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Here’s Our Ultimate (and Simple) Guide on How to Create a Bitcoin Address

by Don Patrick 11 months ago in bitcoin

Just like an email address ensures your message gets to the right person, a Bitcoin address is crucial for guaranteeing your crypto makes its way through the blockchain safely.

Today cryptocurrency, especially Bitcoins, has come into common use. Though there are still a few questions on the matter… for example, how and where should we keep bitcoins? It seems a difficult task, given that we cannot even see or touch virtual money. The answer is simple: you have to build your own bitcoin wallet (or choose a ready-made one) — it allows making different transactions, including buying and selling the cryptocurrency. The main task of the cryptocurrency wallet is to store the secret key needed to access the bitcoin address and, accordingly, your means.

We emphasize that there are several types of bitcoin wallets with different security levels. However, with the increasing popularity of various kinds of devices, mobile cryptocurrency wallets are most often used nowadays. So, we suggest you think about how to create a bitcoin wallet app. We hope our tips will help you to figure this issue out.

After reading the article, you’ll find out what the best cryptocurrency wallet means and why you need it. Moreover, you’ll not only know how to make a bitcoin wallet app, but you’ll also understand the ways to protect it, and get a lot of other useful Bitcoin payments information.

So: you’ve decided to buy Bitcoin. But wait! What’s all this talk about a Bitcoin address? Where does a Bitcoin wallet fit into everything? Here’s our ultimate (and simple) guide to creating a cryptocurrency address.

What Is a Bitcoin Address?

Just like an email address ensures your message gets to the right person, a Bitcoin address is crucial for guaranteeing your crypto makes its way through the blockchain safely.

A public key is a snazzy bit of cryptographic code that allows you to send and receive BTC — and in some cases, this comes in the form of a QR code.

Thankfully, you don’t need a PhD in computer science to start using the Bitcoin network. Most exchanges and wallets will create an address for you after you’ve bought some Bitcoin.

How Does Address Generation Work?

The scariest thing about a new address can be how long it is — anywhere from 26 to 35 alphanumeric characters. A BTC address starts with “1,” “3,” or “bc1.”

Bitcoin transactions cannot be canceled or reversed, kind of like a bank account transfer, meaning it’s crucial to double-check and triple-check the address format before it’s sent.

If Bitcoin payments are sent to the wrong cryptocurrency wallet, you might face an uphill struggle in getting the owner to send the funds back to you.

Where Can I Store a Bitcoin Address?

Keeping your private and public keys safe is really important — and there are several ways you can protect your Bitcoin from people with bad intentions.

1. Exchanges: Platforms like Coinbase and Binance offer a familiar experience that’s just like logging into a PayPal account or online banking. These mobile wallets are available on Android and iOS, and provide a complete transaction history. Better still, passphrases and two-factor authentication can help keep your account secure. One downside of an online blockchain wallet is the risk that your BTC could be stolen if it’s stored in a so-called “hot wallet” or exchanges connected to the internet

2. Hardware and Cold Wallets:. A hardware wallet means your coins are encrypted and stored on a physical device, offline and in cold storage. We’ve provided a cold storage as it’s the most secure option to store your crypto long term and out of harm’s way. Many of these products support other cryptocurrencies too, including Ethereum.

3. Paper Wallet: If you want to be really old fashioned, you can write down your Bitcoin address on a piece of paper — or print it out. This approach to private key storage isn’t without risks. If you lose your paper wallet, your BTC may be lost forever.

Quick Tips for Keeping Cryptocurrency Safe

If you had $50,000, you wouldn’t keep it all in your wallet. So why should your BTC be any different?

Using more than one Bitcoin address — meaning your cryptocurrency isn’t in one place — can be a smart move.

Mobile wallets are great for holding a small amount of Bitcoin if you’re out and about making the odd purchase, but relying on a cutting-edge hardware wallet is recommended for safely storing funds that you don’t need easy access to on a daily basis.

We’ve put a short guide together using the reliable and efficient MyCoinChain to store your Bitcoins.

Head over to MyCoinChain and set up an account in under 30 seconds. Click on “Need an ID”. It will generate a unique ID for you, the username can be changed in settings later.

MyCoinChain will request that you set a PIN number.

You will be provided with a recovery phrase, write it and store it. On the next step you have to enter in the recovery phrase provided to you.

In your home screen, click deposit and select the crypto that you need a wallet address to deposit. Copy the address provided for your Bitcoin deposit, you can also click the QR code to scan and deposit to your address now.

Once you’ve sent your Bitcoins sit back and let the blockchain confirm and deposit it into your new wallet. Congratulations! You’ve now deposited your Bitcoins to cold storage. Your coins are now secure, collecting interest and ready to exchange or withdraw anytime.

Congratulations, Tada….!!! You have done it

In this conversion powered by MyCoinChain, it acts like a mediator who facilitates the offline store of your BTC . Moreover, MyCoinChain is worth relying on as this exchange has made a name for itself for last 5 years in this industry

So what are you thinking?

Check Out MyCoinChain for free now

Note: We have used the example of BTC in this tutorial, but the process of depositing any other currency is the same, so feel free to try out MyCoinChain for that too !!

If you liked this guide, please share it with your friends & family member who wishes to store BTC, need a wallet and other great options that MyCoinChain offers!!

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Don Patrick

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