Bitcoin (BTC) is the first and most popular cryptocurrency in the world that has changed the perception of finance and digital assets. However, to work with Bitcoin, every user needs a Bitcoin wallet. In this article, we will thoroughly explain what a Bitcoin wallet is, how to create it, manage it, top it up, transfer funds, withdraw them, as well as how to ensure security and choose the right option for your needs. We will pay special attention to how users of the crypto exchange MEXC can use wallets to work with Bitcoin and other assets.

Common questions about Bitcoin wallets

What is a Bitcoin wallet?

A Bitcoin wallet is software, a device, or a service that allows you to store, send, and receive bitcoins. Technically, bitcoins are not ‘stored’ in a wallet in the usual sense. Instead, the wallet contains private and public keys that provide access to your funds on the Bitcoin blockchain — a decentralized network where all transactions are recorded.

• Public key (or address) is a string of characters that you provide to others to receive BTC. It is similar to a bank account number.
• Private key is a secret code that confirms your ownership of bitcoins and allows you to spend them. Losing your private key means losing access to your funds.

Why do you need a Bitcoin wallet?

A Bitcoin wallet is necessary for:

• Storing BTC and managing them.
• Sending and receiving cryptocurrency.
• Integrating with platforms like the MEXC crypto exchange for trading or investing.

Types of Bitcoin wallets

There are several types of wallets, each suitable for different purposes:

1. Software wallets (Software Wallets):
   • Mobile (for example, Trust Wallet).
   • Desktop (for example, Electrum).
   • Web wallets (for example, built-in wallets on exchanges like MEXC).
2. Hardware wallets (Hardware Wallets): physical devices, such as Ledger or Trezor, for cold storage.
3. Paper wallets: printed private and public keys (outdated but secure method).
4. Custodial wallets: managed by a third party (e.g., MEXC exchange).
5. Non-custodial wallets: the user has full control over the keys.

For MEXC users, the built-in wallet on the platform is a convenient custodial option, but for long-term storage, many prefer non-custodial solutions.

Creation and registration

How to create a Bitcoin wallet?

Creating a Bitcoin wallet depends on its type. Let’s look at the main steps:

Creating a wallet on MEXC

1. Registering on MEXC:
   • Go to the official website MEXC.
   • Click ‘Register’ and choose a method (email or phone number).
   • Fill in the details, confirm the captcha, and agree to the terms.
   • Verify your account through a code sent to your email or phone.
2. Accessing the wallet:
   • After registration, the wallet is automatically created in the ‘Assets’ section on the platform.
   • You will receive an address for topping up BTC without additional actions.

Creating a non-custodial wallet

1. Choosing software:
   • Install an application, such as Electrum (for PC) or Trust Wallet (for phone).
2. Generating keys:
   • The program will create a seed phrase (12-24 words), which is used to restore the wallet.
   • Save the phrase in a safe place (e.g., on paper).
3. Setup:
   • Set a password and get a public address for transactions.

Hardware wallet

1. Purchase a device (Ledger, Trezor).
2. Connect it to your computer and follow the instructions for setup.
3. Write down the seed phrase and keep it offline.

Features of registration on MEXC

MEXC does not require mandatory verification (KYC) for basic use, which simplifies the process. However, for increasing withdrawal limits (over 30 BTC per day), it is recommended to undergo identity verification.

Access and management

How to access the wallet?

• On MEXC: Log in to your account using email/phone and password. For enhanced security, enable two-factor authentication (2FA) via Google Authenticator.
• Non-custodial wallet: Use your seed phrase or private key to log in if you are reinstalling the software.
• Hardware wallet: Connect the device to your computer and enter the PIN code.

Managing the Bitcoin wallet

MEXC offers an intuitive interface, making management easy even for beginners.

Deposits and transfers

Wallet deposit

On MEXC:

1. Go to ‘Assets’ → ‘Deposit’.
2. Select ‘BTC’ and copy the wallet address.
3. Send bitcoins from another wallet or exchange to this address.
4. Wait for network confirmation (typically 10-30 minutes).

Non-custodial wallet:

1. Open the app and find the ‘Receive’ section.
2. Copy the address and use it to transfer BTC.

Transfers between wallets:

• From MEXC to an external wallet:
  1. In the ‘Assets’ section, select ‘Withdraw’.
  2. Specify the recipient’s address and amount.
  3. Confirm the operation via 2FA.
• Between MEXC users:
  1. Use internal transfer by email, phone, or UID without fees.
• From a non-custodial wallet:
  1. Enter the recipient’s address and amount.
  2. Confirm the transaction, considering the network fee.

MEXC supports fast transfers thanks to the high performance of the platform (1.4 million transactions per second).

Withdrawals and fees

How to withdraw bitcoins?

From MEXC

1. Go to ‘Assets’ → ‘Withdraw’.
2. Select BTC, specify the wallet address and amount.
3. Confirm via the 2FA code.
4. Wait for processing (from 24 hours for new accounts to a few minutes for verified ones).

From a non-custodial wallet

1. Specify the recipient’s address and amount.
2. Confirm the transaction by selecting the network fee size.

Fees

MEXC offers some of the lowest fees among major exchanges, making it attractive for active traders.

Verification and security

How to check a transaction?

• Use a blockchain explorer (e.g., Blockchain.com) by entering the address or transaction ID.
• On MEXC, the transaction history is available in the ‘Assets’ → ‘History’ section.

Wallet Security

• On MEXC:
  • Enable 2FA.
  • Use the anti-phishing code.
  • Avoid suspicious links.
• Non-custodial wallets:
  • Keep your seed phrase offline.
  • Do not share your private key.
• Hardware wallets: keep the device in a safe place.

MEXC uses cold storage and multi-layer protection, minimizing hacking risks.

Access Issues

Common issues

1. Lost seed phrase: without it, restoring a non-custodial wallet is impossible.
2. Forgotten password on MEXC: use the recovery function via email.
3. Account Lock: may be related to risk control measures (contact support).

Solutions

• Regularly back up your seed phrase.
• Contact MEXC support via email (service@mexc.com) or tickets.

Choosing a Wallet

How to choose the right wallet?

• For trading: the built-in MEXC wallet is the perfect choice due to its speed and convenience.
• For long-term storage: hardware wallets (Ledger, Trezor).
• For mobility: Trust Wallet or Electrum.

Advantages of MEXC

• Support for over 3000 trading pairs.
• High liquidity.
• No mandatory KYC.

Specific services and software

1. MEXC Wallet: a built-in custodial wallet for spot and futures trading.
2. Trust Wallet: a non-custodial mobile wallet supporting BTC and tokens.
3. Electrum: a lightweight desktop wallet for experienced users.
4. Ledger Nano S/X: a popular hardware wallet.
5. Trezor: another reliable option for cold storage.

Conclusion

A Bitcoin wallet is the key to your digital assets. The choice between custodial solutions like the MEXC wallet and non-custodial ones depends on your goals. MEXC offers easy access, low fees, and high security, making it a great starting point for both beginners and professionals. Start your crypto journey with MEXC and experience the convenience of working with Bitcoin!