How Do I Get A Bitcoin Wallet Address?

When you embark in the journey of Bitcoin, the very first thing you need is a Bitcoin wallet address. If you are buying Bitcoin from an exchange like Binance, Coinbase or any other, they provide you with a Bitcoin address.

However, when you want to receive funds for your freelancing gig or payment for any of your services or goods, you would be asked to provide a Bitcoin wallet address

This is a most friendly guide to learn everything about Bitcoin wallet address and how to get a Bitcoin wallet address.

If you don’t want to read the entire theory behind Bitcoin wallet, you should read these guides to master the process:

Now, on to the detailed Bitcoin wallet guide. Also, if you have any questions (which you might have) feel free to use the comment form at the bottom to ask your questions.

Opening a Bitcoin wallet : What do you need?

Opening a Bitcoin wallet is free (except when you want to use a hardware wallet for storing a huge value of Bitcoin). You can use a mobile wallet, desktop wallet for Bitcoin, or even a crypto exchange to open your Bitcoin wallet.  

In the further section of this guide, I have explained all the different ways to get a Bitcoin wallet address with the procedure.

Here is what you need to open a Bitcoin waller:

  • Choose a Bitcoin wallet
  • Generate your Bitcoin wallet address
  • Share the address by copy-pasting or share the QR code

A detailed explanation is shared in the further section of this guide.

How To Open A Bitcoin Wallet?

It is free to open a Bitcoin wallet, and you have multiple options.

Some of the most popular options are:

  1. Use a secure crypto exchange to manage your Bitcoin wallet – This is recommended when you also wish to sell your crypto for fiat, and withdraw funds to your bank account.
  2. Use a Mobile wallet: This is recommended in most of the case, as you would be storing Bitcoin under your custody. However, this process is recommended when the value of your crypto or Bitcoin is less than $1000. 
  3. Use a Hardware wallet: If you plan to continue receiving Bitcoin or other crypto for your services or selling goods, you should use a hardware wallets such as Ledger Nano X or similar. You can find a list of best hardware wallets here. A hardware wallet will cost about $30-$200, and takes about a few days to deliver. You can read my earlier review of Ledger Nano X to understand how a hardware wallet works, and why it is most secure way to store bitcoin and cryptos.

Using an exchange to get a Bitcoin wallet:

Head over to a secure exchange like Binance or Coinbase. If you have an account, then simply login to your exchange account.

If you don’t have an account, then create an account. 

Let’s take Binance as an example for this tutorial, as it is the widely used crypto exchange. 

  • Once you are logged into Binance, click on Wallet > Fiat and spot 
  • Click on Deposit > Select Bitcoin 
  • And it would generate you the Bitcoin wallet address

Now, you can give this wallet address to anyone, and you would be able to receive the Bitcoin. 

Using a mobile wallet to get a Bitcoin wallet address:

There are many popular mobile wallets, such as:

Mobile Bitcoin Wallets

The process on all the wallets are more or less the same. Watch the below video to understand how to generate Bitcoin wallet address using Trust wallet. 

The most important thing here is, you need to safely store the Seed phrase on a piece of paper while setting up your wallet.  Read this guide to learn how to safely store seed phrase.

What is a wallet address?

A wallet address is an alpha-numeric digit, which is used to send or receive crypto. This wallet address is an public address, which stores your Bitcoin on the blockchain. A common mis-conception is, your wallet has your coins, which is not completely true. Your wallet is just an interface between you and blockchain, to securely interact and use your cryptos on the blockchain. Using a Digital wallet, you can generate new addresses for Bitcoin (to receive), you can send your Bitcoin and do various other activities. 

Different Bitcoin addresses:

There are currently three address formats in use:

  1. P2PKH which begins with the number 1, for e.g.: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
  2. P2SH type starting with the number 3, for e.g.: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
  3. Bech32 type starting with bc1, for e.g.: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq.
Bitcoin-Address

Now, that you have understood the types, format and what a BTC address looks like, it makes sense in talking about some of the reliable sources from where you can setup your Bitcoin address if you haven’t already.

Think of your wallet as PayPal app, but the different here is, you have the complete ownership of your crypto, and no 3rd party has access to your Bitcoin. This is what economic freedom looks like. 

How to setup a Bitcoin wallet?

Setting up a Bitcoin wallet is simple, but may seems tough for the first timer.

Here are the steps:

  1. Download Trust wallet for your mobile device
  2. Install and follow the on screen instructions
  3. It would show you 12 words recovery seed phrase, and think of it as your password. You need to write it down on a piece of paper (Don’t take screenshot), and safely store this piece of paper in your locker or somewhere safe.
  4. Once you are logged into Trust wallet interface, your Bitcoin wallet setup is done. All you need to do here is to click on receive > Select Bitcoin and you will see your Bitcoin wallet address (Alphanumeric) and the QR code. You can share this wallet address to someone who wishes to send you the Bitcoin.

Watch this video to understand the entire process:

Note: Under no condition, never share your seed phrase with anyone. If you share your seed phrase to anyone, they can steal all your Bitcoin or other cryptos stored in your wallet.

How and where to lookup Bitcoin address?

Once you share your Bitcoin address to anyone, they can check how much Bitcoins you have using a bitcoin block explorer. Similarly, once you have someone’s bitcoin address, you can lookup their bitcoin address to find how many coins they have. Blockchair is one such popular website for looking up any bitcoin address.

How to find out who own a bitcoin wallet?

It is not simple or easy to find out who own a bitcoin wallet. Until unless someone tell you that they own a bitcoin wallet address, you would not be able to guess. There are some sophisticated tools which one can use to monitor the activity of a Bitcoin wallet address, but it is not easy to find out who own a bitcoin wallet.

Where is bitcoin stored?

bitcoin is stored on the blockchain, and a wallet is just an interface which enable you to interact with your bitcoin, that is stored on blockchain.

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1 thought on “How Do I Get A Bitcoin Wallet Address?”

  1. GERALD WILLIAMS

    Harsh:

    Any comments on Hedera/Hasgraph and it’s potential competitive impact on Blockchain?

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