A Bitcoin mobile wallet is the easiest way to start using Bitcoin, download it from the App store and you are ready to go in minutes. Whilst not the most secure form of storage, it’s the easiest to use and perfect for your first wallet.
There are many bitcoin wallet apps to choose from, we recommend BreadWallet– iOS and MyCelium Wallet– Android. Mobile wallets are the easiest to making QR code payments, saving the trouble of copying and pasting Bitcoin wallet addresses.
This may sound overwhelming to start with. But We cover everything in detail in this definitive guide.
Before we start, let’s cover the advantages of a Mobile Bitcoin wallet compared to other alternatives like PC wallets and Cold Storage.
Advantages of a Mobile Wallet
Accessibility: Bitcoin mobile wallets cannot be hacked. Your money lives directly on your smartphone and is easier to setup that Cold Storage.
Convenience: Using Bitcoin mobile wallets allow you to send and receive bitcoins by scanning a QR code. Mobile wallets are the easiest way to send money directly from one person to another.
Download the BreadWallet App from App Store
Download the BreadWallet app from the App Store. You can download it on your iPhone/iPad by clicking on the link below.
Creating a Recovery Seed
Download the app and open it. You will see two options: Create a new wallet or recover wallet.
Since you’re signing up for the first time, click on ‘new wallet’. It will ask you to generate recovery phrase.
Important: Just like, you have “Forgot Password Security Questions”, Bitcoin wallets use a secure recovery phrase to recover wallet contents in the event you lose your smartphone.
Note: It’s important not to share your recovery phrase with anyone. Do not enter your phrase into any password managers, write it down on shared office stationery, or save it as a document on your computer. Write it down on paper or store it cloud storage with password protection on the document. For advanced security, we highly recommend getting Cryptosteel– an indestructible hardware wallet for protecting your recovery phrase Heres our Guide.]
When you tap on the generate recovery phrase button, it will display the following screen, which warns you about NOT sharing the sensitive passphrase.
Click “Show”. It will show the recovery phrase. Note it down. Do NOT try to capture a screenshot of the phrase, it will prevent you from doing so by generating a new passphrase.
Once you’ve noted down the passphrase, check “I wrote it down”, and select “Done”.
Setting Wallet Security
After you have noted down the recovery passphrase, the app will prompt you to choose a passcode. Just like you have a 4-digit PIN code for securing your bank account, you can protect your bitcoin wallet using a secure PIN code.
Note: Please remember the PIN code that you set, as you will need to enter the PIN code every time you wish to transact through the Bitcoin network.
Once you’ve created a PIN code, you have setup your Breadwallet and can now start receiving bitcoins.
Simply share the QR code via webcam (image below) or give the below bitcoin address.
Any sender on the Bitcoin network would need only the QR code or wallet address to send or receive a transaction.
Generally, QR codes come in handy, since there is very little chance of making an error. Simply share the QR code with the sender of the money to provide them with all the information they need to create a transaction.
If the sender is using a desktop wallet, he might prefer entering the bitcoin address instead of QR code (Seen below the QR Code). So, to provide maximum flexibility to the sender, we recommend sending both.
Once you’ve transferred the bitcoins to your mobile wallet, you can send them to anyone in the Bitcoin network.
To send bitcoins, click “Scan QR code” if you have the QR code of the recipient. Or, if you have the wallet address, just copy it from clipboard.
Once you have scanned the QR code or copied the wallet address, enter the amount that you wish to transfer and tap on “Send”. Your bitcoins will be transferred in seconds.
Managing Transaction History
Just how you manage the history of transactions in your bank account, you can track incoming and outgoing transfers from your bitcoin wallet. To view the transaction history, click on the menu icon to view your bitcoin transaction history.
We hope this guide has helped you create your first Bitcoin Mobile Wallet. To Buy Bitcoins, Click Here
Download the MyCelium Wallet from Play Store
Download the MyCelium app from the Play Store. You can download it on your Android smartphone/tablet by clicking on the link below.
Creating Backup/Recovery Seed
Once you have installed the app, click on the app icon to run it. It should prompt you whether you want to “create a new wallet” or “restore from backup”. Tap on “create a new wallet”.
