Creating a Wallet
Last updated
Last updated
Your account in Freewallet is secured by a 12-word passphrase and is a deterministic wallet. In fact, this passphrase is your wallet itself. Freewallet places this passphrase into a math equation and gets a list of Bitcoin addresses and private keys as the result. If the passphrase is the same, you can always calculate the same addresses and keys. You can do this even if Freewallet is offline.
This means that your passphrase, your addresses and your private keys are never sent anywhere. This also makes it extremely important to keep your passphrase safe, as it cannot be restored by anyone. Please ensure that you have written it down correctly.
Remember that once you delete Freewallet off of your device, the only place this passphrase (your entire wallet!) exists is the place you chose to write it down.
The first action you will prompted to take is to let Freewallet know if you would like to create a new wallet or login to an existing one.
To create a new wallet, click the green Create New Wallet button. To again stress the importance of this functionality and the possible value of funds you may receive, it is imperative that you write down your 12-word passphrase (on pen and paper and in multiple locations) or else your funds and tokens will be unrecoverable. The passphrase shown below is not secure and should not be used, the one you generate randomly will simply be shown to you in this manner.
If you already have a 12-word phrase it can be entered by clicking the Login to Existing Wallet in the image above. Take note of the Format option, which supports seed phrases generated with Counterwallet or any BIP-39 style Bitcoin seed.
The open wallet button will only become active once you have entered a valid passphrase and clicked 'Ok'.
If this is your first time logging in, you will have to agree to the Freewallet License Agreement which can also be found here.
You will also be prompted with the Automatic Donation System popup. By default, it is enabled, but can be turned off or customized to support specific Counterparty improvements. If you would like more information on ADS please read here.
One important thing to know before getting started is that when you perform an action in Freewallet (i.e. place an order, create a token, etc), it doesn't take effect immediately. All Counterparty functions must first be confirmed on the Bitcoin blockchain. If broadcasting a bitcoin transaction for Counterparty functions is new to you, see the explanation of Why do I need small amounts of BTC to do things?
