Editor: Oteme Eghele
Hi guys and good morning to you all out there, as usual month-end is fast approaching and probably we want to invest some of our savings into this digital asset called Bitcoin, follow us today as we navigate the Bitcoin wallet features available on TokenPocket.
For those just joining us, TokenPocket is a multi-chain crypto wallet that allows its users to easily manage their crypto-asset on the go be it on Android, IOS, and PC, TokenPocket always have you covered.
To download TokenPocket, simply go to your PlayStore or AppStore or you can easily click the download button available on the TokenPocket website here.
Starting today’s tutorial is creating a Bitcoin wallet on TokenPocket, you need to have the wallet already in place to fully have access to the numerous features 😉
1. Steps to create a Bitcoin wallet
Bitcoin is a digital decentralized asset that can be used for the exchange of goods and services 24/7 without the need for any third-party confirmation, it is basically you and the recipient.
Operating on a proof of work basis, users are able to generate Bitcoin addresses free of charge at the comfort of their home with just a click of a button.
Bitcoin wallet can be created on centralized platforms (centralized exchanges), and also on a decentralized platform like TokenPocket and a private key is generated which gives you access to your funds 24/7 anywhere and anytime.
Watch the above video for steps on how to create a Bitcoin wallet on TokenPocket.
2. Steps to backup a Bitcoin wallet
We mentioned TokenPocket offering a decentralized wallet for Bitcoin and the use of private key
A private key can be referred to your signature, name and simply all you need to easily access a bank account, but rather than all the many documents and what have you, it is simply a randomly generated alphanumerical symbols generated after creating a bitcoin wallet, it should be safeguarded in a secure place and never to be given to any user no matter what promises they give to you
3. Steps to access the Bitcoin blockchain
Bitcoin operates on the blockchain and this means you can easily trace transactions if they have been completed, pending, or what have you.
The system is fully open for all to view and the best part it can not be altered, you simply trace which transaction is ongoing, making it one of the most ideal system to complete transactions as it goes against any form of fraudulent or transactions reversal after a transaction has been completed
4. Steps to customize miners fee on Bitcoin wallet
This is probably one of the best features of Bitcoin, going back to centralized means of money/wealth transfer individuals need to pay different dues to the banking sector and other firms to easily carry out their own transactions, emphasis on their own, imagine paying another user for your own asset just because you want to gift it out or send out, Bitcoin goes against this as it is simply you and the recipient.
To make it more interesting, you have the power to edit how fast you want this transaction to complete by editing to your requirements.
It can go fast or slow, depending on your customization and also if you are not familiar on how this works my advice is simply to leave the fee on recommended and go about your daily activities but if you do then, by all means, it’s all yours for the handling.
5. Steps to manage Bitcoin Sub-address
TokenPocket offers different sub-addresses on Bitcoin wallet which can be easily accessible on the app with just a click of a button
A Bitcoin address can be referred to your bank number, bank name and the bank itself, but instead of this different types informations, on Bitcoin, you simply use a public address which anyone with a bitcoin asset can easily send a bulk or single asset to
TokenPocket offers several types of public addresses and while their use case remains the same individuals might have different say on this.
6. Steps to use UTXO and set OP_Return
UTXO stands for Unspent transaction output responsible for the beginning and end of the transaction on the Bitcoin network and with the use of TokenPocket, individuals can easily select which UTXO they want to use with just a click of a button.
Op_Return can be referred to as a memo where users can write remarks about a transaction and it is able to accommodate 80bytes of data.
This is all for today until some other time stays safe and mask-on.