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 transactions.
Examples: Blink, Aqua, Wallet of Satoshi
Best for: Mobile apps, Quick, daily spending with small amounts.
Recommended Amounts: Under R3,000
Software Wallet (On-chain Wallet)
Purpose: Saving. Holding, sending, and receiving Bitcoin directly on the Bitcoin blockchain. Some software wallets can also run on the Lightning network.
How it works: Runs on a mobile app or computer. You hold your own keys and stay in full control of your Bitcoin.
Examples: BlueWallet , Aqua, Blockstream
Best for: Medium-term savings or occasional use. Not recommended for very large amounts — those are safer in cold storage (see point 3).
Recommended Amounts: Under R50,000
Hardware Wallet (Cold Storage)
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, Trezor
Best for: Long-term savings and maximum security.
Recommended Amounts: Over R50,000
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.