To create a Bitcoin wallet, all you need to do is choose the type of wallet, select a platform and sign up for an account. For wallets connected to the internet, this can be as simple as downloading an extension and making a new account. For hardware wallets, you will need to take the additional step of purchasing a device.
Create Bitcoin Wallet Step-By-Step
For most popular Bitcoin wallets, the steps to create an account are as follows:
Select a wallet type and platform that meets your needs. It’s important to consider their security protocols and user-friendliness when assessing.
Install the wallet app or extension on your mobile phone or computer.
Set up your account, ensuring you use a secure password.
For additional security, enable multi-factor or two-factor authentication.
Take note of and secure a backup of your wallet’s seed phrase. When you create an account, you’ll be provided a 12-24 word recovery phrase, which will enable access to your wallet and assets. Be sure to store a backup of your seed phrase in a safe place, as you cannot replace these if they are lost.
Factors to Consider for Bitcoin Wallets
The most important factors to consider when selecting a Bitcoin wallet are wallet type, security, access and fees.
Type of wallet: There is more than one type of Bitcoin wallet. Hardware wallets, also known as cold wallets, are physical items you can use to store your private keys. These require a separate, internet-connected device to use but provide additional protection. Software wallets, also known as hot wallets, are more accessible but also more vulnerable.
Security: Premium security options are a must for a good Bitcoin wallet. You should aim to choose a wallet from a reputable company to ensure your assets are secure.
Access: Some people choose to store their crypto directly on exchanges, but this limits your control over your crypto. With a good Bitcoin wallet, you will have access to your private keys and be solely in charge of how they are used. Non-custodial wallets, like Leather, give users full control over their crypto.
Fees: Some wallets provide easy options to customize the Bitcoin transaction fees you pay to miners and validators. This allows you to select the speed you want your transaction completed in, generally with higher fees for faster settlement (and vice versa).
Another factor you may want to consider is whether your chosen wallet offers additional features, such as multisig options.
Should I Choose a Hard or Software Wallet?
The choice between a hardware or software wallet depends on your needs. Cold wallets, which store your private keys offline, are generally considered to be safer as they are less vulnerable to hackers. On the other hand, they are physical devices that you need to carry around. This makes them less accessible than hot wallets, particularly if you are conducting frequent transactions. Hot wallets also tend to have easier interfaces than cold wallets, which emphasize security over aesthetics.
In order to determine the best type of wallet for your needs, you should assess how you plan to use your crypto and what type of security is best suited for your assets.
Create a Free Bitcoin Wallet Online
Creating a free Bitcoin wallet online is easy with Leather. To start, install the Leather wallet browser extension. (Google Chrome users can find it in the Chrome Web Store.) Once you’ve installed the extension, open it on your device. Hit “allow” when it asks for your permission to access deidentified service usage data.
Next, you’ll click on “Create new wallet” and follow the prompts. Once you’ve created a password and made a copy of your Secret Key, you’ll be ready to begin using your wallet.