What is bitcoin wallet and bitcoin address?

What is Bitcoin Wallet?

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A Bitcoin Wallet contains all the information about user’s balance, transactions history, etc.

If you wish to work with bitcoins, you should possess a Bitcoin Wallet first.

To create one, you should use a Bitcoin Client,

we’ll recommend where to find a decent one,

below. Bitcoin Client is a software

(application for PC, Mobile) or web

service, which stores your bitcoins and provides you bitcoin addresses.

What is Bitcoin Address?

Bitcoin Address looks like a number of symbols (example of Bitcoin Address: (1M9kmMVr2wrXhFrZWL5ADNfcccc3jAKNWM).   You will use it to receive and send payments. Need a new one? You should enter your Bitcoin Client,  find “Receiving addresses” section   (for different Bitcoin Clients  the  name  may  be slightly different depending on what client you use).  Click the “Create New Address” button and you’ve done!

If you want to buy bitcoins, you should create your new bitcoin address, then use it on 247exchange while making a “buy” order in the “Bitcoin Address” field. After you pay the order, we will use this address to send you bitcoins, so they will appear at your Bitcoin Client.

What is Bitcoin Client?

 

Bitcoin Client is software (application) or web service, managing your Wallet and Addresses.

There are many different Bitcoin Clients available, both web-based (i.e. you’d need to login the website to manage your wallet, no need to install any software) and applications for a number of platforms: PCs and Mobile (Apple, Android etc.).

The original Bitcoin client is called Bitcoin Qt (Bitcoin Core).

It has all necessary functions, but such client is not simple to use, because you will have to install “heavy” application to your computer which takes about 25 GB of your computer’s memory.

This application is logging all bitcoin transactions from the begining, that’s why it needs a lot of disk space.

Another disadvantage is that Bitcoin Qt software has to be fully synchronized with the network for operating. Initial synchronizing can take up to 24 – 48 hours.

If the client is not running 24/7 on your machine, you may have to wait up to few hours every time you (occasionally) use the software.

The safety of your funds solely depends on you – i.e. your computer’s safety, backups, etc. We highly recommend reading the information about securing your wallet

(bitcoin wiki and other sources).

What Bitcoin Client to choose?

Fortunately, the Bitcoin Core is not the only option.   A lot of different wallets are available – mobile, web-based ones with easier interface and less system requirements. We recommend to use one of most popular and convenient ones – My Wallet (provided by blockchain.info – the most popular bitcoin related website). You can make such wallet in a few clicks on blockchain.info website. It’s online bitcoin wallet so you need only email to get one!

It’s much faster (than original client), because you won’t have to all

transactions data to your computer, the client is always synchronized with the network.

It’s safe: Blockchain.info uses industry standard AES

encryption to protect your wallet from thieves and hackers.

The amazing part is the encryption is all done within your browser, before it is saved on blockchain’s servers, so not even Blockchain has access to your account! 

You can activate many security levels for your wallet such as two-factor

authentication, IP restrictions and others.

Also you can install Blockchain Wallet application to your smartphone so you can

make bitcoin transactions wherever you are! My Wallet has millions of users all over the world and 1000s merchants with new ones joining every day.