Choosing a wallet type
To get a Bitcoin wallet, you begin by deciding which type suits your needs. A mobile or desktop wallet works well for most beginners and installs like any common app. A hardware wallet offers stronger protection by storing your keys offline and is ideal for larger or long-term holdings. A web or exchange wallet is the easiest to start with, though the company controls your keys instead of you.
Creating the wallet
After choosing the type, you download the official mobile or desktop wallet or follow the setup instructions for a hardware wallet. When you open the app and select “Create new wallet,” the system generates a recovery phrase of twelve to twenty-four words. This phrase is the master key to your wallet and your funds.
Securing the recovery phrase
Securing the recovery phrase is the most crucial step. You write the words on paper and avoid storing them digitally through screenshots, emails, or cloud notes. You keep the written copy safe and never share these words with anyone. Anyone who knows the phrase gains full access to your bitcoin, and if you lose the phrase and your device fails, the bitcoin cannot be recovered.
Using your bitcoin address
Once the recovery phrase is secured, the wallet shows your receiving address as both text and a QR code. You share this address with anyone sending you bitcoin. If you buy bitcoin from an exchange and want to move it into your wallet, you paste this address into the exchange’s withdrawal section. After the transaction is confirmed, the bitcoin appears in your wallet.