Bitcoin is the most desirable form of cryptocurrency, there are many more cryptocurrencies other than bitcoin, but Bitcoin is the best amongst them.
So, for storing your cryptocurrency, there are numerous wallets, with multiple features provided by them such as security, privacy, risks involved, etc.
In actuality, as your bitcoin is only available on the blockchain, you are provided with private keys to ingress your bitcoins, and these private keys are stored in your wallet.
Mobile wallet is just like a wallet in which you keep your currency in a small amount only for transactions, the same is the case of a mobile wallet where you only keep a small amount in that and the rest in your backup wallet.
No single wallet can be called best for your bitcoins as it all depends upon the trade-offs. You have to check properly about the wallet software that you want to use. Make sure you download the original software for the storage and do look at other aspects such as privacy available, security etc. and do look for digital signature if possible. To know more about bitcoins you can visit talk-business.co.uk
As bitcoins do not involve any banks or anything, so you are only liable for your bitcoin.
Funds in your bitcoin wallet are totally under your control, so if any fraud or anything happens, there’s no way to get them back. So to avoid theft and fraud in your bitcoin wallet minimize the use of mobile wallet for maximization of security of your funds and keep it only for transactions, instead keep your funds secure in your other wallet.
There are numerous types of bitcoin wallet you can consider, such as mobile wallet, a web wallet, a desktop wallet, etc.
So, Let’s us know about the steps involved for setting up of bitcoin wallet:
- Firstly, you have to do research before downloading a software, so that you are well aware of the software you are about to download. In case you are downloading a mobile wallet software so you need not undergo any pressure that it may require so many steps, No it is simple you can go to your app store to download the application.
- The second step after you have downloaded the software is the creation of your bitcoin wallet, so generate a wallet, private keys and the most important mnemonic retrieval phrase.
- The next and the thirds step that you should follow after you have created your bitcoin wallet is noted down in the mnemonic in a safe place so that you can fetch them when required.
- The fourth step is the generation of address to receive and QR code, so generate receive address along with QR code. After the completion of this procedure, you will be able to receive the bitcoin.
- Last but not least, the fifth step is sharing, that is sharing your QR code and the address of your wallet for accepting bitcoin.
Wise advice: Make yourself set up with a Bitcoin wallet, Bitcoin wallet may feel you just like other modes of payment but are not the same as Bitcoin is a cryptocurrency, so make a transaction only after contemplating. Please don’t keep a huge amount in a mobile wallet or web wallet or desktop wallet as the chances of theft increases as it is all online procedure. Keep the huge amount of hardware wallets which are more secure than the wallets that are mentioned above as it is not online but offline, thus keeping your keys offline. Hardware wallets are also known as cold storage wallets because of the same reason.
You might encounter hassling while handling hardware wallet but remember your funds are secured here.
If you are planning to keep your bitcoins in the mobile wallet or desktop or web wallet so don’t keep them there. Just try keeping your private keys in a hardware wallet where they will remain secured from any theft or loss.
We hope that this step by step procedure will be of great use to you.