The wallet is one of the most important aspects to consider by any person that wants to be a part of the Bitcoin world. Whether you are a miner that is not interested about the financial aspect of the bitcoin, or you are a speculator looking for profits from the course fluctuations between bitcoins and currencies of different countries, you should not take the matter of security to lightly.
When it comes to simple internet payments, or other e-wallets suck as PayPal and Skrill, you just need to leave your money in the hands of those companies, knowing that it will be safe, and if something happens, there is always the possibility of requesting a chargeback. In the case of bitcoins, it is impossible to track the initiators of transactions, and this is why if your money is stolen, you won’t be able to find the guilty person.
Why it is recommended to host your wallet on Windows 7
Even if Windows 8 was introduced for a while, the majority of bitcoin miners are still on Windows 7, because of several considerations. First, the computer from which you mine will force the graphical capacities at maximum. Second, you won’t need powerful resources, besides the graphical ones to mine effectively. By installing W8, a large portion of your graphical resources might be consumed by the OS, and this is why W7 is preferred.
The best idea would be to have a separate computer to mine bitcoins. This computer could easily mine for coins, while on your work computer, you can have all the other files. However, let’s see what wallets are suited for W7, and how can you install those with ease.
You can find a secure wallet that works on Windows 7 at Electrum.org. It is a recent one, but it comes with some interesting facilities that might convince users of other wallets to make the switch. It is installed in the Start Menu of W7, which means that it is easily accessible. You can even test it to see if the security protocols are respected, and from there, you can start spending and receiving coins in conditions of perfect safety.
Hint: read the documentation first, as you need to choose a node, and you will have to know exactly what to choose.
At bitcoin.org, you will have a secure wallet that is used by many, and an installation guide for W7 that would make it easy for you. You will use your address to make transactions here, and you won’t even need to worry about sending money to an invalid address, as it is impossible. Moreover, you can leave the wallet opened all the time, as nothing could happen to it.
The disadvantage of using this wallet is that this is the original one designed by Satoshi, so it might take days for your details to be indexed, and only then, you can use your wallet. This is why the new miners and bitcoin users are able to create a new hash with other wallet providers, so they could benefit of a new address from where they can mine new blocks. On the other hand, at a later time, you might want to import your wallet from bitcoin.org on other engines, and you should know that this is possible.
For example, you can bring your wallet from bitcoin.org to your Blockchain account. For this, you need to find wallet.dat in the root directory of the bitcoin.org mining program, and to copy it in the new installation folder of Blockchain.info, over the wallet that exists there. This way, you will have all your bitcoins accessible immediately.
BitcoinQT is another good program that allows you to manage your wallet transfer.
Installing any bitcoin wallet on Windows 7 is as simple as installing any new program. If you have installed a PC game, you will be able to install the wallet. Configuring it is another problem, and for this, you will need the assistance of the website from where you have installed your wallet.
Create as many wallets as you can, preferably with different wallet providers. Create wallets only with providers that allow you to create different addresses. This way, you can create different addresses, which means different places for your bitcoins. Exchange bitcoins between accounts often, and backup your wallets after each transaction.
As said before, bitcoins are attractive, so you should take great care of their security. Windows 7 is a reliable system for installing the wallet, especially because it consumes fewer resources than W8, and it is more stable than Win XP. This does not mean that a wallet can’t be good on a Windows 8, Linux or MAC system. The key is to optimize your hardware to get the most out of the graphical capacities of the computer, without affecting the physical state of the respective components.