Being one of the most mined crypto-currency on the internet; Bitcoin has become very valuable for investors and traders who trade online. Now with time, there have been a lot of problems that people have started facing due to the abrupt traffic that comes on various platforms. Sometimes the process takes a lot of time to get completed and sometimes there are a lot of malfunctions that happen over and over again. If you are looking for “How to set up a bitcoin wallet?” then let’s check out with the help of a step by step guide that will give you a better answer.
6 steps to set up your bitcoin wallet
- Like everything else, you need to have an account which can be made on any of the platforms that support Bitcoin. You can use the website or simply check out the iOS or Android app.
- In the second step, you will have to set up your Bitcoin account by providing all the information that is asked or required. You cannot leave this step because it is of utmost importance in terms of security as well.
- Once you have done the second step you will have to go to the main menu and create a new wallet. This is the place where you will have to come back over and over again to check the available coins or money in your account.
- Now there will be a drop-down that will come on your screen as soon as you click on the create wallet option. On this menu, you will have to select add wallet and then select create a shared wallet to get your new wallet activated.
- Now there will be a few questions asked, the wallet name, your name, the co-payers and others. In the end, you will be asked to give your signatures for better security.
- Once you are done with all these steps your wallet will be created and invite code will be generated if you had given the names of your co-payers. Send them this code and let them enjoy in your trading.
Why should you choose a shared wallet?
Now when I was explaining the set up above you might be wondering why it is written to go for a shared wallet over private. Let me tell you the reason for this. The shared wallets have much more security than the other because you have a lot of people investing that means the stakes are always going to be higher.
Secondly, you don’t have to do everything on your own. When there are other people with you who are investing, you are surely going to get a lot of help and advice from them which will help you in making a better decision.
All the transactions that will take place from this wallet will be layered security checks because it will be passed only after getting the approval of every member sharing the wallet. Which means when someone makes a payment, they get a chance to think twice before doing that.
I hope with all this information regarding “How to set up a bitcoin wallet”,you will get a good idea to choose the right one for yourself.