A Step-By-Step Guide To Get A Bitcoin Wallet From Bitcoin.co.uk Using Multibit
Update – August 2017, the developers have withdrawn support for this excellent wallet. They did it at the same time as I was writing this article, which is a bit of a kick in the conkers. At the moment, there is no indication as to if another developer will step in. Take a look at the Multibit homepage and decide for yourself if you wish to use the wallet. You should also try their FAQ on Bitcoin because it is very good.
Start by visiting the Bitcoin.co.uk website. Bitcoin.co.uk is a subsidiary of Bitcoin.com.au. They have also partnered up with Dominet Digital and Simplex payment gateway. On the Bitcoin.com.au website or the Bitcoin.co.uk website, there is plenty to learn and plenty to do on the website, but we are only interested in the Multibit HD wallet for now, so click on the link that takes you to the Bitcoin wallet section.
You will find yourself on the Bitcoin.co.uk wallet page. You are given the choice of having a mobile wallet where the software is downloaded and installed on your phone. The next option is the desktop software where the software is downloaded and installed on your desktop computer. Then there is cold storage, which we are not getting into in this article. The desktop software gives you most of the benefits of the mobile version and many of the benefits of the cold storage solution, so I chose the Desktop version of the software.
After clicking on that link, I found myself on the setup page. It explains how to set up your desktop wallet. On that page, there are three links. One for Apple devices, one for Windows systems and one for Linux systems. My computer is a Windows device, so I clicked that link as shown in the image below.
It took me to the download page. As you can see on the screenshot below, the download page starts the download on its own. You can click to run, but I wanted to download the file to allow my virus checkers to scan it.
As you can see on the image below. I downloaded the file onto my computer and scanned it with my virus checkers. Once happy, I double clicked it to run the program.
After double clicking, the loading bar came up. You can see the loading bar in the image below. My computer also asked me if I would like to allow Multibit to make changes to my computers. That part is not pictured. I clicked yes to allow Multibit to make changes to my computer.
The setup wizard appears next. I clicked on the “Next” button.
I allowed it to install in the default place, which was in my program files. It says you should select a destination for your MultiBit HD to be installed, but you can usually install it where the program suggests.
In the next section, it asks about your Start folder. You will see two boxes that are already ticked. You will see a back button, a next button and a cancel button. You can see what it looks like in the image below.
On my version, I unticked the button that said, “Create shortcuts for all users.” You can do the same if you wish. If you don’t want MultiBit to appear on your Start menu, then untick the box for that too. When you are done with this part, click the next button at the bottom.
After clicking “Next,” you will see the program install. You will see the bar fill up with green as it installs. After installing, you will see the MultiBit HD icon appear on your desktop. The image below shows the installer while it is installing, and to the right of that you are able to see the Mutlibit HD logo for 2017.
Once it has completed installing, you will see the popup shown on the image below. It says, “Select the file associations you want to create; clear the file associations you do not want to create. Click Next when you are ready to continue.” Take a look at the image below before I continue.
The image above shows one of the final stages of the MultiBit HD installation process. What really grinds my gears is that I didn’t want to click to agree to something before knowing what it was or what it meant. I read article after article, and I watched video after video, and nobody even mentioned it. People just clicked next without bothering to explain why and/or without bothering to care. I had to go to a Japanese website to find out what this bloody function does!!!
This is the web page http://archive.fo/362b5 that told me what the file associations bit meant.
The file associations bit, the function in the picture above, is asking you if you want to set your default Bitcoin software to Multibit. If you leave the box checked, then Multibit HD will be opened if you click on a Bitcoin payment link on a website. Multibit HD will be be used if you open a payment file (extension.bitcoinpaymentrequest).
Think of it like this: if you download a video player, it often asks if it may be your default player. That means that if you click on a video file on your computer, then that video player is the one that plays. If you click a Bitcoin payment link on a website or if you open a payment file, then Multibit HD will be triggered. If you are planning on using more than one wallet, then maybe consider unchecking this box. Finally, click the “Next” button to take you to the next section.
Your installation is now complete. Click the finish button and your wallet software is now on your computer.
How To Create Your Wallet With MultiBit HD
Now that you have the program installed on your desktop computer, you need to set up your wallet. The process isn’t very different if you have installed the mobile version instead. Double click on the desktop icon or the Start menu icon. You will see the loading screen.
