Get a Bitcoin wallet
A Bitcoin wallet is like your digital purse—it’s where you store, send, and receive Bitcoin.
But here’s the important part: you are the bank now. That means you are responsible for keeping your Bitcoin safe.
If you lose your wallet password or recovery phrase, no one can reset it for you. Keep a secure backup and never share your details with anyone.
There are 3 main types of Bitcoin wallets:
Spending Wallet
Purpose: Everyday use – fast, small payments like buying coffee or paying at local shops.
How it works: Uses the Lightning Network, a second-layer technology that allows instant and low-fee Bitcoin transaction
Examples: Blink, Aqua, Wallet of Satoshi
Best for: Quick, daily spending with small amounts (under R3000) of Bitcoin.
Software Wallet (On-chain Wallet)
Purpose: Holding, sending, and receiving Bitcoin directly on the Bitcoin blockchain.
How it works: Runs on your phone or computer, storing your private keys securely.
Examples: BlueWallet (on-chain), Aqua, Blockstream
Best for: Storing medium amounts (under R50 000), savings, or occasional use. Gives you full control over your Bitcoin.
Hardware Wallet
Purpose: Long-term, secure storage. Think of it like a digital safe..
How it works: A physical device that stores your private keys offline, making it nearly immune to online threats.
Examples: Jade
Best for: Larger amounts (over R50 000). Long-term savings (“cold storage”) and maximum security.
Quick (but essential) Tip:
Always back up your wallet’s recovery phrase (12 words) —it’s the only way to recover your Bitcoin if you lose your device.