After buying Bitcoin, where should users store it for safety and convenience? Which Bitcoin wallet suits the needs and purposes of the user? Let’s explore information revolving around the topic of Bitcoin wallets!
What is a Bitcoin Wallet?
A Bitcoin wallet is an application or device used to store and manage Bitcoin. Bitcoin wallets allow users to control and conduct transactions related to Bitcoin.
In other words, a Bitcoin wallet functions similarly to a bank account, where users can send and receive Bitcoin through two main components: the wallet address and the private key:
- Bitcoin address: A string of numbers and characters used publicly, allowing users to receive Bitcoin from others.
- Private key: A security key made up of a string of characters. Users can understand it as a type of password for their Bitcoin wallet, allowing them to confirm transactions and protect their assets.
In the cryptocurrency market, there are many different types of wallets that allow users to store and manage Bitcoin, such as hot wallets, cold wallets, and non-custodial wallets. Each type has its own advantages and disadvantages depending on the purpose and needs of the user. Some of the large and reputable wallets include Coin98 Wallet, Metamask, Trust Wallet, and more.
Also, users can learn more about the types of wallets and some characteristics of crypto wallets [here – hyperlink to be inserted if available].
In this article, Coin98 Insights will guide you through creating a Bitcoin (BTC) wallet on Coin98 Super Wallet, for those who want to choose a secure wallet to store BTC, as well as other crypto assets.
Guide to Creating a Bitcoin Wallet
Creating a Bitcoin wallet is quite simple. Below are 2 ways to create a wallet on mobile phones (Mobile App) and on desktops/laptops (Extension). Depending on individual needs, choose the most suitable and convenient way to create a wallet:
Security Measures for Bitcoin Wallets
Not just for crypto, but for any financial market, users should prepare some measures to ensure the safety of their assets. Some security measures for Bitcoin wallets include:
- Back up your private key and passphrase: Make sure to back up and store your private key and passphrase in a safe place, such as offline, to avoid potential risks that may occur online. On the Coin98 wallet interface, users are required to perform steps to back up their private key and passphrase before being allowed to create a wallet.
- Keep software updated: Always ensure that you update to the latest version of the Bitcoin wallet application. Updates are often improved for security and optimized user experience.
- Use strong passwords: Coin98 wallet users are often encouraged to set passwords that combine uppercase, lowercase, numbers, and symbols to increase security. Avoid using easily guessed passwords such as names, birthdays, etc.
- Read more: Tips for securely storing Bitcoin
Frequently Asked Questions When Creating a Bitcoin Wallet
Do I have to pay a fee to deposit and transfer Bitcoin?
For each BTC deposit and transfer transaction, users have to pay a fixed transaction fee. This fee depends on the blockchain network and can vary depending on several factors such as transaction speed, transaction volume, etc.
Can I create multiple Bitcoin wallets?
Users can create an unlimited number of Bitcoin wallets to meet their usage needs. Each wallet will have a different address, private key, and passphrase.
However, it is important to note that when creating a new wallet, you MUST BACK UP the private key and passphrase carefully to avoid the risk of theft if someone knows these strings of characters.
Can a BTC wallet store other coins?
A Bitcoin wallet is a wallet used only to store and manage Bitcoin (BTC).
However, currently on the market, some multi-chain wallets support storing Bitcoin along with many other cryptocurrencies in the same wallet address, making it easier for users to manage their assets.
