The global economy in today’s time is inevitably moving towards a digital ecosystem, and cryptocurrency is a significant part of it. That is why a huge segment of people now opt to invest in Cryptocurrencies like Bitcoin. It helps facilitate faster and more secure transactions and better ROI.
However, many people still find the whole process of Bitcoin purchasing confusing and troublesome. So, we have broken down the entire process into five simple steps to help you create an online bitcoin wallet. Let us start!
What is a Crypto Wallet?
The cryptocurrency wallet can be understood as software on your computer or mobile device that keeps track of your income and expenses incurred from the crypto process. The cryptocurrency wallet can be used to sell, purchase, or transfer your cryptocurrency.
Types of Crypto Wallets
Mainly, there are three forms of cryptocurrency wallets:
- Desktop Wallets
These are the most secure wallets that are similar to your normal desktop software. They provide a platform to conduct different operations for your cryptocurrency. However, this wallet is not portable and can only be used from the same computer where you downloaded it.
- Mobile Wallets
The mobile crypto wallets are the application stored in your smartphone through which you can leverage your crypto operations.
- Virtual Wallets
Virtual wallets are similar to the other two wallets in their work. The only difference is that, unlike mobile or desktop wallets that are stored on your digital device, they are present in a cloud. So this cloud crypto wallet can be accessed from anywhere using a private key.
How to Create an Online Bitcoin Wallet?
Here is the process to create online bitcoin wallet in minutes:
Step 1: Download the Bitcoin App
The foremost step is downloading the Coinomi (Official Bitcoin App) from the Apple or Play Store to your mobile device. Alternatively, you can download the Bitcoin program for a computer or use the Cloud Bitcoin app.
Step 2: Set a 24-Words Recovery Phrahttps://docs.google.com/document/d/1h6_VdjYu4b9MIyE3BhkiR7Yl8msuTDtw1lae8gUwhZE/editse for Your Account
Once the app is downloaded, you need to set up a 24-word recovery phrase for your account. This is the backup to your wallet and will be useful for recovering the account in case you forget other wallet details.
Step 3: Set Up a Password
This is the most important step, as here, you will create the password to conduct all your crypto transactions. Create a strong and unique password for your account, note it down on a piece of paper, and store it in a safe where no one other than you has access to it (not even your family).
Step 4: Add More Security Using a Private Key
To notch up your account’s security level, you can also set up private keys for your Bitcoin wallet. It can be done from the settings gear present at the corner of your app.
Step 5: Add Funds and Start Your Crypto Transactions
Now your Bitcoin wallet is fully set up and ready to use. Add some bitcoins to your wallet and make some small transactions to test out the wallet.
Now that you know how to create an online bitcoin wallet, you can start your actual crypto journey and make significant gains out of it. Good Luck!