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Some things You Need To Know
If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Bitcoin for any serious transaction. For an Introduction to Bitcoin please refer to our Introduction to Bitcoin page. Bitcoin should be treated with the same care as your regular cash wallet, or even more in some cases!
How to Set Up a Bitcoin Wallet
A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets, a software wallet and a web wallet. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins. Among the numerous wallets available, the one we recommend is Coinomi Wallet. BTC Exchange does not endorse, nor is responsible for any any damages or losses connected with any products or services provided by Coinomi. BTC Exchange urges readers to conduct their own research with due diligence into the company, product or service provided.
Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for more than 125 blockchains (the biggest number in the industry for non-custodial wallets) and thousands of tokens, available in 168 fiat currency representations and 25 languages. Coinomi is available for Android, iOS platforms, and desktop versions for Windows, Mac and Linux. Users can exchange all supported assets instantly from within the app via the built-in instant exchanges ShapeShift and Changelly.
Founded in 2014 Coinomi is the oldest multi-asset wallet with millions of active users while at the same time no Coinomi wallet has ever been hacked or otherwise compromised. Not only is Coinomi secure, but it is focused on privacy, and allows nearly instant exchange between a number of different cryptocoins. Since installation is easy and setting up the wallet only takes minutes, it offers crypto enthusiasts a great way to store and exchange cryptocurrency.
Pros: The biggest reason the Coinomi user base continues to expand is due to the enhanced privacy they offer with their service. Coinomi does not collect any personal information and hides the IP address of its users in order to prevent prying eyes from gathering data on spending habits or transactions.
In addition, users are provided with a password recovery phrase that they can use to reopen their wallet on another device if they happen to lose their phone. In any case, there are no weak points of entry, if an attacker doesn’t have the password or the password recovery phrase.
Coinomi is what’s known as an HD wallet. This means that when you initially set it up you’ll get a recovery seed that will act as your backup. Make sure to write it down in a safe, private place.
Coinomi Allows For Nearly Instant Exchange
Cons: Coinomi Is NOT Open Source. Coinomi was part of the open source software movement, allowing anyone to review their code. With peer review, any hidden code, malicious modules, or exploits would be easily identified. This ensures that users aren’t subject to any hidden malware that secretly benefits Coinomi or third parties.
Click here to download and install Coinomi Wallet https://www.coinomi.com/downloads/
How to Use Your Bitcoin Wallet
Sending bitcoin is as easy as copying and pasting someone else’s address, choosing an amount, and clicking send. This may seem backwards to people used to supplying credit card information to purchase things online, but this method allows the sender to be in complete control of the payment process. Transactions are also irreversible. Essentially, sending a bitcoin is a lot like sending an email. You put in someone else’s address and there’s no going back after you hit send.
Don’t worry if it takes a few minutes for the recipient to see the payment that you have made. Depending on the network and on the wallet applications the two parties are using, it can take up to ten minutes for the first confirmation of the transaction. Some services require six confirmations (which can take about an hour) before they recognize the transaction.
To receive bitcoin, choose a receiving address from your wallet, provide it to the other party and wait for them to send payment. As mentioned above, it can take around ten minutes for the transaction to be confirmed by the Bitcoin network, and it is standard to consider transactions that have been confirmed six times to be fully confirmed.