Want to learn about wallets.

[Rhow]

Hello friends. I am a new member of this forum.

I was trying to get an idea about Bitcoin. While learning about Bitcoin, I understood the exact meaning of digital assets. I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting. After coming to the forum, I learned about cryptocurrencies. I learned about Bitcoin. I learned about digital assets and got a rough idea about how to invest. I learned about the investment method of Bitcoin. I am very happy to learn about so many new things.

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

[Nwada001]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

You don’t use a wallet to invest in Bitcoin; you use a wallet to store and safeguardyour Bitcoin, and the best wallet you can use and that’s recommended is an open-source wallet. You can go for electrum wallet, BlueWallet Electrum Wallet or BlueWallet, which are both mobile-friendly wallets and easy to use.

[Bright0515]

Hello friends. I am a new member of this forum.

I was trying to get an idea about Bitcoin. While learning about Bitcoin, I understood the exact meaning of digital assets. I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting. After coming to the forum, I learned about cryptocurrencies. I learned about Bitcoin. I learned about digital assets and got a rough idea about how to invest. I learned about the investment method of Bitcoin. I am very happy to learn about so many new things.

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

Just like Nwada001 have said that you do not invest with a wallet, wallet are use to keep Bitcoin, what you should ask is "which wallet is good to store Bitcoin". As some body that is still learning to invest into Bitcoin you don't even need to learn about wallet, because wallet are technically things which you don't learn under hurry. You take your time to learn them. But first you should use wallet to store your Bitcoin. If you are looking for a good wallet to store Bitcoin I think you should download the Electrum wallet, after creating a new Electrum wallet write down your seed phrase and keep them in a safe place. Don't safe it on your phone and don't keep it anywhere somebody will see it.

[Nwada001]

As some body that is still learning to invest into Bitcoin you don't even need to learn about wallet, because wallet are technically things which you don't learn under hurry. You take your time to learn them. But first you should use wallet to store your Bitcoin. If you are looking for a good wallet to store Bitcoin I think you should download the Electrum wallet, after creating a new Electrum wallet write down your seed phrase and keep them in a safe place. Don't safe it on your phone and don't keep it anywhere somebody will see it.

I disagree with you on this one; you don't need to learn about the technicality of a wallet before you know about a good wallet to use. Someone who wants to learn about the basic knowledge of Bitcoin needs wallet knowledge too; if they don't know about wallets, they won't be able to know how important it is to safeguard their phrase, the difference between an exchange and what's regarded as a wallet, the need for self-custody, and the rest of the little things that can safeguardtheir asset and give them total control of their investment.

[Agbamoni]

We have two categories of wallet. Cold and Hot wallets. But as a newbie it is better you start with a hot wallet.

Hot wallets can be connected to the internet and they are mobile friendly, just like the example Nwada001 gave you. While the cold wallets are not connected to the internet and they are designed for long term storage of you Bitcoin. They are also called Hardware wallets and Ledger and Trezor are the most common.

[Localhostspeed]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

You don’t use a wallet to invest in Bitcoin; you use a wallet to store and safeguardyour Bitcoin, and the best wallet you can use and that’s recommended is an open-source wallet. You can go for electrum wallet, BlueWallet Electrum Wallet or BlueWallet, which are both mobile-friendly wallets and easy to use.

I want to call your attention respectfully that Bitcoin wallet doesn't store Bitcoin, your Bitcoin exist on the blockchain network. What Bitcoin wallets does for you is it helps you manage your Bitcoin and Bitcoin address and other things you said. Like send, receive and do other things with your private keys or seed phrase.

[EL MOHA]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

You can actually go through this thread thread to actually get understanding of wallet, although some of the wallets there are not highly recommended but just have a good read, the most recommended hot wallet is the electrum wallet

You don’t use a wallet to invest in Bitcoin; you use a wallet to store and safeguardyour Bitcoin, and the best wallet you can use and that’s recommended is an open-source wallet. You can go for electrum wallet, BlueWallet Electrum Wallet or BlueWallet, which are both mobile-friendly wallets and easy to use.

For mobile friendliness I will actually say electrum isn’t that mobile friendly I still prefer BlueWallet when it is for mobile device while electrum to me is the best hot wallet currently. Also it should be understand that electrum only supports android mobile devices and not others aside it.

Hot wallets can be connected to the internet and they are mobile friendly, just like the example Nwada001 gave you. While the cold wallets are not connected to the internet and they are designed for long term storage of you Bitcoin. They are also called Hardware wallets and Ledger and Trezor are the most common.

To add to this I will advice OP against going for any of the listed hardware wallets most especially ledger which has been under scrutiny for its wallet recovery, one of the most common hardware wallet usually recommended is the passport wallet. I will advice OP to look into cold wallet set up if he wishes to invest huge amount of money

[Glowy]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

You don’t use a wallet to invest in Bitcoin; you use a wallet to store and safeguardyour Bitcoin, and the best wallet you can use and that’s recommended is an open-source wallet. You can go for electrum wallet, BlueWallet Electrum Wallet or BlueWallet, which are both mobile-friendly wallets and easy to use.

