Cryptocurrency: How to create a crypto or Bitcoin wallet
Learn about the cryptocurrency wallet system. Read on to learn about creating a cryptocurrency wallet like Trust Wallet and the different types of crypto wallets.
Cryptocurrency wallets are stored in your bitcoin and altcoins; the wallet will allow you to receive and send out crypto at your convenience.
A wallet address is needed to receive crypto directly in 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 to receive ethereum, give the sender your ethereum address.
Every coin in a wallet has its unique wallet address
Sending BTC to the Ethereum wallet will lead to a loss of funds, so don't think of making such a mistake.
You can read up on cryptocurrency terms and abbreviations to understand the terms 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 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
Several types of wallets provide different ways to store and access your cryptocurrency.
Cryptocurrency Wallets fall 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. You can check and confirm your cryptocurrency in real-time with software like Trust Wallet.
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 the app store
- Launch the trust wallet app on your device
- Click on 'Get started.'
Download the Trust Wallet app from Play or App Store and launch it on your device.
4. Accept Trust Wallet's app terms and conditions.
Accept their terms and conditions
5. Copy your recovery phase and keep it in a safe place
6. Your trust wallet is ready to send and receive cryptocurrency
Remember to back up your trust wallet phrases; this is more important than anything else.
If you are seeing something like this, it means your wallet is ready.
If you see the last image above, you have successfully created a Trust wallet account. From the Trust wallet home page, you can see a list of different coins and your current amount.
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
Lowercase usually characterizes the Segwit wallet address. Segwit is the newest form of address, and it is not yet enabled on most crypto wallets.
The legacy wallet is the original and most popular BTC address, a combination of uppercase, lowercase, and numbers.
It is advised that you always confirm the specific address before any transaction.