Bitcoin, how to create and manage an account (wallet)

Are you approaching the world of cryptocurrencies and now want to know how to create a Bitcoin wallet to use your virtual money to receive payments and make transactions? To begin, let's clarify what a wallet, also called "account", for Bitcoion and other cryptocurrencies is and how it works.
The wallet, which in English means "wallet", is precisely a digital wallet composed of an encrypted file which can only be accessed if you are in possession of the relevant passwords, i.e.
the private keys.
The wallet does not actually contain Bitcoins (these are stored on the blockchain), but rather stores the public and private keys that entitle the user to use the virtual money and manage the account.
If you want to use Bitcoin or any other cryptocurrency, therefore, you need to have a digital wallet or wallet.
read also Who accepts Bitcoin in Italy If you do not turn to a third party to keep your Bitcoins safe for you, your Bitcoin money will be kept in a file on your computer and, if you lose the file or forget the password, the wallet and all its Bitcoin contents will be lost and unrecoverable forever, just as would happen if a physical wallet were lost.
There are, however, two important differences: 1) The Bitcoin wallet is a virtual wallet, and therefore it is possible to make backup copies (on external hard drives, USB sticks, SD cards, online file storage services such as Google Drive and Dropbox ).
Even if someone found the wallet they couldn't use it without knowing the password.
2) Unless you divide your money across multiple wallets (a solution with obvious management problems) your file will contain all your money in Bitcoin.
This means that in some cases the damage from losing the file could be much worse than losing a physical wallet in which we typically keep a small amount of money.
And this is where "third parties" come in.
Many exchanges, including the difficulty of some users in storing their cryptocurrencies independently, have started to offer a wallet service in which private keys are professionally kept by the company.
Among these exchanges Cryptosmart stands out, as we will see later.
In this case it is not necessary to download any software on your PC, you have your cryptocurrencies directly on the platform.
After this very important premise, let's move on to creating our first Bitcoin wallet, a necessary step to then be able to send and receive payments in Bitcoin.
How to open Bitcoin wallet To do this you need to use software capable of managing our wallet file.
If you don't know which one to choose, a list of software suitable for doing so is available on Bitcoin.org, divided by platforms and characteristics such as control, sustainability, commissions.
It's up to you to choose the best Bitcoin wallet best suited to your needs, based on the desired level of security and availability on the devices and operating systems you own (Windows PC, Mac, Linux, Android…).
Below we have selected some of the best BTC wallets on the market.
read also The best wallets for storing cryptocurrencies Opening a Bitcoin wallet: how much does it cost? Before going into detail and seeing the steps to open a Bitcoin account and which are the best, let's answer a question that you could ask yourself at this stage: how much does a Bitcoin account cost? Opening a wallet can be free, but you need to consider the management costs and commissions for the services offered, such as those on withdrawals and conversion.
The best Bitcoin wallets Below, a careful selection of exchanges offer the wallet service and software to be able to create and manage your own account in Bitcoin and other cryptocurrencies.
Cryptosmart The Cryptosmart wallet, a 100% Italian crypto exchange, allows you to receive and send all the major cryptocurrencies as this exchange has the connection to the most important blockchains.
Very simple to use, even for those who are not very familiar with cryptocurrencies, the Cryptosmart wallet is also safe.
Cryptosmart keeps the private key of the wallet, so the user does not have the difficulty of having to create and keep the private key.
This simplifies the process for users.
On the other hand, security is given by the fact that the custody of the private key takes place at a professional level and by the presence of three authentication factors: to move the cryptocurrencies from the wallet you must first log in with username and password Confirm the movement with a code that arrives by email Enter a second code, which arrives at the telephone number associated with the wallet, which is verified by the exchange's help desk.
With these three authentication factors it is practically impossible for a hacker to be able to take cryptocurrencies from the Cryptosmart wallet.
Those who store their cryptocurrencies independently must pay particular attention to the security of how the private keys are stored – an internet hacker can, in theory, enter the wallet if the keys are stored inappropriately and take over all the assets present.
Open a wallet with Cryptosmart now To open an account on Cryptosmart, you need: Below, a step-by-step guide for creating an account on Cryptosmart: visit the Cryptosmart website at the top right, click on the REGISTER button, enter the required data , i.e.
name, surname, email address, password, referral code.
Readers who decide to subscribe to Money.it Premium will receive a discount code to be inserted in the "referral code" section which allows you to operate for 6 months WITHOUT COMMISSIONS.
