As cryptocurrency grows, new adopters follow. At BitShield, we want to welcome new users and provide them the tools to make the most of the BitShield and cryptocurrency ecosystems.
This article covers topics relevant to new wallet users, such as the basics of BitShield and how to send and receive cryptocurrency. These topics are explained in simple language with links to helpful articles for getting started with the BitShield wallet.
Bitcoin is a digital currency that has many of the same characteristics as cash. However, bitcoin is much more secure than paper money. With bitcoin, you can send money over the internet directly to another person without a middleman.
Here are the important features of Bitcoin:
1) Secure: You own your bitcoin by keeping track of a private key. It's a digital signature that no one can forge or fake. Because you're the only one who owns your private key, there is no reset or recovery. You have total control and total responsibility over your funds.
2) Fast: Instead of entering all of your personal information when you buy something with bitcoin, usually all you need to do is scan a QR code or copy and paste a receiving address to pay. Then, with a swipe or the press of a button, you can send funds to anyone anywhere in the world in minutes.
3) Pseudonymous: Transactions, addresses, and wallets are not connected to real-world identities. While it is possible to analyze the flow of transactions in order to make inferences about the owners of funds, there is no such thing as a bitcoin ‘account’.
4) Global: Bitcoin is not owned or controlled by any single entity, which makes it a borderless technology. Anyone can send any amount of bitcoin anywhere, anytime, for minimal transaction fees.
5.) Irreversible: After confirmation, a transaction cannot be reversed. Bitcoin is a uniquely secure payment method which eliminates chargeback risks.
BitShield is a cryptocurrency wallet which offers individuals the ability to receive and send blockchain payments. However, BitShield wallet is not an exchange, and we do not offer the service of buying and selling cryptocurrency.
The BitShield wallet
The BitShield wallet is an application that allows you to easily manage your blockchain finances in a secure way. We have carefully designed this app for new users, without hiding important information or removing powerful features.
Here are some of the top advantages of the BitShield wallet:
The wallet ID allows you to verify
wallet balance, without
revealing any personal information
or public address.
Commonly used as proof of funds, and validating existing assets. It is also used in contracts which allow individuals to determine possession of the assets, and you are not obligated to disclose your public addresses where you hold your coins.
Wallet ID is linked with your xPub address. The xPub and wallet ID are stored in our servers with multisignature (multisig) encrypted keys pair, which is generated by hardware. It means, even We can't access to your xPub in any way.
Wallet ID can be found in "Settings" page in your app, by simple tap on "Settings" icon on top left corner.What is an Xpub? Every child key pair generated can define an XPub (Extended Public Key). As the name suggests, an Xpub doesn’t contain information about private keys, but only public ones. This means that an Xpub will not give you access to the funds in a wallet, but it can be used to view the child wallet’s addresses, transactions, and balances. You can think of it as a read-only view of a wallet. Although the Xpub doesn’t give you spending abilities, only the possibility to view a wallet’s information.
- Non-Custodial. You own your wallet private keys. Unlike Coinbase and other custodial services, you are in control of your wallet and the funds within. BitShield has no access to your wallet. (BitShield doesn't provide online wallet accounts. )
- Get real security by using a real wallet. Advanced security features implemented, to keep your transactions private your identity masked, and your funds secured. App PIN provide additional security to your device and funds. When you create a PIN, a random 256 bit AES password is created and used to encrypt your mnemonics and store them on your device in encrypted form. Without PIN, you can't access to your app. Only way to retrieve your funds is 12 secret phrases.
With the BitShield wallet you can:
- Store funds in Bitcoin (BTC).
- Send and receive Bitcoin (BTC).
However, there are some things you cannot do with any true crypto wallet, including the BitShield wallet:
- Store fiat money (USD, EUR, JPY, etc). In a true wallet you store cryptocurrency.
- Send funds directly to bank accounts.
- Store crypto other than those supported. If you want to use other cryptocurrencies, you will need a wallet app for that currency.
First: Install the BitShield app
- Begin by installing the BitShield wallet.
Second: Create a wallet
- If you are new to the crypto world, you will need to create a cryptocurrency wallet by simple starting your application and entering your first PIN .
- If you already own a wallet and have its 12-word recovery phrase, you might want to import the wallet on the BitShield app to start managing your funds.
Third: Back up your wallet
The last step in setting up your wallet is to back the wallet up. This step is extremely important:
- First, you must navigate to settings page by pressing settings icon in top left corner, and select option "Backup Wallet".
- Second, you must write down the recovery phrase and store it securely. If you do not, you will have no way to recover the wallet and you could lose the wallet and all your funds. There is no way to recover the wallet if you do not have the recovery phrase. BitShield cannot recover your wallet or your phrase for you.
Loading the wallet with funds
To load your wallet, you need to have cryptocurrency either in another wallet or on an exchange. If you do not have funds, you can purchase cryptocurrency on an exchange that operates in your country.
To purchase cryptocurrency on an exchange, you will likely need to use a bank account as the payment method. Most exchanges do not allow you to use credit cards to buy cryptocurrency.
For most exchanges, the process will be:
- Create an account on the exchange.
- Register a payment method.
- Buy cryptocurrency.
- Send the funds to your BitShield wallet.
If you have funds on an exchange you can move them to your BitShield wallet.
Sending and Receiving Funds
Send and receive funds is simple and easy, you have 2 navigation icons in bottom navigation bar, "Receive" and "Send".
Because transactions are not reversible, we strongly recommend caution when sending and receiving funds.
Simply tap on "Send" icon in bottom navigation bar, enter desired amount. Double check the destination address with the receiver. When entering the address, either scan or copy and paste it- do not type it in. Tap on "Send" button.
Before giving your address to others who want to send you funds, simply tap on "Receive" icon in bottom navigation bar, receiving address and QR will be displayed. When sharing the address, either let the sender scan it or copy and paste the address- do not type it in.
Cashing your money out
If you have funds in your wallet and want to cash them out, you will need to sell your crypto through an exchange. BitShield does not provide exchange services.
For most exchanges, the process will be:
- Look for an exchange that operates in your country.
- Create an account. (Requirements, screening processes, and conditions can vary for each exchange.)
- Register a payment method to receive funds.
- Send your cryptocurrency to the exchange.
- Sell the cryptocurrency.
- Withdraw the funds from the exchange and receive local currency in your bank account.