This guide will walk you through creating a free desktop wallet to store your Bitcoin te.
What is a Bitcoin Desktop Wallet?
Ter essence, a Bitcoin wallet (sometimes called a digital wallet) is simply a software program located on a pc where Bitcoin is stored and where users can send and receive Bitcoin the most securely. Think of your digital Bitcoin wallet spil the physical wallet you have today. You have utter control of your physical wallet ter that you can exchange money with others, make purchases, and store money te your wallet. There are potential vulnerabilities to your physical wallet however. If you lose your wallet, you may not get the specie back that wasgoed located there.
Fortunately, many Bitcoin digital wallets have taken security measures to make it very difficult to access your wallet, even if your rekentuig were to get hacked or stolen. Thesis wallets come with a private key that is needed to access the wallet, and many users recommend storing this key somewhere besides on your desktop. Bitcoin desktop wallets differ from wallets such spil those provided on websites like Coinbase and Binance, te that desktop wallets are stored directly on your laptop. A wallet provided by Coinbase, for example, is stored on their servers on the internet. Typically, thesis wallets are fairly safe, but thesis wallets are certainly not immune to hacks and security breaches. Just do some plain research and you will find slew of exchanges who have bot hacked and had millions of dollars stolen recently.
Setting Up a Bitcoin Desktop Wallet
For this tutorial, wij’ll use Electrum. There are many Bitcoin desktop wallets available, so it’s significant to research the most secure and what works for your private needs.
Go to the Electrum Webstek
- Go to the Electrum webstek and click on “Download” ter the navigation menukaart.
Install Your Wallet
- Find the operating system that your rekentuig uses.
- If you are more technical, yo can use the “Installation from Python Sources” otherwise just do “Easy Installation”
- Choose your download preference and download the installer to your desktop or your location of choice
- Choose a destination folder for your installation. Usually the C: drive works fine.
- When the installation completes, succesnummer “Close.” The wallet should now be on your desktop. If not, find it ter your C: drive or the location you installed it to.
Setting Up Your Wallet
- Open the wallet and select “Random Servers” unless you have a manual server you would like to connect to
- Te the next step, name your wallet (this can be anything) and then choose the type of wallet you’d like to create.
- Two Factor Authentication – this type of wallet adds extra level of security te the case your pc is compromised.
- Multi-signature – This type of wallet will create Two separate wallets that are typically managed on Two separate computers, by Two separate people. Both of thesis wallets will have the same wallet address.
Congrats! You’ve set up your wallet. Refer to the Electrum documentation, or comment here if you have any questions!
Looking to buy Bitcoin? Read our guide on How to Buy Bitcoin.