The electronic wallet for bitcoins was developed simultaneously with the advent of the first cryptocurrency. If you wanted to buy bitcoins and wondered where to store bitcoins, then here it is – the official means of storing bitcoins is called Bitcoin Core.
The official website where you can download Bitcoin Core: https://bitcoin.org/en/download
The developers have turned the coin storage tool into the main client of the BTC network, which supports the functioning of the entire system. You can find out how to use Bitcoin Core and what features the wallet offers to digital currency holders from our article.
Bitcoin core – what is it
Bitcoin Core belongs to the “thick” electronic wallets, which means that the user will have to download the entire blockchain (a database file that is necessary for the wallet to work) and add new block chains (entries to the file) every time you enter the program.
The wallet is installed on computers running operating systems:
Important! The system works with only one cryptocurrency – bitcoin. Other coins are not supported by the wallet.
Installation, computer requirements
Bitcoin core wallet download free. Developers do not take money for further use of the wallet.
The user must be prepared for non-financial costs. To install the program you will need:
- significant free space on your computer’s hard drive (about 200 GB);
- RAM enough 2 GB;
- high speed internet;
- time for the first synchronization with the blockchain, which can drag out up to 3 days.
Financial costs are incurred in transactions, as in most electronic wallets. Each user can adjust the commission in bitcoin core independently. There is a function to replace the amount of remuneration after a transaction using RFB or CPFP.
How to set a wallet and generate a password?
Installation of Bitcoin Core must be carried out from the official website of the developer https://bitcoin.org/.
It is enough for the user to complete three actions:
- Go to the “Install” button on the main page of the site.
- Read e-wallet recommendations
- Select an operating system and click “Download.”
A distribution kit will be installed on the computer, which is necessary for further synchronization of bitcoin core with the network.
The installation program can be downloaded via torrent, boot programs for all types of OS are placed in the archive file. But given the size of 16MB, the boot file is easier to download from the site directly.
The wallet is open source, so it’s not difficult to verify that the program does not contain malicious components.
When you start the program you will need:
- Choose a drive with enough free space for the blockchain.
- Select or create a directory. The required and actual free disk space is calculated automatically and will be displayed in the window as information.
- Click Continue. Downloading blocks will start automatically.
Until the end of the data loading process and before the registration of a new client in the blockchain registry, operations with coins will be impossible.
Bitcoin Core synchronizes for a long time, the procedure takes about three days. It is not necessary to keep the computer on all the time; the process is to resume work each time you enter the program.
It will not work to speed up the synchronization of Bitcoin core with the network, the bandwidth of the Internet connection does not affect the process, so it will take time to download the blockchain for the first time.
How to use a Bitcoin Core wallet?
Before using a Bitcoin Core wallet, you need to generate a password and a private key. The operation is carried out after complete synchronization and registration of the client in the BTC registry.
The key generation in the wallet of the Bitcoin core is carried out in the Settings menu, the Encryption Wallet tab.
After entering a new password, the program must be reloaded in order for the encrypted data to be activated, and enter the system with a new secret code.
Full control over bitcoins is provided, you can perform operations with cryptocurrency.
Basic Wallet Operations
Before using the bitcoin core, you need to make a few user settings.
It is recommended to back up. To do this, select the “Backup wallet” operation in the File menu and specify the storage location. The function allows you to not lose coins in case of damage to the computer or loss of data to enter the system.
The backup copy is best stored on removable media and periodically updated.
Protect crypto coins from Internet hacking will help with cold storage in BitcoinCore. Access to an online account will be closed, the user performs all operations offline and uploads data to the Internet as a separate command.
When the user settings of bitcoin core are completed, you can proceed to the basic operations with cryptocurrency:
- Checking the status of the account and other information is available in the “Overview” tab;
- The “Send” tab allows you to manage existing bitcoins and set a commission;
- The “Recieve” tab generates addresses for which money is being received.
- In the “Transactions” section, you can get information about completed transactions, organize operations by date, amount and other criteria.
Only bitcoins can be transferred to a bitcoin core wallet, the conversion of other coins or fiat money is not provided.
The level of security of the bitcoin core wallet is the main advantage of the electronic wallet. The wallet is part of the entire BTC blockchain, at the same time as storing and completing transactions, the program checks the cells on the network. Access by third parties or verification of transactions by third-party users is completely excluded.
In addition to passive security, the wallet encrypts data on the movement of funds and does not transmit this information about payments to other network participants. Users are advised to change accounts to receive money for each operation.
Integrating a wallet with the Tor browser helps hide ip addresses when making transactions.
Developers advise you to observe basic safety rules when working with a wallet. You can increase the safety of funds through the following tools:
Transfer of the main part of bitcoins to “cold” storage;
Set two-factor user authentication;
Generate a more complex password to log into the system;
Install antivirus on a computer with a wallet installed.
Advantages and disadvantages of an electronic wallet
There are a lot of positive aspects when using the Bitcoin core wallet, among the advantages it should be highlighted:
Anonymity of the user and his transactions.
Advanced functionality through integration with the Tor browser;
Control over the size of the commission and over transactions;
Intuitive program interface;
Increased security for storing and using bitcoins;
The possibility of “cold” storage of funds.
Among the disadvantages of working with a wallet, it is necessary to highlight the following:
It occupies a large amount of memory and with the growth of operations on the network, the size of the blockchain will grow.
Long-term client synchronization with the BTC network.
The wallet is tied to a specific device.
Only one cryptocurrency is supported – Bitcoin.
Bitcoin Core is a balanced electronic wallet specially designed for transactions and mining of bitcoins. For storing a large number of coins, a wallet is best suited. If the user needs fast transactions and access to funds from different devices, then it is better to consider other options.