Setting up a Bitcoin Wallet
For this article we’re going to be working with a well known, safe, and secure Bitcoin Wallet solution called Coinbase. Coinbase has a great wallet system within their website that you can use for free, so you don’t have to download any cumbersome software. All you have to do is sign up! Most importantly for beginners, you can also purchase Bitcoin directly from the site to help get you going with your very first transaction!
Signup to Coinbase here or by clicking the link on the top of the page, note by signing up with Bitcoin Slots you’re entitled to a free $10, so be sure to signup through us! When you first click on the link you’ll be brought here:
Pretty self explanatory, enter in your relevant information. IMPORTANT: Use a strong password that you won’t forget and sign up with an email account you plan to use long into the future, just in case you do forget! Verify your email and you’ll be instantly brought to your brand new Bitcoin wallet!
Now, you can use this wallet for anything, regardless of if you signup your personal information with Coinbase, though Coinbase is a very reputable company and they guarantee the protection of your personal information at all times. If you wish to purchase or sell Bitcoin through Coinbase you will need to enter valid personal information. So, let’s explore a little! Click on the Accounts button on the left side of the screen.
What, that’s it? Yep, that’s it. That’s your ‘account’. You may be asking yourself, “Well, where’s all that public address and private key mumbo jumbo you were talking about earlier?” It’s there! Click on get Bitcoin address and you’ll see something like this:
That’s the public address, it will generate more addresses as needed and any old address you use will still be associated with your account. The image above the address is the QR Code which is useful for not having to copy and paste numbers everytime you want to link your account. Download a free QR Scanner for your smartphone or tablet at your favorite application store.
But, what about the private key? Hit the Send/Request button on the left side of the screen.
There it is, your ‘private key’ or, in simpler terms, your ability to send Bitcoin from your Coinbase account.
Now, there are various other wallet solutions ranging from simple web interfaces like Coinbase to more extravagent programs like the Bitcoin Core wallet. In the end they all do what you need most, which is safely store your funds, give you instantaneous access to move those funds, and the ability to do all of this without a middleman like a bank or other money processing systems that can be interfered with in any number of ways.