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Setting Up Your Digital Wallet

Posted on June 21st, 2018 by EM Search Consulting

When you invest in a cryptocurrency, your next thought is likely “where am I going to safely store this?” With hard forms of cash, you likely store them in a wallet to keep your money organized, protected and in one place. Similarly, you’ll want to be able to properly store your cryptocurrency once you use our Bitcoin ATM in Los Angeles. Enter: the digital wallet. Here’s what you need to know.

What is It?

Digital wallets are a safe space for your Bitcoin. They are essentially a digital bank account that allows you to store, send and receive Bitcoins to others. Keep in mind that there is a difference between a digital wallet and a paper or physical wallet. Digital wallets are installed on your phone or your computer and utilize the internet in order to connect to the Bitcoin network. Paper or physical wallets are created offline and must be carefully watched; if you lose your paper wallet, you lose your Bitcoin because there is no digital backup.

How to Set It Up

Once you use our Bitcoin ATM in Los Angeles, you will get a receipt with two QR codes. This is a paper wallet that we have created. The top QR code is the public address and the bottom QR code is the private key. The public address allows you to receive Bitcoin while the private key is a secret code that grants you ownership of both your public address and your Bitcoins.

Download the RockItCoin Bitcoin Wallet

There are tons of digital wallets from which to choose, but the RockItCoin Bitcoin Wallet is safe, reliable and syncs to our systems. It is available to download on both iPhone and Android systems. If you have questions about how to use our Bitcoin ATM in Los Angeles, contact us today!