Bitcoin 101: Setting up a Bitcoin wallet
Posted on March 30 2015
A bitcoin wallet is much the same as having a bank account. It's a place for you to securing keep your money before you spend it. When you buy bitcoin, you can store it in this wallet for safe keeping.
There are two main types of wallets. 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.
Coinbase is a web wallet with a simple design and a number of very useful features that make it excellent for beginners. You can send and receive bitcoins via email and buy and sell bitcoins directly from Coinbase. A full-featured Android and iPhone app enables access to all account functions on the go.
Coinbase’s founders have a proven startup track record and have raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space. They are also one of the only large Bitcoin companies to never suffer a major hack. Click here to sign up.
Bitcoin Wallet for your iPhone or Android
Coinbase also have brilliant wallet apps for your iPhone and Android. With this, you can retain complete control over your bitcoins. Have a look at the website to download it.