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How to open a bitcoin account

Bitcoin origination

Bitcoin is a digital currency that uses cryptography to control its creation and management and was designed to function as a medium of exchange rather than relying on central authorities by Satoshi Nakamoto in 2008, and the first Bitcoin transaction was by one of the early programmers, adopters and contributors to Bitcoin currencies and the future is the programmer Hal Finney who downloaded the bitcoin software on the day of its release and opened a bitcoin account, received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on January 12, 2009, after which bitcoin experienced rapid growth into an equally important currency from the middle of 2010, when it accepted Some companies use bitcoin in addition to traditional currencies.

How to open a bitcoin account
How to open a bitcoin account

Bitcoin wallet types

To start dealing in bitcoin, an individual must know how to open a bitcoin account and create a bitcoin wallet in order to receive or send payments through it, where a person can buy, download or create, and a bitcoin wallet consists of a set of public and private keys, where the public key refers To the amount owed and the private key determines the ownership, there are many types of wallets that can be used as follows:
  • Software Wallet: To create a Bitcoin wallet, applications must be downloaded to computers and mobile devices. Some desktop clients such as Bitcoin Core require that the entire Blockchain be downloaded to the computer and run in sizes up to 100 GB. However, MultiBit is a lighter software wallet that does not require a download Blockchain.
  • Online Wallet: Online wallets are the easiest to use among all types of wallets as knowing how to create an online Bitcoin wallet is as simple as signing up for a new account on BlockChain, and this wallet can be accessed from any computer connected to the Internet.
  • Paper Wallets: A paper wallet is a great name for printing public and private keys on a piece of paper. It is very secure because it is offline and kept physically with the owner. Most of the online wallet services/software allows printing the keys of the existing wallet.
  • Hardware Wallets: They are USB storage wallets for bitcoin that are connected to a private computer during transactions, and a bitcoin wallet is created on-demand, and it is a type of secure wallet because it is not connected to the Internet and can also be secured with an anti-theft password.

How to open a bitcoin account

A Bitcoin wallet is similar to a bank account on the ground, as it allows receiving, storing or sending money through this wallet of different types, depending on the purpose for which the wallet was created, and the following explains how to open a Bitcoin account depending on its type.

Opening a Software Wallet Account

To create a Bitcoin wallet, applications must be downloaded on computers and mobile devices. The software wallet type of Bitcoin account opening sheet is done through several steps as follows: Determining the type of wallet and the purpose of its use:
  • There are many types of wallets that can be created, so you should search for the available options at the beginning and determine the purpose of using this wallet.
  • Download the Bitcoin wallet: The Bitcoin Core wallet is one of the best wallets that can be used, due to it being the original wallet for Bitcoin, which has been constantly audited and developed since its inception, and to download this wallet, you can go to the bitcoin.org website to download the program, which is compatible with all operating systems.

Opening an Online Wallet Account

It is considered the easiest to use among all types of wallets, as the way to create a Bitcoin wallet online is as simple as signing up for a new Account, and that is accomplished via numerous steps as follows:
  • Understanding the nature of the work of Internet wallets: The nature of the work of Bitcoin wallets on the Internet is by storing private keys on the Internet in a server controlled by the administration, and the wallet created with the personal phone is linked to other wallets, and this wallet provides access to it from Anywhere.
  • Choosing the type of Internet wallet: Before creating the wallet, it is necessary to ensure that it is able to provide security, and among the most famous wallets that have the ability to protect their clients are: Coinbase, Circle and Xapo.

Opening a Hardware Wallets Account

This type of wallet is connected to a private computer during transactions, and a bitcoin wallet is created on-demand. The way to create a bitcoin wallet of this type is as follows:
  • Understand how hardware wallets work: This type of wallet is the perfect choice for people who are overly concerned about protecting their financial transactions. These wallets are physical devices that contain private electronic keys and can be carried around easily.
  • Purchasing a hardware wallet: There are many bitcoin devices that can be purchased and vary in price and quality. One of the types of wallets is the PI Wallet, which does not have any wireless capabilities, making it safe and easy to use.
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