Setting Up Your First Wallet

Setting up a self-custodial mobile wallet takes about five minutes. Here’s what the process looks like.

First, choose a wallet app. A few well-regarded options for mobile: Muun and Blockstream Green for beginners — both free, widely available, and straightforward to set up. Phoenix is another solid option though availability varies by country. All are free to download.

Once you open the app, it will generate a new wallet for you. Before anything else, it will show you your seed phrase — the 12 or 24 words mentioned yesterday. This is the most important moment in the setup.

Write the words down. In order. On paper. Right now, before you do anything else. Confirm them when the app asks. Store that paper somewhere safe.

After that, the wallet generates your Bitcoin address — a long string of letters and numbers that looks something like bc1q…xyz. This is your public address. It’s like your account number. You give this to anyone who wants to send you Bitcoin.

Your private key and seed phrase stay hidden inside the wallet. You never share those.

That’s the core setup. You now have:
– A seed phrase written down safely
– A Bitcoin address you can share to receive
– A wallet that you — and only you — control

Most people find the setup simpler than expected. The philosophy behind it takes longer to absorb than the technical steps.

Tomorrow: how receiving Bitcoin actually works.

— The Daily Bit