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Setting Up a Bitcoins Wallet

There are several places where you can get a Bitcoin Wallet for the purpose of this explanation we will use one that is easy to set up. You can set up your bitcoin account in two ways:

For Windows, Mac and Linux use:

The Windows version v0.5.16 is compatible with Windows 2000 to Windows 8.1

For your Android Phone or Tablet:

Both of these are Apps that are lightweight to run on your devices.

Follow the on screen instructions to download and install your bitcoin wallet.

Follow the instructions on the interface to install and set up your Multibit wallet.

Once installed the Welcome screen above will be shown.

Getting Started

Your first step is to add a password to your wallet. Adding a password just makes your account more secure, but is not mandatory. To create your password go to:

File - Add Password in the menu options

Your password should be at least 14 characters long, use a password generator such as Lastpass to generate your password for you. Copy your password into a safe place. Without it, you cannot spend your Bitcoin.

You may want to save a copy of your wallet to a USB device as a backup. Make sure you are running a good antivirus software on your computer. If your computer gets hacked your Bitcoin Wallet could be compromised. It is not possible to retrieve your password and if you do lose or forget it, you run the risk of losing all of your bitcoins.

You may wish to set up a 2 step authentication process. This is where an outside source sends you a code to your Smartphone and verifies that you own the account.