How to Open A Bitcoin Wallet (For Beginners)

How To Find And Share Your Wallet Address

When you buy bitcoin on any exchange platform, or someone wants to send you Bitcoin, you need a Bitcoin wallet to receive it. You can think of it as the virtual equivalent of your physical wallet, where you store your cash and IDs. However, a Bitcoin wallet is a digital wallet explicitly designed to hold bitcoin. Be careful not to send any other form of cryptocurrency that isn’t bitcoin to your bitcoin wallet may lead to you losing that cryptocurrency.

A Bitcoin wallet is like a vault. Protected by cryptographic codes, your Bitcoin wallet is encrypted, so your funds are only accessible to you. Unlike a physical wallet that, once stolen, its contents are compromised, your Bitcoin wallet is only accessible when you unlock it with what is known as a Private Key. 

Each wallet has a unique address known as your Wallet Address. Friends, family or customers can send Bitcoin to you with this address. Your Bitcoin wallet is smart – it records all your bitcoin transactions. The wallet page shows you a record of all the bitcoins you have sent into your wallet. Here’s how to find and share your bitcoin wallet:

1. Sign in to your Yellow Card account
2. Select Bitcoin
3. Select Trade
4. Click on Receive
5. A dialogue box will appear with a QR code.  Right underneath the QR code, you will see your BTC Wallet Address.
6. Tap to copy your wallet address and share it with your friends or colleagues. Alternatively, if the person sending you BTC is close, they can scan the QR code.

You can use your Bitcoin wallet to send and receive bitcoin. However, you need to top up your wallet with bitcoin before you can send it to another. Here’s how to send BTC with your wallet: 

• Log in to your Yellow Card account. 
• Select Bitcoin from the list of supported cryptocurrencies
• Select “Send” and choose a destination to send Bitcoin to:
• Select “To Wallet Address” if you have the recipient’s wallet address. This option is great if the recipient uses another wallet other than Yellow Card.
• Select “To Phone number” or “To Email address” to instantly send Bitcoin to other Yellow Card users. You should see the user’s name if they are a valid Yellow Card user. These options are free and do not require a blockchain fee