How Do I Open My First Bitcoin Wallet?
Step 0: 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 1: Create your first wallet
Using a Bitcoin wallet is similar to banking online: you can easily manage your funds from any internet connected computer or phone: send and receive bitcoins, view a transaction log, etc.
There are different types of Bitcoin wallets depending on your preferred device: web-based, mobile apps, or desktop applications.
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:
Step 3: Start spending your bitcoins
Every day more and more physical and online stores are starting to accept Bitcoin. Here’s just a short selection of businesses where you can spend your bitcoins.