How To Install And Use The Bitcoin Core Wallet

Bitcoin Core is a common desktop wallet for Bitcoin. This guide will show you how to install and use the Bitcoin Core desktop wallet. One of the benefits of learning how to use this wallet is that the Bitcoin Core wallet is used as the framework for many other cryptocurrency wallets. So if you learn how to use this wallet, you’ll understand how to use many other currency wallets that use the same framework.

There is no need to install any software if the CoinMiningDirect scam is there. Proper learning about the trading platform is essential for the individuals. The choosing of the reliable and trustworthy wallet is essential to get the best results. A pleasant experience is available to the traders.

Another benefit of installing this wallet is you’ll be contributing to the security and decentralization of the Bitcoin blockchain. This wallet will download the whole Bitcoin blockchain on your computer, which holds the records of every single transaction that has occurred since its creation in 2009.

Things to note before you install this wallet:

  • The Bitcoin blockchain currently 125GB in size. As the blockchain grows, the file size will increase. If your computer has limited storage space, you may want to consider using the many other Bitcoin wallet options available that don’t download the whole blockchain.
  • If you want to learn how to use the Bitcoin Core wallet without downloading the whole blockchain, you can simply read through this tutorial. As mentioned above, many other cryptocurrency wallets use the same framework as this wallet, so you can use the information here as a guide for using other currency wallets.

Download the Wallet

First you’ll need to go to the Bitcoin Core download page at https://bitcoin.org/en/download. Click on the big blue button that says “Download Bitcoin Core”.

After you download, double click on the execuable file to install.

Install the Wallet

When you install the wallet, you’ll get a prompt asking where to install the Bitcoin blockchain and related files. Unless you have a specific location in mind, I recommend you don’t change this and just click ‘OK’. It will also show you about how much storage is required for the blockchain.

After the wallet installs, run the wallet program. When you first open the wallet you’ll get a notifcation shown below. This just tells you that any recent transactions to and from this wallet will not display until the blockchain is completely downloaded. You should also see at the bottom of the wallet the download progress of the blockchain. You can just hide this notice and view the Overview tab of the wallet.

The Overview tab shows you your current balance of Bitcoin. Any deposits into this wallet will show as Pending until the network has confirmed the transaction. On the right shows all recent incoming and outgoing transactions.

Backing Up & Securing Your Wallet

Before we start using the wallet, we need to encrypt and back it up. First we’re going to encrypt the wallet. This just invovles giving your wallet a password or passphrase. Having an encrypted wallet means the Bitcoin in your wallet is “locked”. So even if a hacker was able to access your wallet, they would not be able to withdrawl your coins without your passphrase.

To encrypt your wallet, click on the “Settings” tab on the menu bar and select “Encrypt Wallet…”

You will then be prompted to enter a passphrase of atleast 10 characters or 8 or more words. It’s important that you make this passphrase truely random and write it down on paper. It should be impossible for anyone to guess your passphrase. Don’t save the password on the computer as potential hackers could find it and use it to access your Bitcoin.

After you save the passphrase it will give you a notice to remember the passphrase. I recommend writing it down on paper so its not on your computer. Without it, you will not be able to access your Bitcoin any more.

Next is making a backup of your wallet. This is in case you hard drive fails or you need to reinstall the wallet on your computer. First the backup: Click on the File menu tab at the top and click “Backup Wallet…“.

The wallet backup is saved as a .DAT file. This file will contain your Bitcoin address, public and private keys which allows you to access your Bitcoin. Give the backup file a name such as “bitcoincore-backup.dat” and save it to your computer.

Important: After you save this file, copy it to an external location, such as a flash drive, external hard drive or another computer. If your computer dies or harddrive fails and you don’t have a backup of the wallet avaliable, you will lose all your Bitcoin!

Now that we’ve properly encrypted and backed up our wallet we can start using it.

Receiving Bitcoin

The last thing we’re going to cover in this guide is how to send and receive Bitcoin. To receive Bitcoin, you’ll need to know your wallet’s address. This is a unique random string of numbers and letters. To see you wallet’s address, click on “File” tab on the menu bar and select “Receiving addresses…”

A new window will open which will list your Bitcoin address. Whenever you want to receive Bitcoin from someone, this is the address you will give them.

To copy this address, just click on it, then click “Copy” at the bottom of the window. Then you can paste and send the address to anyone.

Sending Bitcoin

To send Bitcoin click on the “Send” icon at the top of the wallet. Here you can paste the receiever’s wallet address in the “Pay To” field. If you plan on sending Bitcoin to this address regularly, you can give this address a “Label” so it will be easier to identify in the future. Then enter the amount of Bitcoin to send. Once you have this information filled in you can click “Send” at the bottom of the window.

A couple things to keep in mind:

  • There is a small fee for every transaction you send. Currently the fee is about 0.001 Bitcoin. So if you send 0.1 Bitcoin to someone, it will subtract about 0.101 Bitcoin from your wallet.
  • Transactions takes about 1 hour to be validated and confirmed on the Bitcoin network. So the receiver many not be able to see or use the Bitcoin they receive immediately after you send it.

I hope you find this guide useful. Remember, many other cryptocurrency wallets use the same core wallet as this one, so now you’re familiar with this wallet, you’ll have easier time using other currency wallets.

Ricardo

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