How do I set up my Bitcoin core wallet?

A Bitcoin wallet is a type of software or device designed for storing Bitcoins (BTC). To be more precise, coins cannot be stored anywhere. What we store in our Bitcoin wallets are secret keys for Bitcoin addresses, which allow us to receive or send Bitcoins.

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There are several different types of Bitcoin wallets:

• Desktop wallets
• Mobile wallets
• Hardware wallets
• Online or web wallets

Desktop wallets have to be installed on your computer, and they allow you to generate a Bitcoin address and store secret keys. Some of the most commonly used desktop wallets are Bitcoin Core, Electrum, Armory, and Multibit.

Mobile wallets help you complete your transactions when you are not at home and do not have access to your desktop wallet. These wallets use only a part of the blockchain. They rely on other nodes in the Bitcoin network. The main reason for this is because the blockchain network is huge (more than 100 GB), as it contains every Bitcoin transaction that has ever been made. Can you imagine the bill for your cell phone services?!

Some examples of mobile Bitcoin wallets include Bither, Mycelium, Green Bits, etc.

Hardware wallets are not as widespread as a desktop and mobile versions. They store secret keys on devices such as USB sticks or even hand bands. One of the most popular hardware wallets is Trezor.

Online (web) wallets allow users to access their secret keys from web browsers on any device. Keys are stored on a third party computer. This is one of the biggest flaws of this type of wallet—people who run these websites can potentially take advantage of the information they have without your permission.

Some of the most popular online Bitcoin wallets are BitGo, Coin. Space and Coinapult.

What is a Vault and How Does It Work?

A vault is a place where you can store your Bitcoins, similar to a savings account. It is convenient for those who own a large amount of this cryptocurrency and would like to keep it in a place that provides extra security. There is even an option that several parties have to approve every transaction, which is called a group vault. Additionally, Bitcoins cannot be withdrawn immediately from the vault. It takes 48 hours to complete a transaction. During this period, you can cancel the withdrawal.

The most important thing is that only the account owner can request the withdrawal. Other designated parties do not have this privilege, so make sure that those who you have assigned to approve your transactions are people you can trust.

An individual vault is a vault where only the account owner is responsible for approving transactions and withdrawals.

Some users feel comfortable with the security of vault platforms, while others claim it is never a good idea to store a large amount of Bitcoin funds online using a third party.

How to Store Bitcoins on Wallets

If you have already installed your Bitcoin wallet, the next logical step is to store some BTC in it. But first, you will need to purchase them. The easiest way to do that is with Coinbase (mentioned briefly above) or Coinmama. Coinbase offers the lowest fee, so we will focus on this platform.

The first step is to open an account on Coinbase. You will have to fill out the form, chose your password, enter your credit card number and verify the ID. Once the process is completed, you will be able to purchase Bitcoins.

The next step is to store the Bitcoins you have just bought in your Bitcoin wallet. While you are still on the Coinbase website, on the left side of the screen, you will see the send/request option. If you click on that, the recipient field will show up. This is the place where you enter the address of your wallet. You can also choose the amount of BTC you want to send and even if you would like to transfer the funds using Bitcoins or USD. Then Coinbase will ask you to confirm the transaction. Once you click confirm, your BTC will be transferred to your wallet.