How to Create a Bitcoin Wallet
There are a lot of ways to store and manage your bitcoins. To give you the essential information you need to know as a newbie investor, we reviewed the most popular Bitcoin wallets and basic registration procedures. Here they are.
Hardware wallets
Trezor is a USB device with a transaction signing option. The private keys are generated by the device and never leave it. Hence Trezor can sign transactions while connected to an online tool, providing a high level of security even when using a compromised PC.
Price: €89
LedgerNanoS is a USB device with a built-in display that allows confirming transactions with a single tap on its buttons. It provides secure execution of multiple open source applications in full isolation.
Price: €79
Software wallets
Bitcoin Core is the original bitcoin wallet. It is the backbone of the Bitcoin network created by Bitcoin Foundation. There are only desktop versions available for Windows, Mac, and Linux OS. Once you install the software, the bitcoin client will download the whole bitcoin blockchain on your PC. Advantages: high level of security, privacy, and stable work. The main disadvantage of this wallet is that it requires too much space on a hard drive (about 180 GB) and a lot of memory.
BitGo is one of the easiest to use high-security multisig wallet. It offers advanced security features such as spending limits and multi-user access. Users have full control over their funds, and this wallet can’t spend or freeze them. BitGo is available on all popular OS.
Electrum is a perfect tool for beginners. It is a lightweight, high-speed, and simple wallet available on desktop, mobile, and web versions. Electrum allows users to recover their wallet using a secret phrase.
How to create your account
To configure your hardware or software wallet, first of all, you should create an account — make a login and a password, and verify the email address after. Further steps can vary depending on the wallet. For example, during installation of Electrum wallet, you are given a twelve-word phrase that allows you recover your funds if your PC fails.
In case of choosing a software wallet, you should secure your account using two-factor authentication or other offered tools. After your wallet is created, save its address and personal keys. The most secure way to protect them is to make a printout copy.
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