Print Page - How can i get a functional wallet

Electrum will work better even for beginners and here is one of my post that breaks down how to safely download Electrum, install, send, and receive funds.

Quote from: Findingnemo on August 15, 2023, 08:24:35 AM

It is not really rocket science, possible for anyone to understand who has the ability to read, and understand what is the meaning of deposit/ receive and send.

Let's say you are downloading Electrum as your Bitcoin wallet, you can find the Download link on their official website.

https://electrum.org/#download

Once you downloaded the wallet.
Setting up your wallet:

1. Launch Electrum then You'll be prompted to create a new wallet or restore an existing one.
2. Choose "Create a new wallet" and click "Next."
3. Select "standard wallet option" and click "Next".
4. Choose you want to create a new seed then Electrum will generate a seed for you.
5. write down this seed and keep it in a safe place. This seed is essential for wallet recovery.
6. Confirm the seed by entering it in the next window.
7. Set a strong password for your wallet and click Next.

Now you completely set up your wallet.

Receiving Bitcoin:

Click on the "Receive" tab to generate a receiving address. You can generate multiple addresses if needed.

Sending Bitcoin:

1. Click on the "Send" tab.
2. Enter the recipient's Bitcoin address, the amount you want to send.
3. Choose the right fee as suggested by Electrum, you can also use https://mempool.space/ to find the actual fee and click "Send."

If you still need any tutorials then you can use Helpful Guides For Newbie on the Electrum Wallet (https://bitcointalk.org/index.php?topic=5351743.0) posted by Ratimov.

You can also refer : [GUIDE] How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)

For more guide just visit wallet category from Ratimov's Beginners & Help Encyclopedia thread : Wallets (https://bitcointalk.org/index.php?topic=5364418.0#post_point160)

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

You should read first, read the sticky thread first.

[General] Bitcoin Wallets - Which, what, why? (https://bitcointalk.org/index.php?topic=1631151.0). It is not updated because Lauda left the forum but if you read it, you will get some information and can ask more.

Electrum wallet is good for newbies to use, free, open source, non custodial. You can set up multisig wallet or cold wallet with Electrum. Verify it.

[GUIDE] How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)

The two replies above gives you the guide on how to create an electrum wallet which is the most reputable wallet that is been used as both hot and cold wallet. But as someone who is new and would like to learn about other wallets too I would advice you read this thread on bitcoin wallets (https://bitcointalk.org/index.php?topic=1631151.0).

Also you didn’t specify which type of wallet you want, the guides above is just for bitcoin only wallet as electrum doesn’t support other coins. For other coins you should use unstoppable wallet. It supports many cryptocurrencies and is open source like electrum wallet

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

Electrum wallet is open source wallet and most secure wallet so far. you can use it in the mobile (Android+Ios) and desktop. If you wanting only to store btc then it is best choice but if you want to store multiple coins like Btc, Ethereum and other in one place then I will recommend Trustwallet (10 m download) or Safepal wallet (1m download).

You can also check this article to choose one best for your nees
https://www.investopedia.com/best-crypto-software-wallets-5220762

Quote from: Gladitorcomeback on September 15, 2023, 09:04:17 AM

Electrum wallet is open source wallet and most secure wallet so far. you can use it in the mobile (Android+Ios) and desktop.

Electrum does not support iOS. I will recommend Bluewallet for iOS.

Quote from: Gladitorcomeback on September 15, 2023, 09:04:17 AM

If you wanting only to store btc then it is best choice but if you want to store multiple coins like Btc, Ethereum and other in one place then I will recommend Trustwallet (10 m download) or Safepal wallet (1m download).

Trustwallet is a close source wallet. Safepal hardware wallet is still a close source wallet for now. I will not recommend both. I will recommend open source wallet like Unstoppable wallet, or hardware wallet like Trezor.

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

I would recommend you go for Electrum Wallet because it gives you full control of your Bitcoin and you can recover your wallet with a seed phrase. You should also know that setting up a Bitcoin wallet comes with a great risk you should protect your wallet from hackers or even from your friends you don't trust. After downloading a Bitcoin wallet never share the private key or seed phrase of your wallet with anyone, you can back up your wallet with a UBD key, paper, and CDs and keep it where only you can access it or you can tell someone you trust in your family the location in case something happens to you.

Quote from: EL MOHA on September 15, 2023, 08:48:06 AM

For other coins you should use unstoppable wallet. It supports many cryptocurrencies and is open source like electrum wallet

Unstoppable wallet is a good choice for mobile which is available in both IOS and Android but it's not available for PC and also its not support many coins like coinomi yet.

Currently, it supports a total of 116 assets including tokens: https://www.cryptowisser.com/wallet/unstoppable-wallet/coins?page=1

For PC users who store a lot of shitcoins and don't want to dump them in the hardware wallet then Coinomi is still their option which is a closed source but supports more coins and tokens compared to any other multi-crypto wallet.

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

Bitcoin wallet, use Electrum. There is already a guide that makes it easy. How to download, store and send and receive Bitcoin is very helpful for beginners to use.
Do it on the desktop.
Electrum the best Bitcoin wallet right now. Mobile version available.

