Bitcoin Transaction 101
Wallets & Security Basics
To make sure your can start doing bitcoins transactions securely, make sure to follow these 3 quick steps
1. Get a Wallet for your Bitcoins
You wallet is where you will store your coins.
It can be a mobile phone app, a desktop app, or a physical device
I currently recommend the following wallets based on my experience.
We constantly review new wallets, and thrive to suggest the most secure, trustworthy, and simple wallets to use.
Software wallets are more practical and faster to use and setup, but less secure than hardware wallets.
Physical, Hardware Wallet
Ledger Nano S
(You can purchase at our Store)
More secure than software wallets, but less pratical.
Highly recommended for storing larger amounts and serious investors.
My recommendation is to store low amounts in software wallets, and large amounts in hardware wallets.
2. Do a backup and secure your funds
You need to do a backup of your wallet, even before you use it.
You backup will allow you to regenerate all your funds if you were to loose your device.
YOUR BACKUP IS MOST IMPORTANT.
IT MUST BE KEPT ABSOLUTELY PRIVATE AND STORED SECURELY
ANYONE WITH ACCESS TO YOUR BACKUP PHRASE HAS PERMANENT ACCESS TO YOUR FUNDS.
Your backup will be a phrase of 12 or 24 words (based on the wallet you choose)
We recommend that you write down those words on paper, and store that paper in a most secure place, where no one can see it.
If you use a software wallet, We suggest you also Add a PIN number to further secure your wallet.
3. Make your first Transaction
You have now setup a new wallet, and can you do your first transactions.
You will see a receiving address in your wallet.
As well as a QR code, which is a visual representation of the same address, to simplify sharing the address.
This is the what you give when you want to receive Bitcoins
To send bitcoin, you have to get the address of the person you want to send bitcoins to.
You can enter the address
or scan a QR code with your phone
And there you are, all set to make your first transactions !
If you have any questions, feel free to reach out to us directly !