Getting started with bitcoin

Hey there, welcome to getting started with bitcoin!

I find the best way to do things is to jump right in, show you how simple it is to actually get started and work backwards to understand what goes on behind the scenes.  

So here, we are going to get you setup with an open source, trusted bitcoin wallet in under a few minutes, and then explain why we chose what we did.

First, head over to https://muun.com/ and install munn wallet on your favorite mobile device (App Store or Google Play).

Next, open the wallet and select a 4 digit pin, that you will use in the future to log into the app from your phone.

Done, you now have a bitcoin (with lightning), non custodial wallet on your phone. You can now send and receive bitcoin, transacting with anyone in the world.

Answering Questions

Now you may have a few questions, and I will try and cover them here. We will assume you understand what bitcoin is on the most basic level. But what is lightning? What is a non custodial wallet, and why is this important? The install was so simple, do I need to create a backup? What if I lose my phone?

Lets take those questions and answer them one by one.

What is lightning? The Lightning Network is a second layer payment protocol layered on top of bitcoin. It allows you to move your bitcoin almost instantly, and free. This makes bitcoin useful for micro payments, allowing you to send and receive payments as small as a single cent or less. Lightning is being rolled out across many bitcoin wallets, making it simple and free to transact with bitcoin.

The munn wallet allows you to switch between native bitcoin and bitcoin on the lightning network seamlessly. Simple select the receive button and you can see both your bitcoin, and switch between bitcoin and lightning with the selection of the top tab.

What is a non custodial wallet? There is a saying in the bitcoin community, "Not your keys, not your coins". What sets bitcoin apart from other financial assets, is the fact that bitcoin is the only asset in the world where you can have full control and ownership. "Be your own bank" is another common saying in the bitcoin community, because bitcoin actually makes that possible. Simply put, non-custodial means that you, and only you, have access to your bitcoin. There is no third party, or company that has access to your bitcoin.

What if I lose my phone? Munn wallet makes creating a backup, very simple. Simply go to the security tab, and select to backup your wallet with an email address and password. If you lose your device, or wish to sign into your wallet from another device, you simply download the wallet again on the new device, then login with the created email address and password. Once restored, all your funds, and activity will be restored as well.

While most other bitcoin wallets use a Mnemonic (also know as a seed phrase) Munn has created its own very simple backup and restore process. This is partly due to the fact that  Munn uses lightning interchangeably directly from inside the wallet, a first of its kind, creating an even more user friendly experience.  

Lastly it is important to note, Munn is a hot wallet. Hot wallets are wallets that are used to store funds for day to day transactions. The are called hot wallets, because they are connected to the internet, and as with all things connected to the internet, less secure then wallets stored offline. That said, Munn is not recommended to store very large amounts of funds. Large amounts of funds should be stored in a cold (offline) wallet.

Other Recommended Bitcoin Wallets

• Electrum - Another free, and fully open source desktop and mobile with lightning support. Electrum allows for a more complex multi-sig wallet setup, along with cold storage options.
• Ledger - The Ledger is a hardware wallet, allowing you to secure your bitcoin offline and away from the internet. Unlike with the above software wallets, a hardware wallet is a speical wallet you must buy, but is highly recommended for those who store large amounts of their wealth in bitcoin.

Electrum was my first bitcoin wallet, it is lightweight, simple to use, yet powerful, with more complex options if you wish to use them. Electrum allows you to take full control of bitcoin, to learn more about getting started with Electrum click here.

The Ledger wallet is a favorite among the bitcoin community, as it allows you to hold your bitcoin in a secure wallet away from your computer or mobile device. The bitcoin stored on your ledger never access the internet directly, making it nearly impossible for your bitcoin to become stolen through a hack or security issue. To learn more about how the ledger works, follow this link here.

Personal notes

Let me know if you found this post helpful on getting started with bitcoin. I believe the best way to learn is with the hands on approach. The goal is to make every post on this site as hands on as possible.

If you followed the setup directions above, paste in your lighting address and we will send you a few sats. Then you can pass them on as you show others how easy it is to setup their first bitcoin wallet as well.