Cryptocurrency: How to create a crypto or Bitcoin wallet
Learn about the cryptocurrency wallet system. Read on about creating a cryptocurrency wallet like Trust wallet and the different types of crypto wallets.
Cryptocurrency wallets are where your bitcoin and altcoins are stored; the wallet will allow you to receive and send out crypto at your convenience.
A wallet address is needed to receive crypto directly to your wallet.
To receive a cryptocurrency from your friends, family or business partners; all you need to do is give them the wallet address matching the coin you want to receive,
If you want to accept bitcoin, provide the sender with your bitcoin address. If you want are to receive ethereum, give the sender your ethereum address.
Every coin in a wallet has its unique wallet address
Sending BTC to ethereum wallet will lead to loss of funds, so don't even think of making such a mistake.
You can read up on some cryptocurrency terms and abbreviations to understand the terms that we will use in this article.
A wallet address, just like a home address, is a direction that leads directly to your cryptocurrency wallet. Each cryptocurrency wallet is assigned an address, which people can then use to receive funds.
Wallet addresses are essentially hashed versions of the public key. Public keys are compressed and shortened to make it easier to send an address.
A crypto wallet address can come in two forms: a long string of alphanumeric characters, e.g. 1mgi5nhsxu3ljncdar69cebpdw1uasmwcm or a QR code.
You can check out what a QR code looks like below:
How to create a crypto or Bitcoin wallet
There are several types of wallets that provide different ways to store and access your cryptocurrency.
Cryptocurrency Wallets are into three distinct categories, namely:
- Paper wallet
- Hardware wallet
- Software wallet
How to open or create a Trust wallet account on Mobile Phone (Android and IOS)
Let us discuss the Trust wallet and how to create a trust wallet account for your cryptocurrency. A trust wallet is a cryptocurrency wallet used for storing, sending and receiving cryptocurrency (Coins or tokens).
A trust wallet account is classified as a software wallet; thus, The Trust wallet app can be downloaded on a mobile phone (iPhone and Android).
With your Trust wallet account, you can easily receive and send cryptocurrency from anywhere in the world. With a software wallet like Trust wallet, you can check and confirm your cryptocurrency in real-time.
To download Trust Wallet:
- Android users go to the play store
- IOS users go to the app store
To use the Trust wallet app:
- Download Trust wallet from play or app store
- Launch the trust wallet app on your device
- Click on 'Get started.'
- Accept Trust wallet's app terms and conditions.
- Copy your recovery phase and keep it in a safe place
- Your trust wallet is ready to send and receive cryptocurrency
If you are seeing the last image above, then you have successfully created a Trust wallet account. From the Trust wallet home page, you can see a list of different coins and the amount you currently have.
The amount increases whenever you receive a coin.
To access the wallet address of any coin or token search for the coin by clicking on the top-right corner or click on the coin then tap 'send' or 'receive' as the case may be.
To create a Trust wallet account, you do not need an email address or a password. The recovery phrase is the only way you can recover your crypto whenever you change your phone.
It is important to know that there are two types of bitcoin addresses for receiving and sending bitcoin.There are
- Segwit wallet address and
- Legacy wallet address
Lower cases usually characterise the Segwit Wallet address. Segwit is the newest form of address, and it is not yet enabled on most crypto wallet.
The legacy wallet is the original and most popular BTC address, and it is a combination of upper, lower cases and numbers.
It is advised you always confirm the specific address before any transaction.