A Bitcoin wallet is what you use to receive, send, and store your Bitcoins.
Setting up a Bitcoin wallet is very easy and takes just a few seconds--all you need is an email address, and a password of your choice. You will be able to send and receive payments immediately.
You can think of your wallet as your bank account.
Just like a bank account which has an assigned, unique bank account number, your Bitcoin wallet has an assigned, unique wallet address. This address consists of up to 34 random digits (consisting of numbers and letters, both uppercase and lowercase).
Here's an example of a Bitcoin wallet address: 13BE7m4GnGAbdxfzrTgaV9wYmHkGbrarAP
It is important to note that addresses are case-sensitive. This means changing even just one letter from uppercase to lowercase (ex. changing a "G" into a "g") will turn it into a different address entirely.
All coins.ph accounts come with its own wallet, which you can use to receive, send, and store Bitcoins as you would any other wallet.
For more information on using your coins.ph wallet, click here.
You can use wallets from any Bitcoin wallet provider you prefer. You can also open wallet accounts with as many providers as you like.
There are various companies that offer the Bitcoin wallet service. Some popular options include:
- Blockchain.info (Browser-based)
- MultiBit (Desktop wallet for Windows, Mac and Linux)
- Bitcoin Wallet (Mobile wallet for Android)
There are four different kinds of wallets: desktop wallets, browser-based wallets, mobile wallets, and hardware wallets. They differ mainly in where they are stored (i.e. either on your laptop, on a third party website, on a mobile device, or on a specialized offline device), and thus, they each come with their own pros and cons.
Need more information on setting up your first Bitcoin wallet? Click here for a list of popular wallet providers that you can try out.