At this point, one of your virus checkers may kick in. My Norton kicked in. I have shown a screenshot image of it below. Since this was the first time I was using the software, I selected the “Allow in this instance” option. As-and-when I feel like I can trust the software fully, I will select the “Always allow.” If I select “Allow in this instance” or “Always allow,” then my Norton firewall allows the Multibit HD send and receive signals through my Internet connection.
The first screen to pop up is the language screen. If you are living in the US, then you may leave it on the default for US English. There are other language options if you do not prefer the US English option. You have to click the next button when you have chosen your language.
Another screen pops up asking you to attach a hardware wallet. Some people use small devices as wallets. They have extra encryptions and safeguards that helps to better protect your digital currency. I am not using a hardware wallet, so I just clicked next.
You are now given the option of creating your wallet. Select the ”I want to create a new wallet” option, and click the next button. Creating your new wallet is similar to creating a bank account except that you do not have to pass a credit check, nor do you have to enter personal information.
Next comes the wallet preparation screen. I strongly suggest that you read what it says below, and you read what it says when you install Multibit yourself and you create your wallet.
The next screen asks you to select a backup location. There are tens and maybe hundreds of different cloud services that you may use with Multibit. You do not have to stick to the three they suggest. I do not have a cloud account, so I had to go to DropBox and get a free one. As you can see by the image below, all you have to do is enter your full name, your email address and your new password, and you may join for free. You get 2GB of free space with Dropbox, which is more than enough for your Multibit HD wallet backup. You will have to download and install the Dropbox app if you wish to use their cloud services for free. The basic subscription is the one that gives you free storage space.
In the image below, you can see the Multibit screen that asks for your cloud location. It asks for the backup location. I found my Dropbox location in my Dropbox preferences.
Below is an image showing how I found my Dropbox backup location. I right clicked on Dropbox icon in the task bar, and then I found the preferences section. A small GUI appeared that was set on the General tab, so I clicked on the Account tab and that is where I found my Dropbox location.
I simply copied my Dropbox location from my account into the Multibit HD GUI, and then I clicked next. The image below shows what I did.
You now have to create “Wallet words.” What you are actually doing is setting up your wallet recovery. You may increase the number of restore words you have and you may refresh them too. The words on this screen must be written down with a pen and paper and stored somewhere safe. If another person gains access to your wallet words, then that person is able to use and spend your Bitcoins and digital currency. Make sure you note down the Datestamp and the wallet words that appear on your GUI screen. Make a note of them because you will be asked to confirm them on the next page. The image below shows you what I saw, but you will see a different GUI screen and different wallet words.
After writing down your datestamp and your wallet words, and after you have clicked the next button, you will see the screen in the image below. It asks you to confirm your wallet words by entering the datestamp and the words you just wrote down with a pen and paper. Enter them all and click the next button. A small tick icon will appear on the bottom left of the GUI if you have entered all the information correctly. It will say show a small tick and say “Verified.”
Once you have confirmed your wallet words and you have clicked next, you will be asked to create a new password. Enter a strong password because you don’t want people going on your computer and cracking it because it may give them access to your Bitcoin. If your passwords match, then you will see the small verified tick logo on the bottom left, along with the word “Verified.”
You are then presented with a screen that shows you all of the things you have done to create your wallet. It is simply a notification that shows you have done all that you need to do. It shows if you have missed anything, which is possible if you started your wallet, and then came back to it another day. If all is well, your wallet report should look like the one pictured below.
The next screen asks for your password. You are able to create more than one wallet, so it gives you a few clues as to which wallet you are signing in to. It tells you when you created your wallet and such. Since we have only created one wallet at this time, there is only one option to select. Enter your password and you will gain access to that Multibit wallet.
Once you have entered your password, you may have to wait a minute or two of it to load, to connect to the Bitcoin network, and to sync up. If the synchronization process takes too long for your liking, then simply click the “Finish” button. If you are happy to wait, then the screen will look similar to the image shown below. Click Finish to continue with your Multibit wallet.
The image below shows your new Multibit wallet all set up and on your desktop computer. You may now store your digital currency in your new wallet.
That is how you create a new Bitcoin wallet using Bitcoin.co.uk by installing Multibit HD onto your desktop computer.