• Published on Nov 29, 22
• By Michael Higgins

How do I create a Bitcoin wallet?

Creating a Bitcoin wallet is as easy as installing software on your mobile device or laptop/desktop. When you install the app, your Bitcoin wallet is automatically created. You can then receive bitcoin in your wallet immediately, store it safely, and use it as you please. There are a number of wallet apps on the market from a variety of vendors with different features to choose from. We welcome you to try the Bitcoin.com Wallet, the fully self-custodial crypto wallet trusted by millions. The Bitcoin.com Wallet is what's known as a 'software wallet'. Quality software wallets provide an excellent combination of security and ease of use. Depending on how you're using your bitcoin though, you may want to consider another wallet type. Here's a rundown on the different types of Bitcoin wallets and their respective pros & cons:

Software wallets: convenient buying, selling, storing, trading, and using

Software wallets take the form of an app which is downloaded for free to your phone or desktop. You simply open up the app and can start making Bitcoin transactions almost immediately. Since software wallets connect to the Internet, there's a very small risk of hacking. Therefore, it is generally recommended to not store large amounts of bitcoin in your software wallet. That being said, if you follow password management best practices, it's safe to store bitcoin in a software wallet. While there have been a few isolated cases of software wallets being hacked, by far the greater risk is that you lose your 'private key,' which is like the password to your wallet. Therefore, it's critical to back up your wallet and store the password somewhere safe. Tip: Make sure the software wallet you’re using is fully self-custodial like the Bitcoin.com Wallet, meaning only you can access your crypto — not the wallet provider. This protects you from the risk of fraud or bankruptcy by the wallet provider. Hardware wallets: long-term storage for larger amounts of bitcoin Hardware wallets, also known as cold wallets, are physical devices created specifically for the purpose of storing cryptocurrencies. They offer the best security for your digital assets because they insulate you from the Internet, making it effectively impossible for hackers to infiltrate your wallet. Since they take more time to access, hardware wallets aren’t ideal for making frequent Bitcoin transactions. Use them for long-term storage instead. As with software wallets, you need to back up your private key and adhere to password management best practices. Tip: Hardware wallets are well worth the initial cost — especially if you own a lot of bitcoin. To make sure the device isn't compromised, only buy one from a company you can trust.