Bitcoin address is a long string of random characters, and is often represented in QR code format, to make it easy for phones to scan and copy them.

Step 2: Keep your bitcoins safe

Bitcoin is like cash. If you lose your wallet, you lose your money. So, you have to be extra careful when managing and storing your bitcoins. Don’t worry though; it’s not as scary as it sounds. As long as you follow some simple rules, you can be assured that your bitcoins are safe:

  • Use unique, strong, and long passwords when you create any Bitcoin account
  • Use Bitcoin services that offer two-step authentication (e.g., SMS confirmations, or mobile apps like Google Authenticator)
  • If you are using a mobile wallet, be sure to lock your phone with a pin
  • Only keep small amounts of bitcoins in your mobile or online wallets. Your Bitcoin savings should always be stored offline, away from potential hackers (such as on a desktop wallet or paper wallet)
  • Step 3: Start spending your bitcoins

    Check out Coinmap.Org, a global listing of businesses that accept Bitcoin.

    Buy Bitcoins with Credit Card