Setting Up Your Bitcoin Wallet.

Setting Up Your Bitcoin Wallet.

Have you set up your Bitcoin wallet yet?

                                                                              setting-up-bitcoin-wallet

If not, this post will explain and help you get started!

Setting up a Bitcoin wallet is just like setting up a paypal account or a bank account, except it requires A LOT less information from you. With Bitcoin the magic is in the BlockChain and the decentralized ledger so all you need is a Bitcoin address and two keys

All Bitcoin wallets are the same, they work by having a public key and a private key. Everyone will know your public key, this is like your bank account number or the email address someone would send money to if we relate it to paypal.

Your private key is like your password, nobody knows this password and in many cases if you lose the password you cannot retrieve it because you are the only one who knows it. This makes setting your Bitcoin wallet VERY safe and secure.

 

Ok, so here are a few options…

 

BCinfo

1. BlockChain.info – This is one of the best around no matter where in the world you live. In fact, it is one of the few wallets that doesn’t require any information and they DO NOT hold your private key so if you lose it, you may lose access to the Bitcoin. As far as security and privacy this is one of the best! (they also have a very easy to use mobile app)

 

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2. Coinbase.com – This wallet is one of the most widely supported wallets. They require a lot of verification from you and they do store your private key, although it is likely encrypted so this is just as safe as any bank, but the downside is no privacy. You are required to confirm information about yourself to move Bitcoin around.

 

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3. Xapo.com – This wallet is tops in security and they offer a great cold storage vault. We recommend if you are in a country they support and you are holding a significant amount of Bitcoin you create one of their wallets and then open a vault.

 

 

 

Bitcoin ATM’s & New Technology…

 

There are also many other options to chose form with new technology being launched all the time. I would suggest that you do a little research to find what wallet will work the best for you and is acceptable in your country of origin. You may want to set up multiple wallets and try them out, they are all free! It’s also advisable not to store all your Bitcoin in a single wallet.

Bitcoin-ATM_2

After you have set up your wallet you will need to purchase Bitcoin and fund your wallet. There are ways to do this from buying it on an exchange like Coinbase, BitStamp, OkCoin, or using a credit card (Circle.com is a good one for this). You can also find a local ATM near you that may offer their own wallet. At present this option is available in selected countries. In this case you can find the ATM deposit cash and it will automatically fund your account with Bitcoin.

 

One of the safest and easiest sites in your local area is LocalBitcoins.com When using this site make sure that you interact with a person who has a 100% success rate and has incurred a minimum of 100+ transactions. The status will be displayed next to the persons name.

 

With how fast this industry is moving I would highly recommend that you do your own research and find a wallet that best suits your requirements and is compatible to your country.

 

If you have any question don’t hesitate in reaching out or leaving me a message!

Enjoy!!!

 

5 Responses so far.

  1. Riaz Shah says:

    Hey Grant,
    I’ve heard so much of Bitcoin and its actually pretty interesting to know that they are like the next big thing in the investment industry.

    I’ve heard that there are even shops that allow you to use Bitcoins but just out of curiosity, is it popular only in Europe and the US? Because here in Malaysia there are still a lot of people who never understood what they are and how they work which surprises me.

    • Grant says:

      Hi Riaz,

      Thanks for reaching out and great to connect with you.

      Yes it is definitely an industry to keep a very close eye on. Bitcoin & Blockchain Venture Capital Investments have now reached over US$1 Billion. I’m sure that this figure will continue to grow in the later part of 2016 and as we move into 2017. http://www.coindesk.com/bitcoin-venture-capital/

      You are correct that many Global shops, businesses and major online companies are now accepting Bitcoin as payment, for example;

      1- Amazon offer 15%-35% discounts when you purchase any item through https://purse.io

      2 – Starbucks offer a 20% discount (in selected countries);

      3 – Expedia – You can book online flights and travel using Bitcoin;

      4 – Here are a few additional companies – Dell – Subway – Ebay – PayPal – Microsoft – Apple and many individual global business enterprises are accepting Bitcoin.

      Bitcoins and the blockchain technology is being used Globally throughout China, Asians countries, Africa, India, Australia & New Zealand. One of the main benefiting factor’s of Bitcoin is “remittance” as the low transaction fees when comparing to fees that companies like Paypal, Westin Union or Money Gram charge to transfer funds.

      If you have any further questions please do drop me a note.

  2. Travis Smithers says:

    I’ve been hearing more about Bitcoin all the time. Generally, most places deal with PayPal, but I get the impression that bitcoin could take over as a major player in the financial market for currency exchange.

    Do you feel from your experience and knowledge that Bitcoin could become the new forerunner for all currency transactions?

    • Grant says:

      Hi Travis,

      Thanks for your comment.

      Yes, Bitcoin and the Blockchain technology will become the preferred most cost affective way for transferring funds. The cost to send Bitcoin anywhere in the world is a few cents (the default fee is 10 satoshi = USD $0.0000613990) and a normal transaction is completed within 10min but some transactions can take up to 45min.

      One area where Bitcoin will have a huge impact is with Remittance. When you consider the Billions of dollars in fees/year that Banks receive and companies such as PayPal, Westin Union and Money Gram are charging, now with Bitcoin and the Blockchain technology these fees will become obsolete.

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