Bitcoin wallet online and offline: I think now you ready to know about Bitcoin, because I already share one article which having all introduction and advanced level parts about bitcoin.
Means what is bitcoin and how does it works, If you didn’t read then check out my article.
Read More>> what is Bitcoin and how does it work?
Let’s come to the point, this article is totally dedicated to a bitcoin wallet, and how you can make your bitcoin wallet.
Table of Content:
- Bitcoin wallet Online
- Security of Online Wallet
- Bitcoin Wallet offline
- Security of offline Wallet
Bitcoin Wallet: Before share with you complete step by step process, I want to tell what is Bitcoin Wallet in brief?
A Bitcoin wallet is a main source by which you can interact with cryptocurrency, means without bitcoin wallet you can’t send or receive Bitcoin money.
How Bitcoin wallet send and receive Bitcoin?
Let me show you, how bitcoin wallet works by simple example, In normal life when we need to identify any entity or person then we need one specific address. And by the help of this address, we can identify any person uniquely.
Same as this concept, when we create our wallet, that time our wallet create one encrypted address and this address also known as Bitcoin wallet address.
If anytime you need to receive bitcoin from another person, then you can give your bitcoin wallet address for payment. And by this bitcoin wallet address, anyone can send you bitcoin money.
I think now you are having a question, how to create your bitcoin address? This is very simple, first, create your bitcoin wallet and get your brand new bitcoin wallet address but before bitcoin wallet creation process.
I want to tell you one more thing.
These days many organization provides bitcoin wallet service (online or offline), but here I want to suggest you blockchain wallet (Online) and Bitcoin official wallet(offline). Both are trusted platform, and millions of users use both platforms.
Inside this article, I am sharing both processes.
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1). Bitcoin wallet online
Bitcoin wallet online is my favorite service because this process not takes too much time, here you can create your bitcoin wallet and send, receive money by some very simple steps.
Now time for creating brand new bitcoin wallet, Here I am creating blockchain.info wallet because is this is trusted platform, and I also still using since from last two year.
Best Features for BlockChain.info Bitcoin Wallet:
1). User friendly
2). High Security(Advanced Two Factor Authentication)
3). Simple Dashboard
4). Cross-platform support
5). Client Side Encryption
6). Open Source and best support
Step by Step process for creating bitcoin wallet online
1). First, visit blockchain.info website and click on the wallet navigation menu.
2). After hit Wallet menu, you can see like below screenshot; here you need to click on “Create new blockchain wallet” button.
3). Now you having to sign up form same as like bellow, now you need to fill all needed information and if your form filled then click on “continue” button.
4). If your submitted form has all information into the correct manner, then you will get a welcome window, same as like bellow screenshot.
If you got welcome window, then press “get started” button.
5). Now everything is done, now you have brand new bitcoin wallet address.
How to check your bitcoin wallet address?
Now you have a brand new bitcoin wallet, here you can see similar dashboard as like me, bellow I am giving you screenshot bellow.
For bitcoin wallet address, click on “Start receiving bitcoins” button, and now you are having to pop up type windows which having one code, which is your bitcoin wallet address.
How to make your Blockchain Bitcoin wallet more secure?
Blockchain.info wallet offering 2 factor authentication service, which makes your bitcoin wallet more secure, and one best thing is here when you log out your wallet then Blockchain is not tracking any records of your wallet.
When you try to login your wallet by the help of valid username or password, then your wallet encrypt otherwise your wallet not encrypt.
It means if you forget your username or password then you can’t recover your wallet, that’s why make sure remember your password.
Inside this section, our main focus area is how to make our blockchain wallet more secure, According to me, If you follow some bellow given steps then you can make your wallet bulletproof.
For Security, Click on “Security Center” option, which presents in left side dashboard panel.
Step 1: Email Verification, Backup Recovery Phrase Setting, and Password Hint
A). Emai Verification: According to this type security, you need to verify your email address, when you create your wallet that time you also got one verification email, that email has one confirmation link, Here you need open that email and click on verification link, after click on link you will get one verification done popup display.
B). Backup Recovery Phrase Setting: This is an important section for blockchain wallet security because by the help of this setting you can recover your wallet anytime. According to this setting you need to click on “Backup Phrase” Button. After click, you got one popup display which having some security tips and warning.
Note: Do not store your Recovery Phrase on your computer or online. It is very important to keep your Recovery Phrase offline in a safe and private place. Anyone with access to your Recovery Phrase has access to your funds.
Now here you need to click on “Next Step” Button, after click “Next step”. You will get another display which having 4 words.
Copy all 4 words into any secure notepad then click on “ next 4 words “ button.
Again you will get 4 words, copy another 4 words, repeat these steps another 2 times, if you copied all 12 words into notepad. Then time for verification.
For verification first click on “Final step” button then you will get another display where you need to put required words on blank position for verification.
If you put all words correctly then press “verify” button. If all are correct then you will get successfully verify window.
C). Password Hint: This can help you when you forget your password, by the help of this hint password you can easily remember your password. Simply put your hint code and press “save” button and done.
