How to make a bitcoin wallet?

How do you install Munn Wallet on your phone

In the next article we will present you how to install Munn Wallet on your mobile phone. This application can be installed both on devices with Android operating system and those running iOS.

Munn Wallet is not an application developed by Abarai. The purpose of this article is purely informative for users who want to install a bitcoin wallet. We do not respond for any problems you have with this application, nor can we provide technical support on it.

If you already have a bitcoin wallet and want to buy or sell Bitcoin, you can use Abarai services. The platform that gives you multiple payment methods and multiple currencies (RON, EUR, USD, GBP, CHF). Our service is the fastest Crypto Exchange in Romania. There is no need to account, and the commissions are small compared to other similar services.

Steps to be fulfilled for a new Bitcoin Wallet:

1. Download the app from the App Store or Google Play .

2. It creates a new wallet - "created a New Wallet".

3. Choose a PIN to remember, with this PIN you will authenticate in the application later.

4. Confirm the PIN code chosen in the previous stage (enter the same code that you entered in Step 3).

   

5. Congrats! You have created your bitcoin wallet , now you can receive or send bitcoin.

6. The next step is to create a wallet recovery method. If you lose your phone or encounter other problems you will be able to recover the funds. Under the "Receive" and "Send" buttons press on the "back-up your waylet".

   

    

7. Create a method by which you can recover your wallet if you change your phone or install the app on another device.

8. We recommend that you do not use the email address for back-up because if you are the victim of a cyber attack, you risk losing access to the wallet.

9. The next way is to write a string of words on a sheet of paper that will use you when you want to recover your wallet.

10. It confirms the words written on the sheet in the previous step, and the sheet keeps it in a safe place.

Why is it important to have your own bitcoin wallet?

The concept of "Self-Custody", in translation, own custody, refers to the process of storing your cryptocurrencies alone. You are the only one who has access to private keys. Only you have access to the string of words with which the wallet can be recovered.

The difference between self-customs Wallet and Crypto Exchange?

Self-Custody or Non-Custodial Wallet

If you use a Self-Custody type wallet, only you can initiate a transaction or do operations on the wallet. Only the one who owns the private keys can control the funds.

We recommend that you keep the "Seed Words" recovery words on a sheet, in a safe place, in no case in a public place or in a place where there is a risk of confusing it with other documents. The sheet must be kept like an important document, for example the birth certificate.

Crypto Exchange Wallet

When you store cryptocurrencies on a cryptocurrency exchange such as binance or crypto.com , you need to be aware that you are not in control of your funds. The Exchange platform controls your funds.

When you create an account on such a platform, you receive a deposit address. The address is controlled by the Exchange platform. If you want to withdraw cryptocurrencies or funds from the platform, you must ask for approval, so that your transaction initially enters "pending", and then, after the agreement on the platform, you can withdraw cryptocurrencies or money.

In case the respective Exchange wants to freeze your funds for various reasons, they have the opportunity because they control your cryptocurrency Wallet.

Advantages of using a Self-Custodial or Non-Custodial Wallet wallet

• Complete control over your funds : You are the only one who can control your funds, private keys are stored on your own device and not on the servers of an exchange platform.

• Increased security crypto.com Exchange platform

• Confidentiality and anonymity: On an Exchange platform, each transaction is associated with your user and the event is kept on the platform servers. For example, you cannot send money to your brother or cousin on an exchange platform without the transaction being recorded as yours.

• Financial independence : Users can at any time make transactions without taking into account the financial policies and availability of an exchange platform, and even more they can trade regardless of the state policies where it is.

Disadvantages of using a custodial cryptocurrency exchange

• Security risk : The cryptocurrency exchange stores your funds and for this reason, your funds are much more vulnerable. Exchanges are among the favorite targets among hackers, because they store large amounts of money, and they have many vulnerabilities.

• The risk of insolvency of the Exchange : If a custodial exchange goes bankrupt or becomes insolvent, users may not recover their funds. The legal procedures can be long and complicated. Although some exchanges claim that they have insurance on all funds, in reality it can take years or even not get the money back in an event like insolvency/computer attack.

• Limitations on withdrawals : Some exchanges may impose limits to withdrawals or even freezes funds in accounts. Especially in situations of financial or legal uncertainty. I can ask for additional documents to put the user in difficulty, thus delaying access to funds.

• More severe government regulations : Custodian exchanges are subject to much more severe compliance regulations and compliance with non-customs. This is due to the fact that they are digital wallet suppliers and have much greater responsibilities compared to a non-Custodial exchange, which only realize the effective exchange and do not store the customer funds.

If you want to know more about the Munn Wallet app or you have questions about the application functionality, please access the Munn Wallet website .

Learn more about Bitcoin on Wikipedia or the official website https://bitcoin.org/en/