Setting Up a Bitcoin Wallet for Use with a Bitcoin ATM

by | Feb 11, 2019 | Financial Services

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So, you’ve made the decision to invest in the best-known cryptocurrency in the world, Bitcoin. You want to visit a Bitcoin ATM in Indianapolis and purchase your first Bitcoin, but then realize you don’t have a wallet for your cryptocurrency. A wallet is basically a bank account except that it is used for your Bitcoin. You can receive Bitcoin into your wallet, store them there, and send them to other people.

Types of Bitcoin Wallets

The two most commonly used sorts of Bitcoin wallets are digital wallets and paper wallets. With a digital or web wallet, you install the wallet onto your smartphone, tablet, or computer and are provided with a connection to the Bitcoin network. On the other hand, a physical or paper wallet is created offline. Keep in mind that a paper wallet has no backup available online. That means if you lose the wallet, the Bitcoin contained in it are gone forever.

ATM Bitcoin Wallets

When you visit a Bitcoin ATM in Indianapolis, you are likely going to be provided with a receipt that includes two QR codes. That receipt it itself is a paper wallet that is created and given to you. The QR codes include a public address, along with a private key. When using a RockItCoin ATM, the top code is your public address while the bottom one is your private key.

Addresses & Keys

The key that you get is essentially a secret code which provides you with ownership of the public address in the other QR code and the Bitcoin you purchased. Each address you have matches with a private key saved in the wallet of the person who has ownership of the balance. The key is related to mathematics and the address and designed to make it easier to determine the Bitcoin address from the key, but the reverse cannot be done.

The Bitcoin address is an identifier that allows you the ability to receive the cryptocurrency. Just like you can send money to an email address with PayPal, you can send Bitcoin with a Bitcoin address.

At this point, you know what you need to know to create and use a wallet, so visiting a Bitcoin ATM is a great next step. You can check out our website to find the nearest ATM and start the process.

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