Installing Your Bitcoin Wallet
The complexity of modern operating systems is getting more and more
interesting each day, but installation of Bitcoin wallet can’t be any
simpler.
So what is a Bitcoin Wallet?
Basically,
a Bitcoin wallet is an open source software that can be used by the
owners to make or receive payments (in Bitcoins) for free. As the wallet
owner you generate a unique Bitcoin addresses in the wallet that can
only be used to send or receive Bitcoin (
cryptocurrency)
to or from other Bitcoin owners. Unlike a bank, a wallet offers you
full possession of your Bitcoins since it’s only you who can check the
balance, and send money (with none of those “Bank Fees”).
Because
Bitcoins are stored directly in your computer or mobile device (given
that they are just like real money)u, you need to install a wallet to
keep them safe. Installation of a Bitcoin wallet takes a few seconds, as
long as you choose a version that’s compatible with your device’s
operating system. Before you start using Bitcoins, be sure to install a
compatible Bitcoin wallet.
The following step-by-step guide for installing your Bitcoin Wallet will certainly help you.
Installing Bitcoin Wallet
As
a new or existing user, you only need to pick a wallet that you will
download for use on your mobile phone or on your computer. Basically,
what you need to do is get yourself a Bitcoin client or digital wallet.
However, it is highly recommended that you should choose an original
client because it is more resource intensive, but it takes nearly a
whole day to synchronize. Also, an original client offers high levels of
privacy, security and stability.
There is a wide range of
stand-alone exe setup files that you can choose from depending on your
operating system (Windows and Linux operating systems), for instance,
you can download:
- Bitcoin-Qt (Main bitcoin Wallet and Highly RECOMMEMDED)
- MultiBit
- Armory
- Electrum
- Bitcoin Wallet for Android and Blackberry platforms.
Save your downloaded setup file in a location you can easily access and move on to step two.
Step 2: Install the downloaded client
This
is basically the last step of any installation process, after which you
will have your very own personal Bitcoin wallet. After you’ve
downloaded a Bitcoin wallet client of your choice, simply install it by
running the setup file on your Windows, Linux or Android device. Wait
for the extraction and installation of the appropriate installation
files to be complete.
It will then create a wallet for you and start downloading the transaction history of every bitcoin transaction automatically.
Note: this take awhile the first time.
Step 3: Back up your wallet
Back up your wallet Regularly: This is highly recommended because the backup file of your Bitcoin wallet (
wallet.dat)
can be lost or might become corrupted due to computer failures and some
human mistakes. In most cases, this is a backup file that you will need
to restore your wallet, and ensure you do not lose your Bitcoins.
Depending on your OS, the wallet file will be located at:
- Windows: %APPDATA%\Bitcoin\ (where %APPDATA% = C:\Users\YourUserName\Appdata\Roaming\Bitcoin )
- Linux: ~/.bitcoin/
- Mac: ~/Library/Application Support/Bitcoin/
You
can back up your entire wallet, encrypt your online backups, use more
secure locations, and make routine backups for enhanced security of
recent transactions. However, you should ensure that you encrypt your
wallet.dat file using a strong and unique password.
This
procedure can only be secure if you perform it in this order, but other
complex procedures exist depending on your operating system. Before you
make a bulk transfer, perform 1 or 2 trials of how to send or receive
Bitcoins with a few bitcents.
Now that you know
what bitcoin is and have installed your wallet, it is time to
secure your bitcoin wallet.
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