If you’re looking to trade cryptocurrencies, having a crypto wallet is an absolute must.
Crypto trading happens via exchanges. Technically speaking, you don’t ‘own’ the currencies on these platforms.
Also, there’s always the risk of losing your money due to an abrupt closing of the exchange.
For these reasons, cryptocurrency wallets are owned by every trader in the market. The most popular ones are Bitcoin wallets, owing to the powerful appeal of the very first crypto.
6 Simple Steps To Open A Bitcoin Wallet:
You can sign up on any of the popular cryptocurrency websites that let you set up your own Bitcoin wallet. To illustrate the process, we’ll be taking the example of the most popular wallet for Bitcoin, ie., Blockchain. Named after the blockchain tech used in digital currencies, over 42 million wallets have been created on this platform.
Creating Your Bitcoin wallet is very easy and practical. Here are 6 simple steps to go about it:
- Sign Up and Confirm Your Account
To create an account, you have to first sign up on Blockchain.com. After inputting your details, you’ll be sent a confirmation email. Verify it and start using your account.
- Create Your Backup Phrase
The backup phrase is a 12-word phrase to recover your account in case you lose access. After you log into your account, you’ll be able to set this up by clicking on the Security Center tab on the left side of the dashboard.
- Link Your Mobile Number To The Account
The “Level-2” of the security setup demands that you link your account to a valid mobile number. A One-Time-Password (OTP) will be sent to you. To quickly verify the number, make sure that your phone is amply charged and within reach.
- Enable 2-Factor Authentication
2-Factor Authentication is another component of the second level of the setup. To enable this, you have to scan a QR code on your mobile phone with a Google Authenticator App (Download it from the Apple or Google Play Store)
- Block TOR-based Addresses
To complete “Level-3” of the security setup, you’ll be required to block IP addresses from the TOR network. This advanced security feature prevents wallet misuse.
- Begin The Bitcoin Transacting!
Once you’re done with all these steps, you’re good to go! Simply click the “Request” button on your dashboard to receive your Bitcoin or Ethereum address. Upon receiving this address, you can start sending/receiving these coins.
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