How to make a bitcoin wallet

Welcome! And congratulations on making the very important step towards owning bitcoin by opening a bitcoin wallet. This guide will show you how to make a mobile bitcoin wallet. A mobile bitcoin wallet is good for early bitcoiners at the beginning of their bitcoin journey who are starting and want to learn about bitcoin. Mobile bitcoin wallets are perfect for testing or using small to moderate amounts of bitcoin, but not long-term storage. If you are looking to hold large sums of bitcoin I recommend a hardware wallet. If you would like some support in purchasing and using a hardware bitcoin wallet, our Bitcoin Specialists would be happy to help you! We offer free consultations to help you along your bitcoin journey. You can book some time with them here.

Now, let’s walk through opening a bitcoin wallet! For this tutorial, we will use Blue Wallet. I personally use Blue Wallet for my mobile bitcoin needs and recently showed you how to transfer your wallet and the bitcoin inside from WellWallet to Blue Wallet by importing the private key.

Step by step - TLDR

Download the Blue Wallet app – https://bluewallet.io/
Backup the wallet seed phrase
Locate your receiving address (will be an alpha-numeric string)
Copy your receiving address (tap the QR code)
Paste your receiving address into bitcoinwell.com/app

Step by step – Explained

1 – Download and Open Blue Wallet:

Once you’ve downloaded the Blue Wallet app, open it and select “Add Wallet.” This is the first step to creating a secure place to store your bitcoin.

2 – Choose Wallet Option:

⁠You’ll see a few wallet options. Select “Bitcoin.” This is the type of cryptocurrency that your wallet will hold.

3 – Write Down Your Recovery Phrase:

You’ll be shown a recovery phrase. Write this down on a piece of paper. This phrase is the key to your bitcoin. It’s vital to keep it safe and private. Don’t take photos or store it online. Write it down on high-quality paper, laminate it if possible, and store it safely.

4 – Confirm Your Recovery Phrase:

After writing down your recovery phrase, click “OK, I have written them down.” This confirms you have a secure copy of your recovery phrase. You now have a bitcoin wallet.

5 – Access Your Wallet:

Open your wallet to see your current bitcoin balance and transaction history. This is where you’ll manage your bitcoin.

6 – Get Your Receiving Address:

To buy bitcoin, you need a receiving address. Click “Receive” at the bottom of the screen. You’ll see a QR code and a string of letters and numbers. This is your receiving address. Share this whenever someone is sending you bitcoin. It’s safe to share as it only allows others to send bitcoin to you, not take any from you.

7 – Copy Your Receiving Address:

Copy the receiving address shown on the screen. Now, head over to your Bitcoin Well account. Here’s where you’ll purchase bitcoin. Paste your copied receiving address into the appropriate field. When you buy bitcoin, it will be sent directly to your wallet. This is the final step in securing your bitcoin.

The Importance of Backup and Safe Storage

The key factors here are that you backup your bitcoin wallet and keep that backup in a secure location. This backup will be crucial if you lose your device or if Blue Wallet ever disappears. Reminder: even if you lose your device with your bitcoin wallet, your bitcoin are safe as long as you have your backup! This also means that anyone who finds your bitcoin wallet backup can access your bitcoin. So keep it safe!

Remember, if you need a hand, we’re here to help.

Stay sovereign 🫡

⁠⁠⁠Adam

About Bitcoin Well

Bitcoin Well exists to enable independence. We do this by coupling the convenience of modern banking, with the benefits of bitcoin. In other words, we want to make it easy to use bitcoin in self custody. ⁠ ⁠

We are publicly traded (and love when our customers become shareholders!) and hold ourselves to a high standard of enabling life on a bitcoin standard. If you would like to learn more about Bitcoin Well, please visit our website or reach out!