What is a Bitcoin Wallet?
When you create a Happycoins account you will need to give us one of your Bitcoin addresses. In this way we know where to send your purchased bitcoins. This bitcoin address has to be a bitcoin address from your own bitcoin wallet because HappyCoins does not hold on to bitcoins from our clients. You can find your Bitcoin addresses in your Bitcoin wallet. If you don’t have a Bitcoin wallet yet, you’ll need to download one.
Start with a mobile Bitcoin Wallet
Now a days there are many different kind of Bitcoin wallets you can download on your phone or desktop. Are you a Bitcoin novice and do not want to store a substantial amount of bitcoin? Than we advise you strongly to download a simple wallet on your mobile phone. Mobile wallets will automatically synchronize with the Bitcoin network so that installation will be fast and easy. At Happycoins we believe it is important that you keep full control of your bitcoins any time anywhere. That means that we prefer Bitcoin wallets where you are the only owner of your private keys (the codes that validate the ownership of your bitcoins) instead of wallets with third party ownership. In this way no one can freeze your bitcoins. For this reason we advise the Schildbach Bitcoin Wallet for Android or Breadwallet for the iPhone.
Desktop solution for advanced Bitcoin users
If you are a little more advanced as Bitcoin user or want to store a larger amount of bitcoin, you will find Multibit HD for desktop a good solution. This wallet is a “lightweight” client and it is quite easy to set up. It is also a full deterministic Bitcoin wallet. That means that if your original Bitcoin Wallet get “lost”, you only need to remember the seed words of your deterministic wallet to be able to “recover” your Bitcoin addresses and private keys. This last feature makes storage of larger amounts of bitcoins a lot more safe.
Backup your Bitcoin Wallet
Please be aware that you are the only one responsible for the bitcoins stored in your own wallet, so don’t forget to back it up, if you lose your private keys, you lose your money as well. Fortunately the Bitcoin wallets have a backup and/or a deterministic recovery function, so this shouldn’t be a problem. Backup your wallet!