Skip to main content

Wallet Setup Guide

Detailed guide for setting up and securing Bitmark wallets.

Choosing a Wallet​

WalletBest ForSecurityConvenience
Bitmark CoreFull validation, miningHighMedium
Electrum-BitmarkDaily use, hardware walletsHighHigh
Brain WalletQuick access, small amountsMediumHigh
Paper WalletCold storageVery HighLow

Bitmark Core Wallet​

Installation​

  1. Download from GitHub Releases
  2. Extract the archive
  3. Run bitmark-qt (GUI) or bitmarkd (daemon)

First Run​

  1. Wallet creates automatically on first start
  2. Wait for blockchain sync (can take hours)
  3. Your wallet is ready when sync completes

Encrypting Your Wallet​

GUI: Settings → Encrypt Wallet

CLI:

bitmark-cli encryptwallet "your-strong-passphrase"
warning

Write down your passphrase! If lost, your funds are permanently inaccessible.

Backup​

GUI: File → Backup Wallet

CLI:

bitmark-cli backupwallet "/path/to/backup/wallet.dat"

Best practices:

  • Backup after creating new addresses
  • Store copies in multiple secure locations
  • Test restoration before depositing large amounts

Receiving Coins​

  1. Go to "Receive" tab
  2. Click "Request payment" (creates new address)
  3. Share the address with sender

Sending Coins​

  1. Go to "Send" tab
  2. Enter recipient address
  3. Enter amount
  4. Unlock wallet if encrypted: 
    bitmark-cli walletpassphrase "passphrase" 60
  5. Click Send

Electrum-Bitmark Wallet​

Installation​

  1. Download from GitHub
  2. Verify the signature (recommended)
  3. Install and run

Creating New Wallet​

  1. Launch Electrum-Bitmark
  2. Choose "Create new wallet"
  3. Select "Standard wallet"
  4. Choose "Create new seed"
  5. Write down the 12-word seed phrase
  6. Verify seed by re-entering
  7. Set optional password

Seed Phrase Security​

Your 12-word seed phrase can restore your entire wallet:

word1 word2 word3 word4 word5 word6
word7 word8 word9 word10 word11 word12

DO:

  • Write it on paper (not digital)
  • Store in multiple secure locations
  • Consider a fireproof safe
  • Use a metal backup for fire/water resistance

DON'T:

  • Store in cloud services
  • Take photos of it
  • Email it to yourself
  • Share with anyone

Restoring from Seed​

  1. Launch Electrum-Bitmark
  2. Choose "Restore wallet"
  3. Enter your 12 words
  4. Wallet recreates all addresses and history

Hardware Wallet Setup​

Electrum-Bitmark supports Trezor and Ledger:

  1. Connect hardware wallet
  2. Create new wallet in Electrum
  3. Select "Hardware wallet"
  4. Follow device prompts
  5. Never enter seed on computer

Brain Wallet​

When to Use​

  • Small amounts only
  • Temporary storage
  • When you need quick access

Setup​

  1. Visit Brain Wallet
  2. Enter a very strong passphrase
  3. Wallet generates address and private key
  4. Save or memorize your passphrase

Passphrase Requirements​

Minimum:

  • 20+ characters
  • Mix of letters, numbers, symbols
  • Not based on dictionary words

Better:

  • Use a passphrase generator
  • 6+ random words (diceware)
  • Example: correct-horse-battery-staple-xylophone-pyramid

Risks​

  • Weak passphrases can be cracked
  • Passphrase = access (no second factor)
  • If forgotten, funds are lost forever

Paper Wallet​

When to Use​

  • Long-term cold storage
  • Large amounts
  • Inheritance planning

Generation​

  1. Download paper wallet generator
  2. Disconnect from internet
  3. Generate wallet offline
  4. Print on a non-networked printer
  5. Delete all files when done

Security Features​

  • BIP38 encryption (optional)
  • Tamper-evident design
  • Multiple copies in different locations

Spending from Paper Wallet​

  1. Import private key into software wallet
  2. Send desired amount
  3. Send remaining balance to new address
  4. Paper wallet is now "spent" - don't reuse

Security Best Practices​

General​

  • Use unique, strong passwords
  • Enable encryption on all wallets
  • Keep software updated
  • Backup regularly
  • Test backups periodically

Operational Security​

  • Verify addresses before sending
  • Start with small test transactions
  • Use new addresses for each receive
  • Don't share exact balances publicly

Cold Storage (Large Amounts)​

  • Generate keys offline
  • Use hardware wallet or paper wallet
  • Store backups in multiple locations
  • Consider multi-signature setup

Hot Wallet (Daily Use)​

  • Keep minimal balance
  • Encrypt wallet file
  • Regular backups
  • Use phone 2FA if available

Recovery Scenarios​

Lost Password (Encrypted Wallet)​

  • With backup seed: Restore from seed
  • Without seed: Funds are lost (try password recovery tools)

Lost Wallet File​

  • With seed: Create new wallet, restore from seed
  • With wallet.dat backup: Restore the file
  • Neither: Funds are lost

Corrupted Blockchain​

bitmarkd -reindex
# Or restore from clean bootstrap

Hardware Failure​

  • Restore from backup seed or wallet.dat
  • This is why backups are critical

See Also​