[How-To] What is a wallet and why do I need it?

If you are new in the cryptocurrency world there a some things that you will need. One of them is a Wallet.

A wallet is nothing more than a kind of "digital portmonait" where you collect your bitcoins (or other altcoins).

With a wallet you can receive or send bitcoins to your computer (Mac, Windows, Linux).

You can also install a wallet on your smartphone. It is available for all popular systems such as IOS, Windows or Android.

When installing set if you want to create a "new wallet" or "restore an old one".

When you create a new wallet you will get a so-called "Master Seed" consisting of several words.
Mostly there are 12 or 13 word with a free space in between them.

It is very important to write down these 12 words and keep them safe,  because only with this Master Seed you can restore your wallet if your PC  will be broken or you will lose your smartphone.

After you have set up your wallet successfully, you should set a secret pin code under settings to secure your transactions.
This is also a security measure if someone  steels your smartphone and get hands on your wallet.

If you followed the instructions of this post, i can now congratulate you to have installed your first wallet. 

Now you can "recieve" your first bitcoins which were send by a friend or someone other directly to your wallet. All you need to do is to give them your Number.

After you recieved them (bitcoins or other coins) you can "send" to someones number. 

**** Important **** 

!!! NEVER give someone your Private Key !!! -> Keep it safe!

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In this case i used Electrum but there a lot more wallets. Just Google ... ;)

Download Electrum Wallet: here