Thank you for sharing this, I am just getting to know about Electrum and blue wallet. I will get those. I focused on bybit and trust wallet.

[Hatchy]

I want to know about wallets.

Keep learning mate, it's a continuous process when it comes to the crypto space. One thing for sure is if you as a newbie is ready to learn more, you would go far on your own. Many newbies comes with the mindset of making quick money and just dives into investing without considering the basic questions.

Storing your coins is one of the major, if not the most important part of investing in crypto. You might know how to buy and do research on best coins, but if you don't store them properly you would be in loss. All you need is a good wallet and store your keys offline..

[Asiska02]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

You don’t use a wallet to invest in Bitcoin; you use a wallet to store and safeguardyour Bitcoin, and the best wallet you can use and that’s recommended is an open-source wallet. You can go for electrum wallet, BlueWallet Electrum Wallet or BlueWallet, which are both mobile-friendly wallets and easy to use.

Thank you for sharing this, I am just getting to know about Electrum and blue wallet. I will get those. I focused on bybit and trust wallet.

Trust wallet is not much trusted as an open source wallet, so having your bitcoin investment saved there pose a lot of risk. You can check on Electrum which is kinda not too mobile friendly but an open source with good reputation to save your funds in, available in android and not on IOS devices on mobiles. Blue wallet is more of mobile friendly and I will recommend using it if you don’t have a desktop to download one and save it in.

Bybit is an exchange and pose the highest risk of leaving your funds in, you can only use it to buy bitcoin and send out to your personal wallets. Other uses of the exchange it to trade crypto in if you’re a trader or use to swap from one token to another (as in token convert and p2p services). It is not recommended you leave your funds there for long if you’re not using it for any of the above listed.

[Emjay24]

If you plan to buy in small quantities, then it's best you use a CEX to consolidate your coins first of all before sending it to a non-custodial wallet for safe keeping. This would help you not tho pay TX fees on every buy you make and when accumulated, maybe up to $500, you can send it to a open source non custodial wallet like electrum, blue wallet, even Bitcoin core.

Trust wallet isn't actually the problem, most people that I know who got their funds compromised carried out careless wallet connections which gave the scammers access to their wallet and funds stolen. The only place I don't like it so much is that it cannot be treated as a cold storage. It's more of a hot wallet

[Yablee0]

Hello friends. I am a new member of this forum.

I was trying to get an idea about Bitcoin. While learning about Bitcoin, I understood the exact meaning of digital assets. I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting. After coming to the forum, I learned about cryptocurrencies. I learned about Bitcoin. I learned about digital assets and got a rough idea about how to invest. I learned about the investment method of Bitcoin. I am very happy to learn about so many new things.

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

As a newbie in the system that is yet to understand the Basics things about bitcoin investment, wallets wouldn't be what you should be talking about now, what you should be more concerned of is on how to know deep about bitcoin maybe through navigating round the forum or through on line research methodology.

However, trying to get more knowledge about wallets should be your secondary aim perhaps you might have gotten some assets that you will want to keep in a saved head.

Secondly,
In terms of wallets that can give you top notch service in protecting your bitcoin :
Here are some of them, electrum, cake wallet etc.

[Futurexxx]

As a newbie in the system that is yet to understand the Basics things about bitcoin investment, wallets wouldn't be what you should be talking about now, what you should be more concerned of is on how to know deep about bitcoin maybe through navigating round the forum or through on line research methodology.

However, trying to get more knowledge about wallets should be your secondary aim perhaps you might have gotten some assets that you will want to keep in a saved head.

No I disagree with you on this one, how will you feel if because of your ignorance of not knowing the proper wallet to store your Bitcoin or any other crypto asset, because of that you lost everything,  how will you feel?

If you are going to feel bad then that is why wallet is very important from the start because it will be very painful to lose your Bitcoin because of ignorance while starting, and if you don't know, that alone can break you to the point where you might even quit your Bitcoin investment because you might think that the crypto space is not safe even if you do the right thing or you will think you might still lose your asset if you are missing something, so knowing the right wallet to use is very important.

When I started my crypto journey, the first wallet I used was trust wallet, I  later discovered that it wasn't that secured, by then I have gained more knowledge in the space, that was when I switched to electrum, so what am saying is that you might not get it right in the beginning, but it would be very painful if  your ignorance cost you in the beginning, so knowing the best way to secure your crypto is very important from the start.

[Man of peace]

You are welcome and I like your courage, just like you can see on my profile I am new too and we  all are doing our best to acquire the knowledge about cryptocurrency and participate and be like others, just like the forum is open to everyone,to come and learn and ask questions in any area you did not understand,..

So you don't well by asking questions,it really mean you want to learn.so coming to the question you ask..you question has been answered, that wallet is not used for investing or trading meaning that you cannot invest in wallet or trade in wallet, rather it's used for storing your accumulated coins, for a safety purpose, where no one else can tamper with your coins, and in that case when creating your wallets you have seed phrase that will be sent to you, and that seed phrase is very very important to your wallet and you need to keep it very save where no one else can have access to it, just like people due advise that,do not save it in your phone it's not advisable, preferably you can write it on a piece of paper and keep it safe too. only you can know where it at any giving time..

