How To Make Bitcoin Wallet? Is the question which is asked by everyone who started trading the bitcoin. If you are new to the cryptocurrency world then you should understand that there is a need for a wallet to store the currency you buy.
Bitcoin is the currency which has always been in the spotlight since the inception of it in 2009. Since then people have started taking interest in it. People are continuously investing in the bitcoin and need a secure place to store it. For that, there are various wallets which can be used but the user might not know about the way to connect them.
How To Make Bitcoin Wallet?
If you do not know the procedure to connect the exchange from where you are buying the bitcoin and the wallet you want to store then this can create a problem for you. As storing those at the wallets provided by the exchange can be dangerous. So it is best for you to store them in the shared wallet.
You can do these simple steps and get your wallet:
- Check the wallets which are suitable for your mobile phone or personal computer you want to store.
- Download the wallet
- In the home screen of that wallet, you will get the sign of “+” which means you want to add or create a new wallet.
- From there you will get the “Add Wallet” menu where you can create a shared wallet by clicking on the button “Create Shared Wallet”
- Now you have to give the information like –
Wallet name you want to have that can be your name also.
A total number of co-payers means the number of devices you can have access from.
A number of signatures this done to verify the transaction from the people who are the owner of the bitcoin.
- Now you can create the wallet and send the invite to the people who want to join the wallet.
As using these steps you have created the shared bitcoin wallet which is safe from the hackers and other security problems.
Why Use Shared Wallet?
You might want to know the reason for using the shared wallet. Well, there are various reasons for making a shared wallet. Some of them are discussed below:
- Security: when you are using the shared wallet and want to sell the bitcoin to anyone you have to get all the digital signatures before that. This kind of facility decreases the chance of theft of the bitcoin from your wallet.
- Accounting: When you are using a shared wallet, it gives all the co-signers access to the transaction of the wallet.
- Voting: when you are using the currency that is shared by some then there can be voting which can help you decide if you are taking the right decision or not.
These are some of the points which help you understand the necessity of having a bitcoin wallet.
We hope that from this article you are able to understand the importance of the bitcoin wallet and How To Make Bitcoin Wallet? So use the above-mentioned steps and create your own wallet which will help you to store the bitcoin safely.