Read the "General conditions for use of the Platform" carefully.
Click on the "Button" Register" access the email address indicated during registration and open the Cryptosmart confirmation email, in which you will have to click the link in order to confirm registration.
Access the platform now.
You can access the platform by clicking on the ENTER button on the homepage at the top right and enter the credentials you just created and verify your phone number.
Coinbase The Coinbase wallet is considered among the best Bitcoin wallets.
It is a hot wallet, but this does not compromise the high security standards.
Furthermore, it has recently been made even more secure thanks to the partnership with the hardware wallet company Ledger: users can manage and store cryptocurrencies and NFTs from their Coinbase Wallet in offline and completely proprietary mode.
The Coinbase account is free and without management fees.
read also Coinbase Wallet even more secure thanks to partnership with Ledger To open a Bitcoin account on Coinbase you must be at least 18 years old, an identity document with photo, a computer or smartphone connected to the internet, a telephone number connected to the smartphone and the latest version of your browser or app.
Go to the Coinbase website or to the app available for Android and iOS Tap on Get Started Enter the requested data (name, email, password, nationality) Accept the privacy policy Click on Create account or Register Verify the 'email address Connect a payment methodBinance Binance is a famous exchange born in China in 2017 and one of the cryptocurrency platforms with the largest turnover.
Binance offers traders the ability to open and hold a wallet to store cryptocurrencies safely.
To create a Bitcoin account on Binance you must do this: Go to the site and click on Create a Binance account Decide whether to create the account from email or telephone number Enter your details (email/telephone and password) Accept the Terms of Service Click on Create account Confirm your account through the code that Binance sends you via SMS within 30 minutes To improve the security of your account go to the dashboard and enable two-factor authentication, via phone and Google verification.
The process is the same if you want to open a Binance account from the app.
Crypto.com Crypto.com, like Coinbase, is an exchange that, in addition to giving the possibility to buy, sell and exchange cryptocurrencies, offers a digital wallet with excellent security features.
The Crypto.com wallet is a decentralized wallet: it provides private keys encrypted locally on the user's device, who can freely send and receive cryptocurrencies directly on the blockchain.
To create an account you need to download the app from the App Store or Google Play (the main feature of Crypto.com wallet is that it is a standalone mobile app), then select the creation method.
You can create a new wallet or import an existing one already created on other platforms.
Exodus Exodus is one of the safest and most reliable multi-cryptocurrency wallets.
If you want to create a Bitcoin wallet that supports multiple cryptocurrencies, all you have to do is download and install the Exodus app.
Go to the exodus.com website and click on Download Choose whether to install the Desktop version, which supports the Trezor hardware wallet, or the mobile version available on the App Store and Google Play Create a password for your wallet and choose a password 12 words for recovery in case you lose your password Install Exodus on your computer or smartphoneLedger In addition to the software wallets we have just seen, there are various types of wallets for opening an account and managing your Bitcoins, such as Hardware wallets.
They are small devices similar to USB sticks.
While centralized trading platforms and online wallets create a significant security issue, hardware wallets like Trezor and Ledger allow users to maintain complete control over their private keys and store their cryptocurrencies safely.
Not only an effective solution against recent hacker attacks on chips, but also against physical attackers since by inserting the wrong pin 3 times the device is reset.
Ledger Nano S When we activate the device for the first time we are asked for a pin that protects the seed and we are given the possibility to generate or import an already existing seed.
It supports several wallets (including Ripple and Ethereum) and works with official companion applications.
The Chrome Ledger Bitcoin Wallet application, now Ledger Live, is used to manage Bitcoin and other Bitcoin-derived crypto assets.
Here's how to do it: Connect your device Install the Bitcoin app using Manager in Ledger Live Optional: You can install the app for the crypto asset you want to manage Open the Bitcoin Wallet Chrome app Connect and unlock your device Open the app of the crypto asset you want to use on your Ledger device Depending on the app you have opened: The wallet of the chosen crypto asset opens directly Select Bitcoin or Bitcoin Cash Select Legacy or Segwit addresses (Segwit is recommended).
To receive the cryptocurrencies contained on the exchanges, press Receive, enter the associated address and send the sum we want to the generated address.
For each transaction carried out, the application will ask you to verify it on the device: the device will display the amount, the recipient's address and the rate which must be manually signed and confirmed on the device.
read also How to buy bitcoin

Author: Hermes A.I.

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