Tap the “Accounts” navigation tab, hold the label “Account 1”, and click “Create backup”. The following screen should pop up:
Tap “Yes”. The app will navigate you to a recovery passphrase screen. This step is IMPORTANT. If you lose your smartphone or access to the wallet, you would be able to restore your bitcoins using the recovery passphrase. Think of it as the answer to “Forgot Password” questions. Anyone with the recovery phrase will be able to access the contents of your wallet.
Do not share your passphrase with anyone and store it in a safe place. We discuss how to store your passphrase in detail in our guide to Cold Storage, Click Here.
Note: MyCelium disables screenshots on the recovery passphrase screen as that is an insecure form of storage.
When you’re done with the setup, you should see something like this:
If it reads “Contains one/two private key(s)”, you have successfully completed the recovery passphrase process.
Setting Wallet Security
The next step is to set up basic security for your wallet. It’s like setting a bank account PIN number for your ATM card.
To set a PIN for your Bitcoin wallet, tap on “Settings”, and scroll down to “Set PIN code”.
You would be prompted to set a six digit PIN code. Enter the code that you want to set.
Confirm the PIN code again.
Lastly, check “Require PIN on start”, so that your wallet information is not compromised to anyone else except you.
Once you’ve created a PIN code, you have setup your MyCelium wallet and can start receiving bitcoins.
To receive funds, click on “Balance” tabs. You would be able to see the following screen:
Tap on “Receive”. You should be able to see your bitcoin wallet address and the QR code (image).
Any sender on the Bitcoin network only needs the QR code or wallet address to have all the information they need to send you Bitcoins.
Generally, QR codes come in handy as they are less prone to human error. The sender scans the QR on their smartphone and can create a Bitcoin transaction.
If the sender is using a desktop wallet, it might be easier to use the bitcoin address instead of QR code. To provide maximum flexibility to the sender, we recommend sending both.
To share your QR code, you can select “Share Payment Request”, and the service that you would like to use to share the information.
Note: A bitcoin wallet address is like your bank account details, except the fact that it has no personal information. You can freely share the wallet address with anyone, without any security or privacy risk.
Once you’ve transferred the bitcoins to your mobile wallet, you can start sending them to anyone in the Bitcoin network.
To send bitcoins, click “Scan QR code” (if you have the QR code of the recipient). If you have the recipient as a contact (explained in next step), click on My Addresses or if you already copied the wallet address, just tap on “clipboard”.
If someone has shared a Bitcoin wallet address with you via paper, you can also manually enter the address (Be careful, one type may send your Bitcoins to the wrong individual.
Once you have scanned the QR code or entered the Bitcoin wallet address, enter the amount that you wish to transfer and then tap “Ok”.
MyCelium allows you to set a miner fee. Miner fees are the transaction charges associated with every bitcoin transaction. By default, the Bitcoin network maintains a priority queue that processes transactions with higher miner fees first, the lower the fees the more likely your transaction will be delayed.
If you wish to send bitcoins instantly, you can choose to increase the miner fee (transaction charges). However, if you’re flexible with the timing, you can choose to set a lower miner fee.
In most cases, we recommend to leave it unchanged and selected to “Normal”.
Once you’ve set the miner fee, click on “Send” to send the bitcoins to the recipient’s wallet address.
Just like you can add “Payees” to your Internet banking account, you can save your frequently used bitcoin addresses.
To add a contact, click on “Address Book” tab. Tap on the “+” icon on the menu bar. It would prompt you to either scan the bitcoin address (QR code) or get Bitcoin address from clipboard.
Once you scan the QR code or copy the address from clipboard, you would be asked to save the address as a contact. Enter the name that you wish to assign.
After you have assigned the name to the wallet address, you will be able to see the contact in your address book. You can now always pick the contact as a payee when sending bitcoins from your myCelium wallet.
Managing Transaction History
You can maintain and check the log of all your incoming and outgoing bitcoin transactions in the “Transactions” tab. Right now, since we don’t have any transactions the log is empty.
Note: Since bitcoin transfers are initiated from one wallet address to another, the audit trail won’t make sense. Link the bitcoin address with contact information to remember who you sent and received funds from.
We hope this guide has helped you create your first Bitcoin Mobile Wallet. To buy your first Bitcoins, Click Here.