Below is a step-by-step guide on how to set up a bitcoin wallet. Bitcoin Well recommends to use Blue Wallet.
1 – Download and Open Blue Wallet:
Once you’ve downloaded the Blue Wallet app, open it and select “Add Wallet.” This is the first step to creating a secure place to store your bitcoin.
2 – Choose Wallet Option:
You’ll see a few wallet options. Select “Bitcoin.” This is the type of cryptocurrency that your wallet will hold.
3 – Write Down Your Recovery Phrase:
You’ll be shown a recovery phrase. Write this down on a piece of paper. This phrase is the key to your bitcoin. It’s vital to keep it safe and private - do not share your recovery phrase with anyone, ever. Don’t take photos of your recovery phrase with your phone or store it online or in the cloud. Write down your recovery on high-quality paper, laminate it if possible, and store it safely.
Remember, you can always go back to your recovery phrase to regain access to your bitcoin.
4 – Confirm Your Recovery Phrase:
After writing down your recovery phrase, click “OK, I have written them down.” This confirms you have a secure copy of your recovery phrase. You now have a bitcoin wallet.
5 – Access Your Wallet:
Open your wallet to see your current bitcoin balance and transaction history. This is where you’ll manage your bitcoin.
6 – Get Your Receiving Address:
To buy bitcoin, you need a receiving address. Click “Receive” at the bottom of the screen. You’ll see a QR code and below it a string of letters and numbers. This is your receiving address, think of it like a deposit slot on a mail box. Share your receiving address so anyone can deposit money via your receiving address to your bitcoin wallet.
Share your receiving address whenever someone is sending you bitcoin. You can tap on the your bitcoin wallet QR code or the string of numbers and letter to copy your wallet address to your clip board. It’s safe to share as it only allows others to send bitcoin to you, not take any from you.
7 – Copy Your Receiving Address:
Copy the receiving address shown on the screen. Now, head over to your Bitcoin Well account. Here’s where you’ll purchase bitcoin. Paste your copied receiving address into the appropriate field. When you buy bitcoin, it will be sent directly to your wallet. This is the final step in securing your bitcoin.