A Bitcoin wallet is a piece of software that stores Bitcoins. Bitcoins are not technically processed anywhere. Any person with a balance in a Bitcoin wallet has a private key (secret number) that corresponds to the wallet’s Bitcoin address. Bitcoin wallets allow users to send and receive Bitcoins while also granting them control of their Bitcoin balance. Bitcoin wallets come in a range of shapes and sizes. Desktop, mobile, web, and hardware are the four primary categories.
Understanding Bitcoin Wallets
A digital wallet is another name for a Bitcoin wallet. A dealer must first create a digital wallet in order to exchange Bitcoins. A Bitcoin wallet works in the same way as a physical wallet. Instead of physical currency, the wallet holds relevant data such as the encrypted private key used to access Bitcoin addresses and complete transactions.
How to Receiving Bitcoin
Bitcoin is sent and received using a digital wallet.
- Open your Bitcoin.com wallet app and select Receive.
- Choose which wallet you want to receive Bitcoin to. Make sure you select a BCH wallet if you are receiving Bitcoin Cash or a BTC wallet if you are receiving Bitcoin.
- Your chosen wallet will generate an address that lets you receive coins. Copy this by tapping the QR code if you’re on mobile, or by clicking it if you’re on desktop.
- Provide this address to the cryptocurrency exchange or person sending you Bitcoin.
- Or, if you’re in person, the sender can simply scan your wallet QR code with their device.
How to Send Bitcoin
- Open your Bitcoin.com wallet app and select Send.
- Copy and paste the recipient’s wallet address into your own wallet app. Or, if you’re in person, select Scan QR code and simply scan it with your app.
- Choose which wallet you want to send Bitcoin from. Make sure you select a BCH wallet if you want to send Bitcoin Cash or a BTC wallet if you want to send Bitcoin.
- Enter how much you want to send and select Next.
- Carefully check that you’re happy with the details and then Slide to send.
- Or, if you’re wanting to move money between your own wallets, select Transfer between wallets in the Send section of your app.