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July 14, 2015

How to use Bitcoin on iPhone: An Easy User Guide to Breadwallet

 

Breadwallet User Manual

Overview: what is a Bitcoin wallet?

A Bitcoin wallet is a software or application which lets you use the Bitcoin payment network and helps you manage your Bitcoin currency. Just like you need an email application (like “Gmail”, “Yahoo” or “Hotmail”) to send and receive emails, you need a Bitcoin wallet to send and receive bitcoins.

Specifically, the Bitcoin wallet manages your Bitcoin addresses and private keys. With the wallet, you can store and spend your bitcoins. The Bitcoin address, to which is associated your Bitcoin balance, is your identity on the Bitcoin network. The private key allows you to spend Bitcoins from that address. They can both be represented either as a string of letters and numbers or a QR code. In other words, the Bitcoin wallet is the interface through which you access the Bitcoin network.

Remember: being the owner of bitcoins means being in possession of their associated private key or seed. You should always make a back-up of your wallet’s seed in case you lose access to your Bitcoin wallet (e.g. lost password, lost phone). You can do so by simply writing it down on a piece of paper. A seed normally consists of a string of randomly generated words

This manual will show you how to create and secure Breadwallet on your iOS phone/tablet and how to send and receive payments.

Creating Your Breadwallet

  1. Go to the App Store and download Breadwallet
  2. When the App is finished downloading, open it and select “New Wallet”

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  1. Tap “Generate Back-Up Phrase” and find something to write on (you will have to copy down your back-up phrase)

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4. Write down your back-up phrase and do not lose it

  • If you lose your device or if it is stolen, this recovery phrase is the only way to get your wallet back (your recovery phrase can always be found under settings)
  • Do not take a screenshot!
  • Do not make a digital copy or worse, send it to yourself in an email!
  • Anyone in possession of the back-up phrase will have access to your bitcoins!

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  1. Your wallet is now ready to use but we strongly recommend you secure it with a PIN code:
    1. Go to Settings by clicking on the stacked horizontal lines and scrolling all the way down
    2. Under Settings you will be able to see your recovery phrase, change your local currency, and change/add a PIN code
    3. Create a PIN code and do not forget it
      1. Without your PIN code, bitcoin cannot leave your wallet and you cannot see your recovery phrase

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  1. Your wallet is now secure and ready for use!
    1. In case of device theft or loss, your bitcoin cannot leave your wallet without knowledge of your PIN code
    2. You can install Breadwallet on another device and instead of choosing “New Wallet”, select “Restore from Backup” and enter your recovery phrase

Sending Payments

  1. To send a payment swipe left until you reach the “send money” tab
  2. Now either scan the receiver’s QR code or copy their address from your clipboard
  3. Enter the amount you wish to send
  4. Click pay and enter your PIN to complete the transaction
  5. Your transaction has now been sent, you can see recent transaction by clicking the horizontal stacked lines

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Receiving Payments

 

  1. To receive a payment, swipe right until you reach the “receive money” tab
  2. Share your address with the sender by either letting them scan your displayed QR code or by sharing your address with them (click on your address to see various sharing options or to request a specific amount)
  3. Wait for the sender to send the funds
  4. Breadwallet should notify you once the funds have been received
  5. You can check your recent transactions to make sure the funds have been sent by clicking on the horizontal lines
  6. NOTE: you will not be able to send the funds you have just received until you receive one confirmation (approx. 10 minutes)

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