How to set up a bitcoin digital wallet and open an exchange account

Image result for How to set up a bitcoin digital wallet and open an exchange account

For you to be able to store the bitcoins or any other cryptocurrency that you earn using the bitcoin revolution or any other means, you will require to have a digital wallet. You can refer to them as bitcoins bank accounts. They are online wallets which are either hosted by independent provider or bitcoin exchange program live on your mobile phone or your PC desktop. 

What about the wallets?

A wallet has the capacity to generate private keys for you as a user. They are secret data which you will use to authenticate transactions and prove that you are the owner of the wallet. The private keys have to be kept private as someone else can use them to access your bitcoin address and sign off on transactions which are on your wallet. 

What it means is that your entire wallet can be swept clean if someone got access. If you forget or lose the key, then you will not be able to access your wallet.  There are various wallets and their differences vary between service providers and platforms.

Opening an exchange account

Now that you have the means to be able to own and keep digital assets, for you to be able to buy bitcoin, you will need to access cryptocurrency exchange. Globally, there are hundreds of exchanges operating, although just like the providers of wallets, there is a lot variance between them with varying regulation and liquidity, and geographically may also be a factor which is decisive. 

Depending on the location where you are, there might be a few available even though the cryptocurrency market is thought to be decentralized, the means by which you will have to transfer the monies in the real world exchanges tend to be governed by the jurisdiction of the world.