Another Bitcoin wallet that is worth using, BlueWallet.
The mobile version of the BlueWallet wallet is very easy to use. Supports many features.
How to get the address from the Android mobile version of the BlueWallet wallet, I have provided a tutorial in a topic with good discussion.

[Tutorial] BlueWallet - Bitcoin Wallet Discussion (https://bitcointalk.org/index.php?topic=5425971.msg61400865#msg61400865)

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

OP I can see packs of wallets suggested to you and more will follow after now and that can be a little confusing to you on which to pick. But just a friendly advise start with an electrum wallet.

You may be wondering why electrum wallet. Yeah, that's because it's easy and simple to use, it's newbie friendly and a sturd security.

Electrum wallet is :
1 It's open source
2. Supports multiple currency
3. It's compatible etc

In the process of time as you endure in the forum when you would have gotten more knowledgeable about other bitcoin/cryptocurrency wallets you can try those advanced user wallet.

Quote from: Gladitorcomeback on September 15, 2023, 09:04:17 AM

but if you want to store multiple coins like Btc, Ethereum and other in one place then I will recommend Trustwallet (10 m download) or Safepal wallet (1m download).

The number of downloads on playstore counts for nothing towards the security of a wallet, a wallet can have millions of downloads and yet be unsafe or not recommended. When looking for a wallet to use, things you should look out for is if the source code is open or closed, if the wallet is custodial or non custodial, you should also take into consideration the community's view/review about the wallet. If you pay attention to the number of downloads on playstore, you might download a bad wallet. Having said that, both trust wallet and safepal wallet are closed source, thus they aren't good options.

Quote from: letteredhub on September 15, 2023, 03:37:50 PM

Electrum wallet is :
1 It's open source
2. Supports multiple currency
3. It's compatible etc

1. Yes,
2. Electrum supports only bitcoin and there is a separate Electrum wallet for LTC but as I said it is a separate wallet.
3. Compatible with most but taproot update is the long overdue in electrum, hopefully we may see taproot support from electrum soon.

It depends on what you want to use the wallet to store. If it is only for storing bitcoin, you can use hot wallets like electrum wallets and blue wallets for small amount of bitcoin, for daily spending. If you want to store a huge amount of bitcoin for a long time, you can use electrum cold storage wallet, where you generate your seed on an air gap device (offline). Or you can use a hardware wallet like trezor.

On the other hand if you need a wallet to store more than one cryptocurrency, you can use coinomi wallet or unstoppable wallets. All these wallets mentioned above are open source and only you can control your keys yourself.

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

I don't exactly know, which topic/thread I should mention here. But I have a single thread which consists of all other informative threads and that single thread is like a encyclopedia of bitcoin talk. And that's made by Ratimov, You should check the wallets section for further details.

[AUGUST UPD.] Beginners & Help Encyclopedia (https://bitcointalk.org/index.php?topic=5364418.0)
Ratimov's Forum Guides, Tutorials & Lists (https://bitcointalk.org/index.php?topic=5277049.0)

In the first link, you will find hell lot of links, to find wallet related topics, you can use ctrl+F key and then write wallet keyword in the search bar and then all the topics containing that keyword will be highlighted. I know you must know that, but just in case I have to tell you that too.

Besides these topics, many other members have mentioned some good thread like the Electrum's threads, Most people have mentioned that wallets, because that's open source but keep in mind that Electrum is only for BTC, you can not send or receive any other coin or token on that wallet. I hope you will enjoy your time here and learn new things. For a newbie, in start, it is hard to set up a wallet, but if you come to decide which wallet you are going to use then you should watch a video on YT before experimenting something.

I always prefer if you use this "Choose Your Wallet" tool from bitcoin.org - https://bitcoin.org/en/choose-your-wallet

It asks you some questions like:
- What OS you want the wallet on?
- How much do you know about Bitcoin?
- What options are important for you? Like Privacy, Control, Environment, Fees, Transparency etc.
- What features are you looking for? Like 2FA, Bech32, Lightning etc.

It's the best tool out there.

Quote from: Gladitorcomeback on September 15, 2023, 09:04:17 AM

but if you want to store multiple coins like Btc, Ethereum and other in one place then I will recommend Trustwallet (10 m download) or Safepal wallet (1m download).

Reviews and the number of downloads displayed on Playstore and Appstore are not a sign that Trust Wallet is a good wallet for storing coins and tokens. The category of a wallet that is good to use is based on how safe the wallet is when used. The address for receiving and sending coins or tokens obtained in a wallet has a phrase or key. The password or key is very private — no one else should know. That privacy is only available in open source wallets.

Open source and closed source wallets have many differences including the issue of possible access to the seed transaction or keys held by the owner of the coins and tokens.
I always avoid using closed source wallets like Trust wallet and always pay attention to open source wallets for storing assets.
To store coins of more than one type, I use an unstoppable wallet.

Quote from: Findingnemo on September 15, 2023, 04:40:13 PM

hopefully we may see taproot support from electrum soon.

