How Do I Open a Bitcoin Wallet?
Bitcoin wallets allow a user to send, receive, and store Bitcoins securely and while preventing them from being exposed to possible risks. Users can store everything from the smallest unit of Bitcoin, a Satoshi, to hundreds and thousands of BTC in a wallet.
Wallets protect their holdings from hackers because they can only be accessed by specific private keys that are almost impossible to crack. Not using a high-quality hardware wallet can put you at risk of losing your Bitcoins. A Bitcoin wallet provides total control of the coins.
Understanding Bitcoin Wallets
New Bitcoin users are often curious about how wallets work. A Bitcoin wallet works as an online or offline database that securely stores the private key needed to access your store of BTC and to authorize BTC transactions.
These private keys confirm the ownership of the coins. After the initiation of a transaction, the Blockchain network conveys the coins to the recipient, which means formally transferring the ownership to their private keys.
One of the most popular Bitcoin wallets is the FreeBitco.in wallet. It is a one-of-a-kind online wallet that is simple to set up, and it provides additional benefits of coin ownership. This guide will explain the steps to open a FreeBitco.in wallet.
Why You Need a Bitcoin Wallet?
Bitcoin does not exist in physical form; no one can technically store Bitcoins anywhere. Rather, users can store the private keys that are used to authorize Bitcoin transactions. These private keys need to be securely stored in a wallet. A Bitcoin transaction is only possible when a user combines the recipient’s public key with their private key.
Various different Bitcoin wallets provide different specialties in terms of safety, suitability, and accessibility.
Setting Up a New FreeBitco.in Wallet
An online wallet is the most user-friendly way to manage your coins when you enter the market. Getting started with your FreeBitco.in wallet is quite easy and seamless. Complete the following steps to set up your wallet:
Sign up with your email address
FreeBitco.in automatically creates a Bitcoin wallet for you, in seconds!
In the Login pop-up, you will be asked to enter your email or Bitcoin address and the password along with a two-factor authentication code, which is completely optional. Following is an image of the Login pop-up.
There is no minimum deposit amount at FreeBitco.in. You can deposit as much as you want, which will be credited to your account instantly after 1 network confirmation. But you need to double-check the deposit address as it is unique and you risk losing your bitcoins if you input a wrong address.
To withdraw your Bitcoins from the wallet, there will be three options, namely auto, slow, and instant withdrawal. You need to select one and proceed accordingly.
From the auto tab, you can manually set the frequency of your withdrawal process for which a transaction fee will be charged by the site. The slow withdrawal will take 6 to 24 hours to get credited to your Bitcoin address along with the mentioned transaction fees.
The instant withdrawal process is the most popular among the users as it takes only 15 minutes to complete the transaction, and the amount gets credited instantly. The transaction fee for instant withdrawal is higher than the other two withdrawal process.
FreeBitco.in Pays You Interest
An additional advantage of using the wallet is that it is not just a wallet. You can earn a significant number of Bitcoins as an interest on your account balance every day. If you maintain a minimum balance of 30,000 Satoshi (0.0003 BTC) in your account, a compounded interest on the full balance of your FreeBitco.in account will be credited daily. You can also earn a 25% commission on the interest amount earned by your referrals.
It is comparatively easy to use an online wallet rather than cold storage or paper wallet. However, it is important to understand the risks associated with Bitcoin trading and holding. You need to implement the required security measures if you want to maximize and safeguard your investments.
Experts suggest not storing all your Bitcoins on the same wallet device or platform if you hold a significant amount of funds in your account. Consider multiple wallets for storing your Bitcoins in the long run.