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03_3_Setting_Up_Your_Wallet.md
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@ -6,11 +6,11 @@ You're now ready to start working with Bitcoin. To begin with, you'll need to cr
> :warning: **VERSION WARNING:** Newer versions of Bitcoin Core, starting with v0.21.0, will no longer automatically create a default wallet on startup. So, you will need to manually create one. But if you're running an older version of Bitcoin Core, a new wallet has already been created for you, in which case you can skip ahead to [Create an Address](#create-an-address).
The first thing you need to do is create a new wallet, which can be done with the `bitcoin-cli createwallet` command. By creating a new wallet, you'll be creating your public-private key pair. Your public key is the source from which your addresses will be created, and your private key is what will allow you to spend any funds you receive into your addresses. Bitcoin Core will automatically save that information into a `wallet.dat` file in your `~/.bitcoin/testnet3/wallets` directory.
The first thing you need to do is create a new wallet, which can be done with the `bitcoin-cli createwallet` command. By creating a new wallet, you'll be creating your public-private key pair. Your public key is the source from which your addresses will be created, and your private key is what will allow you to spend any funds you receive into your addresses. Bitcoin Core will automatically save that information into a `wallet.dat` file in your `~/.bitcoin/signet/wallets` directory.
If you check your `wallets` directory, you'll see that it's currently empty.
```
$ ls ~/.bitcoin/testnet3/wallets
$ ls ~/.bitcoin/signet/wallets
$
```
@ -26,7 +26,7 @@ $ bitcoin-cli -named createwallet wallet_name="" descriptors=false
Now, your `wallets` directory should be populated.
```
$ ls ~/.bitcoin/testnet3/wallets
$ ls ~/.bitcoin/signet/wallets
database db.log wallet.dat
```
@ -55,13 +55,13 @@ You can now create an address. You can require `legacy` address either with the
$ bitcoin-cli getnewaddress -addresstype legacy
moKVV6XEhfrBCE3QCYq6ppT7AaMF8KsZ1B
```
Note that this address begins with an "m" (or sometimes an "n") to signify a testnet Legacy address. It would be a "2" for a P2SH address or a "tb1" for a Bech32 address.
Note that this address begins with an "m" (or sometimes an "n") to signify a Signet Legacy address. It would be a "2" for a P2SH address or a "tb1" for a Bech32 address.
> :link: **TESTNET vs MAINNET:** The equivalent mainnet address would start with a "1" (for Legacy), "3" (for P2SH), or "bc1" (for Bech32).
> :link: **SIGNET vs MAINNET vs TESTNET:** The equivalent mainnet address would start with a "1" (for Legacy), "3" (for P2SH), or "bc1" (for Bech32). Testnet uses the same address as Signet for clarity.
Take careful note of the address. You'll need to give it to whomever will be sending you funds.
> :book: ***What is a Bitcoin address?*** A Bitcoin address is literally where you receive money. It's like an email address, but for funds. Technically, it's a public key, though different address schemes adjust that in different ways. However unlike an email address, a Bitcoin address should be considered single use: use it to receive funds just _once_. When you want to receive funds from someone else or at some other time, generate a new address. This is suggested in large part to improve your privacy. The whole blockchain is immutable, which means that explorers can look at long chains of transactions over time, making it possible to statistically determine who you and your contacts are, no matter how careful you are. However, if you keep reusing the same address, then this becomes even easier. By creating your first Bitcoin address, you've also begun to fill in your Bitcoin wallet. More precisely, you've begun to fill the `wallet.dat` file in your `~/.bitcoin/testnet3 /wallets` directory.
> :book: ***What is a Bitcoin address?*** A Bitcoin address is literally where you receive money. It's like an email address, but for funds. Technically, it's a public key, though different address schemes adjust that in different ways. However unlike an email address, a Bitcoin address should be considered single use: use it to receive funds just _once_. When you want to receive funds from someone else or at some other time, generate a new address. This is suggested in large part to improve your privacy. The whole blockchain is immutable, which means that explorers can look at long chains of transactions over time, making it possible to statistically determine who you and your contacts are, no matter how careful you are. However, if you keep reusing the same address, then this becomes even easier. By creating your first Bitcoin address, you've also begun to fill in your Bitcoin wallet. More precisely, you've begun to fill the `wallet.dat` file in your `~/.bitcoin/signet /wallets` directory.
With a single address in hand, you could jump straight to the next section and begin receiving funds. However, before we get there, we're going to briefly discuss the other sorts of addresses that you'll meet in the future and talk about a few other wallet commands that you might want to use in the future.