And the recommended wallet is electrum wallet.

[Derekfunds]

Hello friends. I am a new member of this forum.

I was trying to get an idea about Bitcoin. While learning about Bitcoin, I understood the exact meaning of digital assets. I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting. After coming to the forum, I learned about cryptocurrencies. I learned about Bitcoin. I learned about digital assets and got a rough idea about how to invest. I learned about the investment method of Bitcoin. I am very happy to learn about so many new things.

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

Just like Nwada001 have said that you do not invest with a wallet, wallet are use to keep Bitcoin, what you should ask is "which wallet is good to store Bitcoin". As some body that is still learning to invest into Bitcoin you don't even need to learn about wallet, because wallet are technically things which you don't learn under hurry. You take your time to learn them. But first you should use wallet to store your Bitcoin. If you are looking for a good wallet to store Bitcoin I think you should download the Electrum wallet, after creating a new Electrum wallet write down your seed phrase and keep them in a safe place. Don't safe it on your phone and don't keep it anywhere somebody will see it.

Yea, wallet is mainly used for storing of Bitcoin because you will have full control over your assets unlike exchange where you will have to do KYC and some verification and saving your asset in exchange is just like saving money in the bank. When you store your assets in an exchange you won't have a full control of it and I have seen where exchange restrict someone from withdrawing or transferring his assets that is why it is advisable to store our Bitcoin in a wallet because we can not be restricted by anyone unless our wallet get hacked and the most important thing is after creating your wallet ensure to keep your seed phrase very safe for security reasons.

[SOKO-DEKE]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

It’s very important to learn about wallets it should be basic knowledge for anyone first learning about Bitcoin and cryptocurrencies. With knowledge of wallets, someone can store their Bitcoin properly. Many newbies either don’t have any Bitcoin or have lost access to it because they didn’t use wallets that provide proper security for their funds, or they misplace their seed phrase or private key. If you’re ready to invest in Bitcoin and are looking for wallets to use, I’d like to invite you to check out this thread it discusses wallets and could be helpful: https://bitcointalk.org/index.php?topic=1631151.0
.

[CryptSafe]

I will advise you take your time to study about all the mentioned wallet by members here as it would help you make a good decision when choosing which to stick to. Wallet are integral part of crypto because without a wallet you can not keep your assets and that is why you will have to know more about wallets and make a sound decision on the particular wallet to choose.

Lastly, you don't use wallet to invest in Bitcoin but rather you store or keep your bicoin in wallet. Wallets are just like houses where humans live in.  So your Bitcoin is stored or kept in your wallet where only you can access through your private key which you must keep safe and handle it with care otherwise if anyone gets hold or knowledge of it, your assets are all gone.

[Obim34]

Let me give you a preamble on how to download and setup a wallet.

1. Find a suitable wallet, not complicated and easy for beginners. I will suggest either Electrum or Bluewallet.
For Desktop: https://electrum.org

Mobile: Download from playstore

2. Download and Install. Make sure you download the version compatible with your device.

3. Run Electrum server, you will be shown options, USE PROXY or SELECT ELECTRUM SERVER, make sure to leave the box uncheck afterwards you will automatically be connected to a particular server that runs node, then Click Next.

4. Your wallet is already set up, if you are going to create multiple wallets, change the Default Wallet to whatever you want to name the wallet according to purpose, afterwards Click Next.

5. You will be asked what kind of wallet you need?

Standard Wallet

Wallet with 2FA

Multi Signature Wallet

As Beginner, create a standard wallet and Click Next.

6. You will be asked?

Create a seed phrase

Already have a seed phrase

Use a master key

Use a hardware device

Click on create a seed phrase and Next.

7. Copy down the seed phrase given to you on a piece of paper. Click Next and fill in those phrases given and Click Next.

8. Create a password and Click Finish.

9. Your entire software is now open, click on receive to get your wallet address, make sure Expiry is set to never if you are not going to receive the fund immediately.

[HajiBagi]

Keep learning mate, it's a continuous process when it comes to the crypto space. One thing for sure is if you as a newbie is ready to learn more, you would go far on your own. Many newbies comes with the mindset of making quick money and just dives into investing without considering the basic questions.

Learning before taking any steps to invest is very important for the beginners, some beginners fail because they did not ask questions for what they don't understand, when it comes to investment, you must remember that there is no way to make quick money, making quick money has led many people to lose their money and everything they have saved for their future. It is very good to ask for what you don't understand so that people who know or have an idea about it can help you understand so that you don't make mistakes. In crypto, there are some mistakes that you can't make because they will cause you something you'll never forget in your life. No one is perfect, and we are all learning from each other, the more you ask, the more you learn from people, there is a lot to learn as a beginner, but with patience, you will learn it without panic.

[Rhow]

From your suggestion, I understand that I need to use an Electrum wallet to store my Bitcoin. Aren't wallet and exchange two different things? I can use an exchange to trade Bitcoin. And a wallet is just for storing Bitcoin. Am I correct?