I don't think Taproot is going to be supported directly in Electrum any time soon (it is only supported through hardware wallets now), since I don't see any code being added to master branch and there is no separate branch as far as I know working on it. The issue on it is also old and not updated for a year https://github.com/spesmilo/electrum/issues/7544

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

Hmm, I would prefer you to watch the video tutorial in your native language as the person in the video can explain better as compared to a person who is writing a post to guide you. Anyway, you must watch a few beginner's tutorials as well to get started with the wallets where you can better understand all you need to know about the wallets their types their utility, and their features.

A custodial wallet is always recommended but if you find it hard to manage the hardware wallet you can also pick the Hot wallets of the exchanges (Which are noncustodial) not recommended to hold a large amount of funds also needs to be aware of the potential risk. As you've created this thread it can be a great help for you to gather the information and learn most of that basics from the senior's views.

Quote from: pooya87 on September 16, 2023, 04:08:29 PM

The issue on it is also old and not updated for a year https://github.com/spesmilo/electrum/issues/7544

It has been almost 2 years since they mentioned "No ETA, but it is on the TODO list." on their GitHub page. Also, there is no relevant information regarding taproot updates on Electrum on any other forums but they won't take too long since other wallets are already supporting single sig taproot addresses so it's almost time to see them on Electrum too.

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

This post does a great job highlighting bitcoin wallets: https://bitcointalk.org/index.php?topic=1631151.0

Give it a good read, I’m currently using the unstoppable wallet for iOS and it works great for my use case.

Electrum is good for windows aswell.

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

I would advise you to get a hardware wallet like Trezor, Coldcard, passport and store your assets. If you cannot afford it you can download an open source wallet like Electrum, Bluewallet or Unstoppable wallet. Any of these wallets come highly recommended but remember to download only from the official website and I've shared some download links below. When installing the wallet, it is important that you write down your seed phrase on a piece of paper and keep it safe.

https://electrum.org/#download
https://bluewallet.io/
https://unstoppable.money/

Quote from: Hewlet on September 15, 2023, 08:40:16 AM

I'm a bit new in the forum and still trying to figure out how so many things work, I would love to know how to get a functional wallet address or a step-by-step guide on how to create one.

Another recommendation would be to utilize exchanges.

Generally, exchanges are a good way to store your cryptocurrencies TEMPORARILY given its simple and convenient nature. The only catch is, you have to transfer your funds on the very least given their history of being hacked across the internet.

Though this may be the case, I primarily store my BTCs in our local exchange in our country due to its convenience. I highly suggest that you consider and explore this option as you may be inclined into discovering features that you may find useful in the long run but remember that never store your BTCs in exchanges permanently.

Quote from: AprilioMP on September 15, 2023, 06:22:51 PM

Open source and closed source wallets have many differences including the issue of possible access to the seed transaction or keys held by the owner of the coins and tokens.
I always avoid using closed source wallets like Trust wallet and always pay attention to open source wallets for storing assets.
To store coins of more than one type, I use an unstoppable wallet.

Close source wallets is indeed have differences with open source wallets as open source wallets code is open for public where the close one isn't and that means close source wallet provider may have access to your wallet unlike the open source. You should also mention about hardware wallets to OP if OP doesn't mind spending money to buy hardware wallets. Well, there's nothing wrong with using free wallets and open source wallet since it doesn't cost anything at all.

Quote from: Tiger420 on September 17, 2023, 06:23:26 PM

Trust Wallet is a popular mobile cryptocurrency wallet. So I will recommended you to use Trust Wallet.

Trust wallet might be popular, but mind you that it is a closed source wallet, thus it isn't recommended. Binance is also the owner of trust wallet, and that is another red flag and a reason not to recommend it.

Quote from: Tiger420 on September 17, 2023, 06:23:26 PM

4. Backup & Confirm Your Recovery Phrase.
And The Wallet Will Be Create & Ready For Use.

It is true that it is a non custodial wallet and you get your recovery phrase, but because it is closed source you cannot check the code to see how the private keys were generated or if it is free from any vulnerability.

Quote from: Tiger420 on September 17, 2023, 06:23:26 PM

Trust Wallet is a popular mobile cryptocurrency wallet. So I will recommended you to use Trust Wallet.

Trust wallet — in my opinion this is the worst recommendation for other people who are looking for a wallet to use because there are still so many of the best wallets that are worth recommending.
I am not spreading hatred towards the wallet you recommend, regardless of the reasons behind you recommending it

I don't understand your thoughts about wallets. People prefer and always try to stay away from closed source wallets but you should prefer closed source wallets like Trust Wallet.

To find out behind the diversion of closed source Trust Wallet by analogizing open source on Android can harm the crypto community. Read this article from Trust Wallet.
https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6

It's the reverse logic according to what they wrote in 2018 that I found.

Quote from: nakamura12 on September 17, 2023, 08:34:11 PM

Quote from: AprilioMP on September 15, 2023, 06:22:51 PM

snip

You should also mention about hardware wallets to OP if OP doesn't mind spending money to buy hardware wallets.

Thank You. It's already been mentioned so I don't think it's necessary to mention it anymore.

Bitcoin Forum

Other => Beginners & Help => Topic started by: Hewlet on September 15, 2023, 08:40:16 AM