A Bitcoin wallet is to bitcoin what money is to Bank. You cannot use bitcoins without having a bitcoin wallet. In this post, you get to see how to create a free bitcoin wallet; how to secure your wallet from hackers and lots more.
Like I stated in my previous post on Bitcoins, there are 5 types of bitcoin wallets but the one we will be using is the online wallets.
Online wallets are easy to manage and can be accessed from anywhere. Though online wallets can be hacked as any other website, if you secure your wallet with the various security measures explained further, you are good to go.
Online Bitcoin Wallet Providers
Here are some of the popular online bitcoin wallet providers available;
And so many others.
For the purpose of this tutorial, we will be using blockchain.info as a case study. Blockchain.ifo is a popular online wallet.
How to Create a Bitcoin Wallet on Blockchain.info
1. Visit www.blockchain.info/wallet and click on create a new wallet.
2. Fill in your Email address and password. Use a secure password, it doesn’t have to be memorable. You can generate secure passwords from here.
Congratulations, you have successfully created a bitcoin wallet. Take note of your wallet identifier (Wallet Id), you will need it whenever you want to log in. You can get your wallet ID by checking the welcome mail sent by blockchain or by clicking on the settings tab.
After you have created your blockchain account, you need to secure your account to prevent access to hackers. You could do this by following the steps below;
1. Click on the security centre tab
2. Click on the various tabs as numbered in the image below and follow due process to secure.
How to receive bitcoin into your wallet
Login to your wallet account (blockchain) and click on the receive tab.
Copy the wallet address. The wallet address works like a bank account number.
Note: The wallet address changes anytime you click the receive button (There is no problem with that). The wallet address is different from the wallet identifier.
After you have copied your wallet address, you can send it to anyone that wants to send you bitcoin. You could also send it to any bitcoin exchange you patronize.
How to send bitcoin from your wallet
Login to your wallet address, click on the send button.
Paste the wallet address you want to send bitcoins to in the space provided and enter the amount of bitcoin you are sending. Check the image below for more information.
Getting the Transaction/Hash ID
Sometimes after sending bitcoin, you may be required to enter your transaction or hash ID. The hash ID is a unique alphanumeric sequence that confirms you sent bitcoin. Some websites or merchants may require you to provide this number.
After you have successfully transferred bitcoin, go to the blockchain.info homepage and paste the wallet address you sent money to in the search box.
The transaction/Hash ID will be displayed as it is in the image below. Click the image below to enlarge.
Notice the circled date and amount. Check that part to confirm the date and time to make sure it matches with your details.
If you have any question, you can use the comment box below to ask your questions.