As we continue our Bitcoin Depot Bootcamp, we’ll be discussing the Bitcoin Depot wallet. This Bitcoin wallet, stored within the Bitcoin Depot mobile app, allows you to take your Bitcoin with you everywhere you go.
Not all crypto wallets are created equal, so knowing the features and functionalities of any software you use for Bitcoin storage is essential. Otherwise, you may wind up losing your cryptocurrency, and nobody wants that.
So keep reading as we tell you all you need to know about using the Bitcoin Depot wallet.
Before we get into what the Bitcoin Depot wallet has to offer, let’s start by downloading the Bitcoin Depot app. The app is available through both the Google Play Store and the Apple App Store. Head to the store you prefer and add the app to your smartphone or connected device.
Once you have the Bitcoin Depot app installed, it’s time to check out the Bitcoin Depot wallet.
You have the app, so now it’s time to set up your Bitcoin Depot wallet. Launch the app and look along the bottom of your screen to find a tab labeled “My Wallet.” This is where we’ll begin.
First, click on “Add Wallet,” located above the bottom row of icons. Then choose the type of wallet you want. For simplicity’s sake, we’ll stick with Bitcoin because that’s what you’re going to buy via a Bitcoin Depot ATM, right?
After choosing the type of wallet you want, you’ll decide which fiat currency you want to use. If you’re in the United States, you’ll probably choose USD, which sits right at the top of the list. You’ll select a new name for your Bitcoin Depot wallet when this is complete. Enter the name you want to use in the provided box, then hit the “Next” button.
Now, you’ll confirm all your selections. Validate that everything you’ve selected is accurate, then tap the “Confirm” button at the bottom. Congratulations! You now have a Bitcoin wallet.
When you’re ready to buy Bitcoin through a Bitcoin Depot ATM or have someone send Bitcoin to your wallet, you’ll need to find your wallet address. This is the address used to identify your wallet. It’s a long string of alphanumeric characters, so always double-check that the address is correct before you send or receive Bitcoin.
At the bottom of the Bitcoin Depot app, you’ll see a “Send” icon. Click on that, and you’ll see a screen with a huge QR code and your wallet address below it. You can use either to receive Bitcoin. Either have the sender scan your QR code or copy the wallet address and paste it into a message for the sender. Remember to check that it’s accurate, so the Bitcoin arrives in the correct wallet.
If you’ve created more than one wallet, you can find the one you want to use from the dropdown located above the QR code.
To send Bitcoin, find the icon at the bottom of the app labeled “Send.” Choose the wallet you want to send from by clicking on the dropdown menu. If you only have one, your wallet should show as the default.
Just like with receiving Bitcoin, you’ll have two options to send. You can either paste the address in manually or scan a QR code. To enter the address manually, click on the “Enter” icon and paste the address into the empty field. Confirm it’s accurate, then hit “Submit.”
To use a QR code, click on the “Scan” icon, then use your camera to scan the QR code. You might need to give the app permission to use your camera. Again, be sure you’re sending the Bitcoin to the right address. Once you confirm the address, click submit, and your funds will be sent.
As you can see, there’s not much to the Bitcoin Depot wallet. This makes it the perfect wallet if you’re just starting out in the world of Bitcoin. The Bitcoin Depot Wallet is non-custodial, which means you’re in charge of your funds, where they go, and how they’re stored.
When you use the Bitcoin Depot wallet, you won’t deal with a lot of complex features like exchanges, staking, or NFTs. It’s simple and effective and gets the job done. What more could you ask for?