There are also hardware bitcoin wallets, but at this stage, it is too early to think about them. This is a completely different story.
When choosing a wallet, you need to decide for what purpose you will use your own. And no one bothers you to use several wallets of different types, but more on that below.
I would advise starting with the desktop version of Electrum. Download it only on the official website! No left links, torrents, etc. For the safety of your first digital coins.
Electrum is considered the best among the “thin” wallets. It provides safe data storage and allows you to restore the wallet after it is damaged or the password is lost. During the installation of the wallet, you are given a phrase of twelve English words, which has the name “seed”. Thanks to this phrase, the wallet will not be irretrievably lost in the event of a computer breakdown or a key loss. Electrum is available for all operating systems and is supported by mobile devices.
After downloading, install and configure the wallet to receive the MTC.
- Install Electrum on a computer or on a USB flash drive.
In the first paragraph, we do not really invent anything, we select auto connections to servers.
- If the PTS wallet has not been noticed before, then simply click on.
- Let’s take a closer look at this step by choosing the type of wallet to be created:
- For beginners, I advise you to use the Standard wallet and go directly to step 4. And if you, like me, do not want to pay the extra money and bother signing transactions less.
- Electrum himself will tell us about two-factor authorization, I am transferring an excerpt from the application :
Two-factor authentication is a service provided by TrustedCoin. It uses a multi-currency wallet where you have 2 of 3 keys. The third key is stored on a remote server that signs transactions on your behalf. To use this service, you will need a smartphone with Google Authenticator installed.
A small fee will be charged for each transaction for which a remote server is used. You can check and change your billing settings after installation is complete.
Please note that your coins are not blocked in this service. You can withdraw your funds at any time and at no cost, without a remote server, using the “restore wallet” option with your wallet seed.
The next step will create the seed of your wallet. This seed should NOT be stored on your computer but should be stored on paper. To protect yourself from malware, you can install the wallet on a stand-alone computer (not connected to the network), and then transfer your wallet to an online computer.
- Multi-signature wallets increase the security of your funds, since signing an outgoing transaction requires at least two signatures, depending on your choice of the number of wallets. If one of the wallets is hacked, then at the expense of the other you can save your coins.
You can install, for example, two wallets on two different computers and you will control both secret keys and, accordingly, both signatures, which is why the security of your coins will skyrocket.
Multi-signature wallets are most useful in various business projects where several partners control mutual funds by holding one of several keys needed to unlock funds. Most of their coins are stored in multi-signature wallets.
If your wallet is intended for business or you are going to store a sufficiently large number of coins on it, then this wallet is for you. In everyday life or with a small amount of military-technical cooperation, I see no reason to bother so. Therefore, I advise beginners still start with the Standard wallet.
- The fourth option for those who already had a PTS wallet.
- Again, if we did not have a wallet, seed or so on this list, then select “Create a new seed”.
- In this case, I advise you to put Legacy.
- Here it is necessary to specify a seed of 12 words that are needed in case of regaining access to the wallet in case, for example, the death of a computer. Enter them and write down on paper in the same order. Do not transfer it to the clipboard, it is automatically cleared after clicking Next.
Tip: save the seed as in the paper version, the word order is also important. I also store it electronically, but not on the device where the wallet is installed.
- At this stage, you need to repeat the seed that we saved in a safe place, note that the copy buffer is erased when moving to the next stage.
Well, the warning itself, instead of a thousand words: “Your seed is important! If you lose your seed, then your money will be lost forever. To make sure that you have saved the seed correctly, please enter it here. ”
- Put a complex password on your wallet for added security. This is the last installation step.
Take personal data storage as seriously as possible. Do not know why read here an epic story from the world of cryptocurrencies.