It’s very important to manage your bitcoins safely. We assist in buying and selling bitcoins, but you are responsible for managing them yourself. This is the beauty of Bitcoin: you are your own bank!
You manage your bitcoin using a wallet. On this page we’ll explain everything you need to know about wallets. First thing you'll need to buy bitcoin is an account with BTC Direct. Register a free account today!
Cryptocurrency wallet explained for beginners
- Carry your wallet with you
- Less safe than a hardware wallet
- Managing your coins using your PC or laptop
- Less safe than a hardware wallet
- Safest storage method
Tip: You can use the Coinomi mobile wallet to buy your crypto’s at BTC Direct, without ever having to switch between tabs and applications. And since you don’t have to copy and paste your receiving address anymore, it’s way more simple and safe as well!
How do I receive or send bitcoin?
When buying or receiving bitcoin, you use the receiving address from your wallet. We can’t emphasise it enough: copy and paste this address, do not write or type it. A bitcoin receiving address is similar to your personal bank account number on which you receive your bitcoin. But where do you find your bitcoin receiving address?
The receiving address
First, log into your wallet. In most wallets, the receiving address can be found under the button ‘Receive’. There are wallets in which a bitcoin receiving address will automatically change once it has been used for a transaction. This is in consideration of your privacy. But don’t worry: ‘old’ receiving addresses will always stay valid and linked to your wallet.
For receiving bitcoin in your wallet, copy the receiving address from your wallet, and paste it on the BTC Direct order form. This way we’ll know which wallet to send the coins to.
Sending bitcoin is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much you would like to send, and confirm.
Creating a bitcoin wallet backup
When you create a bitcoin wallet, it’s important to make a backup as well. This way you ensure you will always have access to your wallet, and thus your bitcoin.
Most wallets show a series of 12 or 24 randomly generated words. This is called a seed phrase or a recovery seed, and it functions as a backup for your wallet. Write this seed down with pen and paper, and store it in a safe place. Do not store it digitally or online, since this makes it vulnerable to hacking.
If you should ever lose your wallet login credentials, you can use the backup to regain access to your coins.
Just like you keep your physical wallet safe, you protect your cryptocurrency wallet. If your wallet isn’t secure enough, hackers could steal your coins. Luckily, there are a multitude of ways to secure your wallet. Take your time to go over the following tips:
Never store your backup details digitally
Write down the following details of your wallet provider on a piece of paper: login name, password, recovery seed. Store this safely. Don’t take a picture with your phone. A mobile device has a constant connection to the internet. This makes it easier for hackers to access your wallet.
When possible, choose Two Factor Authentication (2-FA)
This may sound complicated, but 2-FA simply means you log in with several devices. Why is this useful? With 2-FA hackers can’t access your wallet with just your password. In order to access your wallet, a code is also required. This code could be sent to you by SMS or through an app such as Google Authenticator. We recommend to enable both options for maximum security.
When you’ve enabled 2-FA through SMS you will receive an SMS with a unique code on your phone every time you log in. To enable 2-FA through SMS you’ll have to enter your phone number in the safety settings of your wallet. This means you’ll need both your phone and your password to access your wallet.
You can find the Google Authenticator app in the App Store (iOS) or Google Play Store (Android). To connect the app to your wallet you’ll need to scan a QR code in your wallet. You can find the code in the safety settings. Make sure to backup the QR code by printing it in case you lose your phone. Once the app is connected to your wallet it generates a new six digit code every thirty seconds. To access your wallet you’ll need to enter the code.
Let today be your first day in the world of crypto. Get started with buying your first bitcoin by clicking this button: