The following sections will cover how to set up a Digital Wallet that you can use to send and receive Bitcoin to anyone in the world. The Digital Wallet that we will be setting you up with is one called Blockchain.info
We only recommend using the blockchain.info wallet. Any other wallet you may be at risk to losing your Bitcoin.
Hopefully, at this point you have gone over our Tips and Advice Page. If not, we recommend you give it a read over before continuing.
What is a Digital Wallet?
A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A "digital" or "web" wallet is one that you install on your own computer or mobile device and is connected to the internet/bitcoin network.
A paper wallet or physical wallet is one that is created offline. Because it is offline there is no digital backup, so if you lose your paper wallet you lose your bitcoin! This is why in this section we will cover how to transfer your bitcoin from your receipt (paper wallet) to your new digital wallet.
If you get a receipt from our machine with 2 QR codes, that is a paper wallet that we have created and given to you. You can click on THIS LINK to learn exactly which receipt is which. This paper wallet contains one public address and one private key. The top QR code is the public address and the bottom QR code is the private key.
A Bitcoin address (public address) is a unique identifier which allows you to receive Bitcoins. With PayPal you send funds to an email address, and similarly with Bitcoin you send funds to a Bitcoin address. For example, this is one of our Bitcoin addresses: 1L3TpRMFCnB1WCAEtX8jHniU65eecBWFrN
A private key is a secret code which gives you ownership of the public address and your Bitcoins. Every Bitcoin address has a matching private key, which is saved in the wallet file of the person who owns the balance. The private key is mathematically related to the Bitcoin address, and is designed so that the Bitcoin address can be calculated from the private key, but importantly, the same cannot be done in reverse.
Please keep your private keys safe, and make periodic backups to prevent the loss of Bitcoins. Anyone with your private keys can spend your Bitcoins!
Now that you know what a digital wallet it is and its function, we will be showing you how to create a digital wallet on and Android Device, iOS Device, and a Computer. You can then use these digital wallets to move your Bitcoin from your receipts printed at the machine into the digital wallet itself.
We recommend first creating a digital wallet on a Computer first. This makes it easier to backup and easier to manage from your android device when you are setting up a digital wallet on your phone. To do this please read How To Create a Digital Wallet on an Computer and How To Pair an Existing Wallet that you created from your computer to your Android or iOS Device.
How Do I Create a Digital Wallet on a Computer?
How Do I Create a Digital Wallet on an Android?
How Do I Create a Digital Wallet on an iOS Device?