What is a Bitcoin Wallet?
Take a look at this video: https://youtu.be/C3OTJ1AdraY
BEFORE you join any programs pertaining to Bitcoins, you MUST have a wallet to make your Bitcoin transactions; for receiving funds, as well as for sending funds.
There are various programs you can use, but Blockchain is one the more popular wallet programs.
Create Wallet Account
- Go here to create a Blockchain account: https://blockchain.info/wallet/#/signup
- Enter a good email address.
- Enter your new password TWO TIMES.
- Click the box in front of “I have read and agree to the Terms of Service.”
- Click on the button with “Continue”
Wallet Recovery Phrase
Your recovery phrase can be used to restore all your funds in the case of a lost password or a loss of service at Blockchain. Note that the recovery phrase never changes and recovers all of your existing bitcoins as well as newly received funds in this wallet. Please note that imported addresses are not backed up by the wallet recovery phrase. We strongly recommend to transfer funds from imported addresses into this wallet.
- In the left-hand menu, click on Security.
- Click on the blue button labelled Backup Phrase on the right-hand side of the screen from Wallet Recovery Phrase [Unconfirmed].
- Create and document (WRITE IT DOWN) the 12-word Backup Phrase and store it in a safe place. You can use Notepad or a word processing program, or even just pencil and paper, but SAVE IT!
- Record the sequence number as well as the specific word. When asked for them, it might ask for the 1st, 4th, 8th, 9th and 12th words, so you need to know which word corresponds to which position; otherwise, you might not be able to recover the funds in your wallet.
- After documenting the first FOUR words, click on the button with Next 4 words à to see the next FOUR words.
- After writing down the last group of words, click on Final Step.
- Enter the four words requested, then click on Finish.
Create Wallet Address for 2×9 Bit Max
- In the left-hand menu, click on Settings.
- Click on Addresses
- To the far right of My Bitcoin Wallet, click on Manage.
- Click on + Add Next Address
- At the far right-hand end of the line with the new wallet address, click on the pencil icon so you can edit this entry.
- Replace New Address with 2×9 Bit Max. (NOTE: You are the only one that sees this name, so you can call it whatever you want.)
- Click on Save. When you are ready to use this wallet address to receive funds, come back to this screen and Copy the address and Paste it in the other program so you can Receive funds from that program into your Blockchain wallet.
It is highly recommended that you DO NOT use the same wallet address multiple times, at least NOT for multiple programs, so create a separate wallet addresses for EACH Bitcoin program you are using, and if you are creating multiple accounts for the same program, I suggest you create a separate wallet account for each user account as well.
Buy Bitcoins to Fund Your Wallet
In many countries, you can exchange your local currency for Bitcoins right at your local banks; however, if this is not the case for you, there are many sites online where you can purchase Bitcoins. Below are a couple you can use.
WARNING: Although this article pertains to CoinBase, it could happen with other wallets too. You just have to be careful. Click on the link to read about it. Bitcoin wallet COINBASE now seizing accounts of Americans… users rage against “total ripoff” as their Coinbase accounts VANISH
- Buy Bitcoin and Ethereum to begin using the future of money.
- Go to https://www.CoinMama.com/?ref=waynerandall.
- After you create your user account, also create an affiliate account so you can earn commissions whenever anyone you refers exchanges currency for Bitcoins.
Now that you have your wallet set up, it is time to join a few programs to earn Bitcoins.