Setting Up a Wallet
I am a believer in having a non-custodial cryptocurrency wallet – a software wallet that allows you to own your keys and set the priority of each payment. If you don’t own your keys, you don’t own your crypto. Using exchange hosted wallets like BTC.com, Coinbase, and other doesn’t let you set your payment priority either, so the fees associated with an exchange-based wallet can cost as much as 50 times more than a noncustodial wallet.
I typically recommend an Open Source wallet. Copay are Bitpay are favorite software wallets of mine, but recently Copay started requiring users to set up a backup password phrase. It is smart to backup your wallet. Its also important to show people how easy using Bitcoin is.
My Position – A wallet that has less than $5.00 should not require a back-up.
Download and Install A Wallet to Your Phone
Brd Wallet The BRD wallet – pronounced like bread. Is a quick download, gives you four useable wallets right away, has an intelligent mining fee policy and does not force you to generate a backup (paper wallet) before you use it. BRD is my currentn favorite wallet.
Copay Wallet Integrates seamlessly with Coinbase, Guildera, and ShapeShift
Bitpay Wallet Copay plus integration with Bitpay’s Visa Debit Card
Airbitz/ Edge Wallet Lots of people like this wallet. It is easy to use and includes a directory to find locations to spend or buy crypto. Unfortunately for me, I send about 100 people $.50 in bitcoin every week and many of those times this wallet seems to consider that ‘dust.’ So it does not let me send the funds. It may work for you and the directory is cool.
Why I Wrote this Post
Up until the latest Copay release, a newbie could be up and running with a wallet in one minute (over cell data, not wifi). Now it takes three minutes and the individual has to write down the phrase someplace safe (right – in a bar, that’s a napkin.) It may not seem like it, but in 30 minutes I used to be able to send 30 people their first Bitcoin. Now it’s 10 people (sad face).
BRD changed all that! Now I can get BTC to 30 people again. Thank you BRD wallet.
If you are coming to one of my talks and would like some Bitcoin for your first transaction, please install a non-custodial wallet ahead of time. If you approach me early, I might give you a little extra so you can share.