What is Bitcoin Wallet
Bitcoin is a cryptocurrency or we can say digital currency that is based on blockchain concepts for making transactions like real money digitally, a Bitcoin wallet is a digital wallet or bank where we can store our bitcoin digitally and self-manage it. There are various online platforms present online also where we can create our account and buy bitcoin, but wallet responsibility will be of the platform where you will create your account.
Prerequisites
Basic knowledge of bitcoin, cryptocurrency, and blockchain, a good internet connection, 400-500 GB free hard disk space(SDD is preferred).
Installing Bitcoin Core Wallet
Bitcoin Core is a free open source Bitcoin Wallet Software developed by bitcoin foundations that we will use to set up our bitcoin wallet. Available for all OS platforms you can find the list and download it from the official website here is the link. We are using ubuntu you can download according to your use, you can also download using the command line following instructions below:
Bitcoin Core wallet is not included yet in the Ubuntu software repository, but we can easily install it from the Bitcoin Team PPA.
sudo add-apt-repository ppa:bitcoin/bitcoin
sudo apt update
sudo apt install bitcoin-qt bitcoind
Here bitcoin-qt provides a UI interface, while bitcoin is the Bitcoin daemon. If you do not want to daemon or command-line interface then don't enter bitcoin in command line.
Once installed, the Bitcoin Core wallet can be started from your app launcher UI version, or by command
bitcoin-qt
At the first launch, you have set a bitcoin data directory used to store the Bitcoin blockchain and wallet. The default is .bitcoin/ under home directory. Make sure the data directory has mentioned free disk space, size of the bitcoin blockchain is increasing day by day as bitcoin becoming popular you can see node size history here.
Backing up Your Wallet
After the Bitcoin wallet software is installed, 3 important points to aware of. They are:
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Your Bitcoin wallet address, acting as your account number to send, receive and store bitcoins.
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Your Bitcoin private key
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Your Bitcoin public key
A bitcoin wallet address is the hashed version of the Bitcoin public key. These items are stored in a file wallet.dat under the data directory and are Crucial to back up. If this file is lost, then all Bitcoin currency will be gone. There are many people lost millions of there bitcoins because of password and file so KEEP IT SAFE read news here
Thank you for reading please visit on official bitcoin website to read more about blockchain and bitcoin. If you found this information useful please share will your friends and comment for any query.
November 21, 2024 at 12:57 pm
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