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Tuesday, October 4, 2022

How To Create a Bitcoin Wallet

We have our wallets software installed which is electronic in this lecture I’m gonna show you how to create our first wallet. So I’m here at tails and I’m gonna double click the electronic icon. As you know we. We put this in persistent now because this is the first time we run it. 

And because we haven’t created a wallet as you can see by default it’s showing us a wizard to create a new wallet. So the first thing you want to do is like the name of the wallet that you want to create. In my case, I’m going to call a John wake wallet and I’m going to click on Next. And now it’s asking us what type of wallet do we want to create by default.

This is set to a standard wallet. And this is what we’re going to create the wallet with two-factor authentication allows you to create a wallet that uses three keys two of which are stored on this computer. And the third is stored on a remote device. 

And in order to log into this wallet and use it, you’ll need to use a device with Google Authenticator. Now, this obviously increases security but it jeopardizes our privacy because as we know Google isn’t great when it comes to privacy.

Therefore this would be a good option if you want to be secure and you don’t care about privacy but if you want to be anonymous then a standard wallet is a better option than this. You can also create a multi-signature wallet. This is basically a wallet that uses two other separate wallets installed on two separate machines. Again it increases security and because it doesn’t require Google Authenticator it won’t jeopardize our privacy. 

But like I said in order to do this you will need to set up two machines and use these two machines to authenticate and use this wallet. The last option will allow us to import Bitcoin addresses or private keys as the option suggests. So we’re keeping this at standard wallet. We’re going to click on Next. 

Now it’s asking us whether we want to create a new seed or a new wallet or restore an existing wallet. A seed is a string of text that can be used to restore a wallet. So if you already have a wallet on a different computer that you removed or if you already have a wallet that you want to use on this computer then you would select the second option.

I already have a seat. If you’re creating a new wallet from scratch you’re not restoring anything you’re going to keep this at creating a new seed and you’ll see in the next window we will get a seed which we can use to log into our wallet or restore it on multiple computers. 

You can also use a key or a hardware device to again restore a wallet and use it in this computer. But like I said we don’t have a wallet. We want to create a new wallet. So we’re keeping this at the first option and we’re going to click on Next. Next is going to ask us about the C type. We’re going to keep this at the SEC.

This is much more secure than the legacy. But as the note suggests in here this might not work with all Web sites and right here as you can see we have our seed. So like I said the seed is a string of text that we can use to log in to this wallet. So this is very dangerous. You’re not supposed to share this with anybody. If anyone sees this text they’ll be able to log into your wallet. 

So that’s why you have all the notes in here telling you never store this electronically. You should keep it on a piece of paper or try to just memorize it because if anybody sees this string of text they’ll be able to log into your wallet and use your money transfer money or receive money now this is very useful for us if we keep it private because we can use this text to log in to our wallet from different computers or even if we remove tales from here and reinstall it on a completely different USB stick. 

All we have to do is start the electron instead of choosing to create a new seat. We’re going to say we’re going to restore from an existing seat put this text and you’ll be good to go you’ll be able to log into your wallet and you won’t lose any money. 

So right now I’m going to copy this and I’m going to put it in a text editor. Now I know it’s said Don’t do this but I’m going to do it anyway for the sake of this video. And we’re going to click on Next. And in the next window, it’s literally asking you to paste the seed in here just to make sure that you actually stored it somewhere and you remember it.

So I’m going to go here. I’m going to select all copied and pasted here and we’re going to click on Next. Now it’s going to ask you to choose a password to encrypt your wallet again use a long and strong password and we’re going to keep this option checked to encrypt the wallet file that will be stored on this computer. I’m going to click on next and that’s it. 

Our wallet is set now as you can see here the main thing you want to check is the balance. As you can see we have zero micro bitcoins because we haven’t really transferred anything in here. This is our balance. You can also see here the blue circle. Now, this circle will be red. If you’re not connected it will be green. If you’re connected directly and it’ll be blue if you’re connected over the Tor network. 

So electoral is just software that you can install on any operating system and you can see that if you install this on any other operating system other than tables and create a new wallet you’ll see this circle right here will be green, not blue because you’ll be connected directly through the clear net but because this is blue in here we know that we are more anonymous and more private because we’re connecting using Tor.

So we can rest assured that all the traffic that is sent to us from electrons is going through the Tor network first. Now you can also see in here we’re already by default in the history tab where you can see all your transactions. 

Again I have nothing because I haven’t done any transactions. You can use the receive tab to get your receiving address and you’re receiving QR code you can use these you can share them with anybody that you want to receive money from. 

And they will be going to their sent up and they will either use your receive address or use your QR code to send money to you. And that’s pretty much it. So now we have our wallet. And as you can see electron is a very simple program that is easy to use.

Don’t worry too much about using it. We are going to use it more in the next lectures and you’ll get very comfortable with it because as you can see it’s simple enough.

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