Creating a bitcoin wallet in Belarus

According to editorial data, the cryptocurrency market volume in April 2022 is $1.76 trillion. The money of the largest companies and private investors is accumulated in this industry. Each country adopts separate legal norms that regulate or prohibit the circulation of digital coins. In 2017, cryptocurrencies received official recognition in the Republic of Belarus. Legalization naturally increased the interest in them on the part of citizens. Many have thought about registering a bitcoin wallet in Belarus. The authorities welcome such aspirations and develop the digital economy. All types of cryptocurrency wallets are available in the country. It is enough to choose the best option for yourself.

How to create a bitcoin wallet in Belarus

To earn on the cryptocurrency market can be done in different ways. In 2024 are relevant:

• Mining.
• Steaking.
• Farming.
• Investments in DeFi and other instruments.

The most popular coins are chosen to store funds. Many investors transfer assets to Bitcoin. You can buy bitcoin in Belarus on exchanges, through exchangers, P2P. But before you need to create a BTC-purse. This can be done in several ways:

• Install the program on your computer.
• Download a browser extension.
• Download an application in a smartphone.

Hardware media and paper storage are considered the safest.

Such cryptocurrency wallets do not have constant access to the Internet and are inaccessible to hackers. Desktop vaults can serve as an alternative to them. For active trading and investment, mobile applications are suitable. The right choice of bitcoin wallet will allow you not to worry about the safety of digital money and conveniently operate them.

Desktop

A software wallet needs to be installed on a PC. The private key is stored on the client’s side. This reduces the likelihood of hacking. A desktop cryptocurrency wallet is easy to manage. Even a beginner will be able to work with it. The advantages and disadvantages of the storage are presented in the table.

In 2022, the market offers 2 types of desktop vaults:

1

ByBit

5020 $
bonus for new users!

9.8

VISIT Read Review

ByBit provides convenient and safe conditions for cryptocurrency trading, offers low commissions, high level of liquidity and modern tools for market analysis. It supports spot and leveraged trading, and helps beginners and professional traders with an intuitive interface and tutorials.

2

Binance

Earn a 100 $ bonus

for new users!

9.5

VISIT Read Review

The largest crypto exchange where you can quickly and safely start your journey in the world of cryptocurrencies. The platform offers hundreds of popular assets, low commissions and advanced tools for trading and investing. Easy registration, high speed of transactions and reliable protection of funds make Binance a great choice for traders of any level!

• “Thick” (Bitcoin Core, Armory). Such programs require downloading the full blockchain. This requires more than 350 GB of free space on the hard disk. It is also worth considering that the base is supplemented daily with new information (about 100-120 MB per day).
• “Thin” (Electrum, Bither). To work with the system, you do not need to download the entire blockchain. The service is easy to use, but less reliable. When processing a transaction, the system will have to access databases on third-party servers.

To work with desktop storage, it is more convenient to use a removable media, so that the functioning of the program does not affect the performance of the operating system.

To install the Bitcoin Core cryptocurrency wallet you need:

1. On the developer’s website, download the current version of the client.
2. Wait for the download to complete.
3. Open the installation file. Select the blockchain download folder.
4. Wait for synchronization to complete. The operation may take up to 4 days.
5. Create a bitcoin address. To do this, you should open the “Get” tab and select the “Payment Request” item. The address will be generated automatically. It can be used to replenish the balance.

After logging into the account, it is worth taking additional protection measures:

• Come up with a strong password.
• Create and save a backup copy of the vault.
• Copy the wallet.dat file to a flash drive and delete the original from the hard disk. The wallet will switch to the “cold” storage mode (without Internet access).

By the same principle, you can create a “thin” bitcoin profile. In this case, there will be no long synchronization. You can work with the program immediately after installing the client.

Mobile

In 2024, many investors work with cryptocurrencies through smartphones. This is convenient because:

• There is no need to download heavy programs on a PC.
• You can manage your assets anywhere you have internet.

To create a mobile bitcoin wallet in Belarus, it is enough to install the application. You can download the program on the developers’ website or in Google Play, Apple Store. After that, you need to come up with a password and get a unique BTC-address for crediting and sending cryptocurrency.

In 2020, a fake Trezor product, hosted on behalf of reputable developer Satoshi Labs, appeared in the store. With the help of the fake client, attackers received seed phrases from users’ hardware stores and transferred BTC to their addresses. To avoid such incidents, it is better to download apps from developers’ resources.

In 2024, most major digital software producers (Guarda, Binance) have their mobile services. In the apps you can buy, sell, steak, forge assets, as well as invest, issue and receive loans. The security level of mobile vaults has increased significantly. In 2022, developers are implementing serious systems to protect customers’ personal data and digital money. Some advantages and disadvantages of mobile vaults for Bitcoin are presented in the table.

As of April 2022, the top in-demand mobile wallets for Bitcoin in Belarus include:

Online

This is the simplest type of BTC storage. To create an account, it is enough to choose a reliable service and undergo a quick registration. The order of actions is as follows:

1. On the developer’s website, select the item “Create a new wallet”.
2. Make up a login and password to access the account.
3. In non-customized wallets the system will automatically generate a code phrase of 12 words (seed). It should be saved in a safe place. Seed-phrase is needed to restore access to the profile.
4. Confirm the code phrase on the site of the service.
5. Authorize in the system.

After logging into the account, you should immediately create a public key (address) to replenish the account. To do this, go to the “Get” section. The system will generate the address automatically.

