Creating a Bitcoin wallet: the first ten minutes decide who has access

Select what genuinely interests you. Your picks feed directly into our editorial planning. Weekly. 60 seconds. Carefully curated by our editors: no hype, no promo flood, no spam. A Bitcoin wallet is set up in ten minutes, and that is exactly where the danger lies. The app asks for a password, shows twelve words, lets you tick a box, and the first receiving address is already there. Skip a step in those ten minutes and you often notice months later, when the phone is broken and nobody can reach the coins any more. This guide works through the setup in the order in which it happens, and says at every point what goes wrong if you cut it short.

First reported by CryptoTicker.io. This page is a short excerpt; the full text is theirs.