So, have you done it? Did you start buying Bitcoin yet? If not, you should go back and look at the previous volumes of this series. If you have purchased Bitcoin, and feel like you want to go to the next step, then let’s do it!
There are many options out there for storing your Bitcoin. In this post, we are going to talk about a Bitcoin wallet that can run on iOS, Android, or desktop.
BlueWallet
BlueWallet is one of my favorite “hot” wallets. It is pretty simple to use, but also is very versatile in how it can work.
The first step is to download the wallet. Go to https://bluewallet.io and follow the links to download the version that is appropriate for your platform.
BlueWallet can contain multiple “wallets.” You could have a wallet that you use for daily use. You can have another one that takes automated direct deposits from an exchange. You can have one that connects to your hardware wallet. You can even have a Lightning wallet (we have not talked about lightning yet).
For today, we are going to stick with the basics. This is “Bitcoin Baby Steps” after all.
Once you have downloaded BlueWallet, open it up. It is going to want you to setup a password. This password is very important, and should be stored safely. BlueWallet can not help you recover it. It is also a critical step in protecting your Bitcoin if someone else gets ahold of your device.
Create your first Bitcoin wallet
Either click on the “Add now” button or the “+” near the top of your screen. You will now be on the “add wallet” screen. Click on the Bitcoin button. You can give your wallet a name, or leave the default name. I like to name my wallets so that I remember what I’m using them for.
Backup/export your wallet
The backup of your wallet is a mnemonic (set of 12 or 24 words) that will give you access to your wallet if you lose your device, uninstall the app, or simply want to move it to a new device. Every wallet that you create has its own backup. There is no global backup for all of your wallets. So, keep that in mind if you start creating multiple wallets. There is more to keep track of.
To see that phrase, from within the wallet that you created, click on the “…” in the upper right part of the screen, and select “Export/Backup.” This will show you a QR code, and underneath it is the mnemonic passphrase. Write down this passphrase exactly as you see it. Do not store it on your computer or phone. Paper is good, however, there are options out there for storing the passphrase in steel. We may talk about that in a future post. For now, we are going to keep it simple.
Here are some things to keep in mind about your passphrase.
Anyone who has the passphrase can access your wallet.
Lose your passphrase, and lose your device, you lose your Bitcoin.
With your passphrase, you can restore your wallet on any compatible device in the world.
Store your passphrase in a safe place. You could even store it in a couple of secure locations, in case of a disaster.
If you memorize your passphrase, you can easily recover your Bitcoin.
Adding Bitcoin to your wallet
This part is pretty simple. At the bottom of your wallet screen are “Receive” and “Send” buttons. Click “Receive.” Your wallet will generate a special QR code and address that can receive Bitcoin. If you are receiving that Bitcoin from someone else who is using a wallet on their phone, they can scan that code, and send Bitcoin to you. If you click on the line of code that you see below the QR code, it will automatically copy to your clipboard, which you can paste somewhere else. Clicking on the “Share” button will let you send that address via email or text message.
If you would like more detail on using BlueWallet, I recommend that you watch BTC Sessions YouTube Tutorial.
Conclusion
BlueWallet is just one of the many options available to you. I like how easy it is to work with, and have had great results with it. We only touched on a small amount of what BlueWallet can do for you.
In future posts, we will talk about setting up automatic downloads to your wallet from an exchange, cold storage, and more.
If you have not read them, here are the other volumes of Bitcoin Baby Steps:
Thank you for reading Bitcoin Baby Steps!