2). Mobile Number or 2 step verification
A). Mobile Number Verification: By the help of this feature you can get your wallet activity notification direct on your mobile number, like if anytime your wallet received any bitcoin fund then you will get SMS on your mobile.
For this setting, Put your valid mobile no into given text field and press “Save” button, just like me, I am giving you my screenshot.
Just after, you will get one OTP code on your mobile, put that code into text field and press “Verify” button.
B). 2-Step Verification: This step can protect your account from unauthorized access, I am recommending you, active this service on your bitcoin wallet, according to this service, when you will try to login, that time you will get one OTP password on your registered mobile.
By the help of this number, you will login your bitcoin wallet. Without correct OTP you can’t login your account.
2). Bitcoin Wallet Offline
Bitcoin offline wallet is a good alternative for online wallet, this type wallet provides you full control on your bitcoins, according to this type wallet you need to install bitcoin software on your computer. Without bitcoin software, your computer cannot participate in bitcoin transaction.
Here offline wallet having some pros or cons, but if you want full control on your Bitcoins, then that ways is best for you.
Offline wallet pros:
1). Full control on your Bitcoin. Not involve any third party into your transaction.
2). You can access your bitcoin wallet on multiple computers at simultaneously by same Bitcoin address.
3). Can transfer your computer offline when you want, and again can online when you want to perform any transaction.
4). You can make complete wallet backup, can delete your wallet and when you need then again you can install.
5). No one can freeze your funds.
Offline Wallet Cons:
1). If you forget your wallet password or loosed your wallet backup, then you will loss your all Bitcoins.
2). Need high security to protect your computer from trojan, malware or any other type malicious thread.
3). You can’t perform your transaction at a time because before transaction you need to download all blockchain(<70GB) into your personal computer.
How to create Offline Bitcoin Wallet?
Here I am using bitcoin.org offline wallet software, you can download this software by https://bitcoin.org/en/choose-your-wallet given link, this software also available or any cross platform, like if you want to install this software into your mobile or Windows, Mac or Linux then you can select here.
But here we are trying to install bitcoin wallet on Windows computer; that’s why I am selecting “Desktop” and under this category many other wallets present, you can select any one which is suitable for you.
Here I am trying “Bitcoin Core” wallet, I also recommend this wallet to you. I think now you have a question, why I recommend this one because when you move your mouse on this wallet then one popup time windows will show on your display which telling us why this wallet is more secure as compared to other bitcoin wallets.
1). Download any best fit wallet; Here I am downloading Bitcoin core. You can direct download this wallet by download button.
2). Launch your wallet setup, and done all necessary steps which you need to perform into the installation. Bellow I am giving all screenshot which you need to do in the installation process.
3). I think now you have successfully installed offline Bitcoin wallet software, now the time for launching your software. Hit your wallet icon and run your wallet.
Note: You can’t perform your Bitcoin transaction right now, because first your need to install all blockchain into your computer, these days this process may take 2 or 3 days, it totally depends on your internet connection speed.
Note: These days blockchain size also big and increase day by day, Do you want to know current blockchain size then click on given link.
Check blockchain size: https://blockchain.info/charts/blocks-size
4). If all blockchain has been downloaded, now you are ready to perform a transaction, If you want to check your bitcoin wallet address then click on “Receive” button, after clicking on this button you can see new popup windows which having your wallet address like bellow given screenshot.
Here is my wallet address: 1JspBxu7BgHU8eziBqEyrCGMuGsysFMHCX
How to protect your offline bitcoin wallet?
Offline bitcoin wallet provides you password security means when you want to send any bitcoin to another party then you need to pen your bitcoin wallet by the help of your set password. Without wallet open, no one can perform bitcoin transaction.
For password setting, you need to click on “setting” menu, Under “setting” menu, you can see “encrypt wallet”. Click on “encrypt wallet” option. You can see like bellow screenshot.
Set any strong passphrase, press “OK” button. If this process has been done then, your offline wallet has been password secure.
How to Create Offline wallet Backup?
Backup provides you full protection of any type mishappening, means if your computer has been crashed, hard disk failure or any other accidental crises then you can recover your bitcoin wallet with all transaction detail.
This process is so simple, and backup size also not too much approx. 3 or 4 MB which you save anywhere, where you wants like Google drive, emails, pen drive, CD, DVD or any cloud platform
Note: Before save your wallet make sure create password secure Zip, Tar or RAR file.
1). Before backup creation process, shut down your bitcoin wallet.
2). Go to Bitcoin wallet app data directory. It depends on Operating System, find any relevant path
Mac: ~/Library/Application Support/Bitcoin/
3). In my computer, my path is D:\BTCoin which I set at an installation time.
Wallet.dat file is the file which having your wallet all information like your wallet address, transactions, logs and more.
4). Create this file password secure zip, tar file, and save on anywhere, which you feel best for you.
How to Restore offline wallet backup?
This is a pretty simple process, select current backup tar or zip file and decompressed it. And go to your bitcoin app data directory, here is my case my app directory file is D:\BTCoin, and rename previously available wallet.dat file, here I am changing my file name is wallet-old.dat. And paste here my previous backup wallet.dat file.
If this process has been done then, your wallet has been restored. Now you need to run your bitcoin wallet.