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 foriOS and 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 as long as you do not browse or download unsafe and untrusted apps. Your money lives directly on your smartphone and is easier to setup than 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 or Google Play Store
Download the BreadWallet app from the App Store. You can download it on your iPhone/iPad or Android device 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