How do I get a Bitcoin address?
So, you have recently heard about the revolutionary cryptocurrency, Bitcoin and you would like to get your hands on this amazing piece of technology and reap the benefits that come along with it. However, you have no clue about what all you need to have to get started with your journey through the crypto world.
Well, you have landed in the correct resource. We will help demystify this amazing piece of technology and help you get started with it. Just continue reading and we will get you ready to receive your first Bitcoin in no time!
Different ways to generate a wallet address:
Bitcoin is a currency that cannot be held in your hands. It is tracked on an public ledger that resides on the internet, The ledger contains every transaction and these transactions use something called a “Bitcoin address” to determine how owns the Bitcoin. Each Bitcoin wallet has a unique address and no two users can ever get the same address. There are several different ways you can generate these addresses.
- Software wallets: One of the easiest ways is to just go ahead and download a piece of software called the Bitcoin wallet. After you download and install this software on your PC or mobile device you will need to do the initial setup, you will be given a seed phrase. This is a very important sequence of words that are used to regenerate your wallet on another device. You must write them down and store them in a safe place (not on your computer) after this you will have two different elements. One of these are called a public key or receive address. This address can be shared with anyone from whom you want to receive funds from. The other is called a private key. This key, as the name indicates must be kept a secret and must not be shared with anyone. Your Bitcoin wallet uses this private key to sign a transaction while sending funds out of your wallet. Hence, without a private key you will not be able to use the funds that you own. In fact without the private key you no longer own the Bitcoin.
- Web wallets:You can also use web wallets to generate your wallet address as soon as you complete your registration. This works the same way as your software wallet.
- Paper wallets: These wallets can be generated using your web browser. All you need to do is open a paper wallet generator website and click on create a new wallet. You will then need to move your mouse a couple of times on the screen. Based on this movement, a wallet address is generated. You can then take a print of this wallet and start sending Bitcoin to the address written on the wallet.
- Hardware wallets:The most secure way to generate your Bitcoin wallet address is to use a hardware wallet like the Trezor. This wallet do cost you some money. However, for the security that it offer your funds, the initial money that you end up paying is worth it. During the initial setup, you will be given a seed phrase. This is a very important sequence of words that are used to regenerate your wallet on another device. You must write them down and store them in a safe place.(not on your computer) After you finish the entire set up of the device, you will be given only your public address and your private key will never be revealed to anyone. Even while sending the funds out of your wallet, the private key in never revealed. Thus, making it the most secure Bitcoin wallet available.
Wallet addresses are the most essential part of the Bitcoin ecosystem. Never reveal your private key or seed phrase to anyone and in order to be extra sure, use the hardware wallets as they offer an extra layer of security to your funds.
Please follow this link to watch a video on how to set up a blockchain.com wallet on your phone