Bitcoin wallet tutorial

Basic information about Bitcoin wallets

Wallet is an application which allows you to store, receive and send Bitcoins. It can be a desktop (e.g. Electrum), mobile or web application (e.g. Blockchain.info)

The safest method of storing Bitcoins is using a hardware wallet. For more information see Trezor

Wallets keep addresses, which are used to receive Bitcoins (they look like: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy). You can have multiple addresses in one wallet and reuse them. Using new address for every transaction increases your privacy. Bitcoins from all your addresses make for your total BTC balance. More info about BTC Addresses can be found under the following Link

Bitcoin transaction is a transfer from one address to another. Transactions are public and can be viewed by anyone. Every transaction has a unique identifier - TX ID

Recommended wallets: Electrum and Blockchain

Multibit wallet is no longer supported by its developers and is not recommended. You should use one of our recommended wallets instead. Use this tutorial to migrate from Multibit HD to Electrum Link

Blockchain Tutorial

Electrum tutorial

Electrum download:

Installation:

Installing Electrum wallet
  • Find downloaded file (in Downloads or another directory)
  • Run it by double-clicking
  • When asked about making changes to this computer, click Yes
  • Choose installation folder, click Install

To create a wallet, you will need a pen and paper to write down wallet words which are your ultimate backup, they can restore your wallet in case of computer failure. It is important to keep these words in a safe, private place - never store it digitally (picture, document)

Creating wallet

Creating Electrum wallet
  • Run Electrum
  • Select standart wallet
  • Choose create a new seed
  • Write down wallet words, they can restore your wallet. Anyone knowing them has access to your Bitcoins, keep them safe
  • Confirm wallet words and click Next
  • Set password for logging into your wallet and click Next

Electrum Tutorial: Use

Receiving Bitcoins

Receive Bitcoins Electrum
  • In wallet home, click Receive
  • Set description of the transaction
  • Choose amount
  • Copy address from Receiving address field - this is one of your Bitcoin addresses
  • Click Save

Fee settings in Electrum

Fees are the reward for Bitcoin miners. The higher the fee, the faster your transaction will be confirmed. Electrum automatically finds optimal transaction fee. When sending Bitcoins, you can adjust it by moving the Fee slider.

Sending Bitcoins

Electrum Send Bitcoins
  • In wallet home, click Send
  • Set description of the transaction
  • Paste receiver Bitcoin address to field Pay to
  • Choose amount
  • Click Send
  • Put your password
  • Choose OK

Blockchain Tutorial

Creating wallet

Create blockchain.info wallet

Secure your wallet

Simplecoin strongly recommends enabling your wallet's security features and backing up your Recovery Phrase

Sending Bitcoins

Send blockchain.info
  • In wallet home, click Send
  • Paste receiver Bitcoin address to field Pay to
  • Choose amount
  • Set description of the transaction
  • Click Next
  • Review your transaction, pay attention to amount and recipient address
  • Click Send

Receiving Bitcoins

Request blockchain.info
  • In wallet home, click Receive
  • Click copy
  • Additionally, you can fill amount and description and click Continue

Blockchain wallet for mobile devices

Mobile

You can use blockchain wallet on Android or iOS device

  • Go to Settings and download mobile app from link shown in Mobile App Pairing Code section.
  • After installing blockchain.info wallet in your device, pair it with your wallet using Pairing Code from Settings of the web wallet

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