In 2024, users have access to such types of online wallets for Bitcoin:

• Browser extensions (Coinbase).
• Exchange services (Binance).
• Web-based versions (Blockchain Info).

In custodial wallets, private keys are stored on the developer side. Therefore, services apply serious measures to protect client funds. Major cryptocurrency exchanges provide such mechanisms:

• Verification of users.
• Connection of two-factor authentication.
• Confirmation of authorization or transfers via SMS or push notifications.

The advantages and disadvantages of online vaults for BTC are presented in the table.

Hardware

One of the safest ways to place digital capital remains “cold” storage. A hardware BTC wallet is an offline device that is connected to a desktop computer or smartphone via USB or Bluetooth. After transactions are completed, the storage is put back into inactive mode. In this way, users’ digital assets are reliably protected from hacker attacks.

The risk of unauthorized access remains at the stages of creating private keys, depositing and withdrawing funds. To protect assets, it is worth working with trusted services. Responsibility for the safety of a hardware cryptocurrency wallet is the responsibility of its owner.

It is easy to use such devices:

• Transactions are formed on a PC or smartphone.
• Transactions are confirmed through the hardware wallet thanks to the signature with a private key.

To work with the device, you need to create an account. The order of actions is as follows:

1. Connect the wallet to the PC.
2. In the menu, select “Set up a new device”.
3. Make up a PIN-code to enter the profile (4-8 digits). Confirm the action.
4. The system will automatically generate a mnemonic phrase to restore access. It should be written down on paper and saved in a safe place.
5. Enter the secret words in a certain order to check the correctness of the seed record.
6. Go to the manufacturer’s website. Download and install the program to work with the device.
7. Launch the application.

To replenish the cryptocurrency, you need to copy the address in the “Get” tab. To transfer coins, it is enough to specify the details of the counterparty in the “Send” section.

You can exchange BTC for other assets on third-party platforms. To do this, you need to connect the device to an exchange or application. Some devices have built-in exchangers. For example, KeepKey is integrated with ShapeShift. All information about transactions is stored according to the type of bank payment. The system shows the date, time, address, amount, commission, and other transaction details. For additional payment security, you can refuse direct connections and use a scanner. This way, each transaction will not go through a PC, but through a QR code.

Popular hardware wallets for BTC in 2022 include:

• Ledger Nano X.
• KeepKey.
• Trezor.

Advantages and disadvantages of removable storage are presented in the table.

Pros	Minuses
Multi-level protection system	Risk of damaging or losing the storage medium
Confirmation of transactions on PC and in the device	Probability of hacking if physical access is lost
Offline storage of assets

Paper

Such storage is a private key in the form of a QR code printed on a printer. This is the simplest and safest form of Bitcoin storage. A paper wallet is considered more reliable than a hardware device. The latter can be damaged or malfunction due to a software glitch.

Paper storage consists of two keys: a private key and a public key. One allows for transactions, the other for accepting payments. Keys are generated by online services and are not recoverable. Therefore, the loss of a secret address or a seed phrase is fraught with irreversible loss of access to savings.

You can create a vault in a few minutes on one of the services:

• WalletGenerator.
• Paper Wallet.
• BitAdress.

The program generates keys automatically. To run it, you need to perform the following actions:

1. On the aggregator’s website, move the mouse cursor across the screen. In this way, the system generates the most complex key.
2. The program will automatically take you to the next page. The public and secret addresses will appear on the screen.
3. Select a design theme. Usually the system offers a minimalistic and more stylish design.
4. Print the wallet.

The public key should be written down separately. It can be used for receiving transfers. The private one should be stored in a safe place inaccessible to third parties. For replenishment and withdrawal of cryptocurrency, you will additionally need:

• A smartphone with a QR code scanning function or an app.
• A mobile wallet with SWEEP function to integrate paper and hardware storage.

The main advantage of “paper” storage of BTC is reliability. Physical storage cannot be hacked remotely. However, it can become deformed over time or fall into the wrong hands. Once the private key is used, it should be considered compromised. Therefore, paper vaults should be reissued regularly.

Summary

A large number of services have been created for storing BTC, which can be used in Belarus. Choosing the type of wallet, you need to understand the purpose of its installation. For long-term storage, removable devices and paper storage without internet access are suitable. If you plan to exchange or invest coins on a regular basis, you should choose from reliable online services, software clients or mobile applications.

Frequently Asked Questions

💡 Is it legal to store Bitcoin in Belarus?

Cryptocurrency has been considered legal in the republic since 2017. Any transactions with digital coins are allowed in Belarus.

👛 Which wallets are safer?

Hardware and paper vaults are considered the most reliable. They are not connected to the Internet and are inaccessible to hackers. However, you need to consider the human factor. If the physical drive is lost, an outsider will be able to take possession of the funds stored on it.

❓ What to do if BTC is not credited?

You need to check the status of the transaction in your browser. If the transaction is displayed in the blockchain, you should wait – the speed of payment processing depends on the network load.

👨‍💼 Can employees of the service where assets are stored get access to them?

Technically, it is possible. However, the founders of popular platforms are public figures and value their reputation. For example, after the Binance exchange was hacked in 2018, its founders compensated the costs to customers from their own funds.

📲 Can access to assets be restored?

Customers of custodial vaults need to contact support. The operators will help to restore the seed. If the private key is stored on the user’s side, it will not be possible to get access to the account.

Is there an error in the text? Highlight it with your mouse and press Ctrl + Enter.

Author: Saifedean Ammous, an expert in cryptocurrency economics.