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What is a Digital Wallet?
A digital money wallet is very much like a physical paper based money wallet, but instead of actual cash you store digital currency in your digital wallet. This wallet is installed on your phone and is used to transact and pay for things. So basically your phone becomes your wallet and you don’t need to withdraw cash nor carry cash on you. Digital wallets are the future. They generally have very high security features, so your money/coins are safe as long as you don’t give away your phone and passcode with it.
It is hard enough to grasp the concept of Bitcoins, as a beginner, and in this emerging economy of bitcoins it can be confusing to choose which Bitcoin wallets to go for because there is a ton of them. Below I share the most trusted Bitcoin wallets that are not only reliable but are also secure. I have provided Pdf files for each one so it’s easier to follow on step-by-step. Choose at least three of these wallets and spread your bitcoins accordingly.
Just like with any business, it is always wise (and safer) to diversify your portfolio. So once you start trading in Bitcoins you want to make sure they are protected and are stored in different wallets for security reasons. With the value of Bitcoins increasing each day and becoming more and more expensive bitcoin theft is also on the rise. More and more people find themselves falling victims to bitcoin hackers everyday. It doesn’t have to be this way.
Thus, after opening a Bitcoin wallet, the first thing you need to do is complete your profile’s Security Settings. This is very important, I cannot stress this enough. There are lot of ways to protect your wallets. Some common ways are of course using Google Authenticator. You will have to download and install the app on your iPhone, Android or Blackberry. This provides that extra layer of security. You can also download the Google Authenticator for your WordPress Blog to explore this feature.
I usually go to the next step of authenticating access to my wallets by using Email or SMS. That’s now a 3-Step Authentication. There are also hardware devices that will store your bitcoin addresses – even from different wallets – to give you that needed peace of mind. See examples here. Ok now let us look at the different wallets, with Pdf files for your offline review.
1. Blockchain.info
Download PDF: Step-By-Step Guide to Creating a Blockchain Wallet
2. Coinbase.com
Download PDF: Step-By-Step Guide to Creating a Coinbase Wallet
3. Spectrocoin.com
Download PDF: Step-By-Step Guide to Creating a Spectrocoin Wallet
4. Luno (Bitx)
Download PDF: Step-By-Step Guide to Creating a Luno Wallet
5. Xapo.com
Download PDF: Step-By-Step Guide to Creating a Bitx Wallet
There are many more wallets that you can explore, however, you don’t need that many. If the bitcoin wallet has proper security in place, and if they also have a bitcoin debit card that’s enough for me. I like having to transact directly from my wallet.
What other wallets do you make use of? Please share in the comments section below.
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As per our conversation on Whatsapp, Peter;)
“First, I am a complete newbie here and i’m trying to buy a digital product. I am really open to more tips.
So, I am about to sign up to buy bitcoin from localbitcoin and they are asking for my email address. Is it ok to use my protonmail.com email address for privacy purpose? I’m taking your advise not to link my real life info, but I have to buy the bitcoin through paypal, which has my real life info. I’m confused! Please help! Thanks for your time.”
Yes, you can go ahead and use your protonmail.com email address. One of the advantages of localbitcoin.com is that they give you various options to acquiring BTC. So if you would like to remain completely anonymous you can use one of the vendors and do a eft. That’s how I buy mine in localbitcoin.com. Just do a eft, they confirm, they send BTC. Transaction done. I have to warn you though that make sure to establish communication first with the vendor of your choice. I assume this would be someone in your own country or state even better. Get their cell number and text/call them. Just to make sure that they are reachable, this will speed up the process. I hope this helps. Good luck!