STEP 1: Setting Up Your Bitcoin Wallet
On this page we suggest a very straight forward way to setup your Bitcoin Wallet using CoPay.
CoPay is very versatile Bitcoin Wallet (started by the popular Bitcoin merchant service Bitpay).
The Copay Wallet allows you to store your Bitcoins in the app on your phone or desktop/laptop, or also online.
Because it is so versatile, it offers you some great options.
Think of a Bitcoin Wallet like a bank account. With your bank account, you have a unique number that people can pay into.
A Bitcoin Wallet is the same, except that it is a series of letters and numbers, and looks like this:
Our Bitcoin Wallet – 3Lzhvf4NdtdNHBqnStBPDaTMKuX6LPAVvV
If you send Bitcoin to that address, we receive it.
Just like a bank account number, by sharing your Bitcoin Wallet with someone, it does not give them access to it, it only allows them to deposit into it.
Just like with a bank account, once you have a Bitcoin Wallet setup, you can deposit Bitcoins into your Wallet.
Wallets are free and very easy to setup, and there are dozens and dozens of places available to set them up.
Types of Bitcoin Wallets
- Online Bitcoin Wallets in the cloud – your Bitcoins are managed of by a 3rd party
- Online Bitcoin Wallets held in an exchange – your Bitcoins are managed of by a 3rd party exchange used to buy and sell cryptocurrencies
- Local only Bitcoin Wallets on your computer, laptop or smart phone – you have direct control/ownership of your Bitcoins
- Hardware Bitcoin Wallet – a special device used only to store cryptocurrencies like the Ledger Nano
- Paper Bitcoin Wallet – you can even just store your Bitcoin Wallet as a paper printout
So before you can buy any Bitcoins, your first step is to create your Wallet to store them.
We recommend starting off by creating 2 Bitcoin Wallets. Once you are familiar with them, you may want to setup another.
- Begin with a CoPay Wallet – this gives you a lot of flexible options and great security that you 100% control yourself, no 3rd party manages it.
- Then setup Kraken Exchange Wallet – where you can buy Bitcoins at a very good market rate.
STEP 2: Buying Your Bitcoins
After you’ve setup your wallet, you’ll want to buy Bitcoins, we can recommend using Kraken.
If you are in the US, you may want to look at Coinbase.
And for organising to purchase Bitcoins from nearly any city in the world, there is LocalBitcoin.
Why do recommend Kraken? Because many exchanges online add an extra 3% to 5% extra on top of the Bitcoin fee, just to buy a Bitcoin!
And as you can imagine that really adds up. Once you’ve had your identity verified by Kraken, they allow you to purchase Bitcoins at the market rate.
CoPay Your Multi-Signature Bitcoin Wallet