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How to create a bitcoin wallet

Bitcoin definition

It is a dematerialized digital currency created in January 2009, by Satoshi Nakamoto. This currency offers lower transaction fees compared to traditional online payment methods, and is transacted using computers, which are long strings of numbers and letters linked through mathematical cryptographic algorithms. that has been used, and uses what is known as a key - the code that looks like -, a PIN ATM where it is a protected secret and is used as an address that is published to the world for bitcoin transfers through which others can send bitcoins, and it is operated with a decentralized authority, it is neither issued nor supported by any Banks or governments, and to deal with Bitcoin, the user must know how to create a Bitcoin wallet and how to use it.
How to create a bitcoin wallet
How to create a bitcoin wallet

Bitcoin wallet types

The wallet is the user’s identification card within the global network, where the user communicates and sends or receives his bitcoin through these wallets, and it consists of a public identifier and a private key that allows the user to access his money, and to know how to create a bitcoin wallet, the user must specify the purpose of its creation There are many different types of wallets, including:
Desktop wallets for PC:
  • User-specific wallets such as Electrum or Armory, allow the user to interact with their Bitcoin balance and store their records on their computer's hard drive.
  • Hardware wallets: Physical devices that connect to a computer through USB. Wallets like Ledger Nano S and Trezor provide small devices to store a user's Bitcoin information, which can only be accessed by physically owning the device, making the wallet less likely for hackers to gain access.
  • Mobile wallets: allow the user to store their bitcoin information on their mobile device, GreenAddress and Bread have versions available for iOS and Android.
  • Web wallets: They are cloud services that store the user’s bitcoin data in their servers, it is easy to sign up for CoinSpace and BitGo, and they allow access to the wallet from anywhere through the user’s private key.

How to create a bitcoin wallet

With the beginning of the fall of 2017, the value of the bitcoin increased by more than 1,000 per cent, from $1,000 to $19,000, due to its decentralized nature and simple transactions that do not require fees and allow any individual or company to buy and sell bitcoin, and this rise attracted many people from All aspects of life to invest in bitcoin, and it is important before investing in it to know how to create a bitcoin wallet, and it is created through several steps as follows:
  • Choosing the currency application: The user must initially choose the application that supports bitcoin, and among the applications is the Coinbase application that supports bitcoin, Ethereum and Litecoin.
  • Download the wallet application: After downloading the currency application, the user will also need an application for the wallet, and then take the necessary steps, at first he must subscribe to it by entering the user name, email and password, then choose the place of residence and complete the rest of the user's personal details.
  • Full account setup: After setting up a full account, the user can see the bitcoin prices but the user will not be able to complete the purchase and sale operations until after verifying the phone number and linking the account with the bank in order to deposit and withdraw funds.
  • Check current prices: After completing a full account setup process, the user can see the current bitcoin prices by the hour, day, week, month, year or all the time to see how the price has changed, then the user can buy or sell according to the best time.
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