How to Set Up and Use Bitcoin with Aqua Wallet: A Beginner's Guide

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Aqua Wallet is a versatile and user-friendly mobile Bitcoin wallet available for Android and iOS. It allows users to interact with Bitcoin through various networks, including on-chain, Lightning, and Liquid networks. This guide will walk you through setting up Aqua Wallet and using its features to transact with Bitcoin.

Getting Started

Prerequisites

• An Android or iOS device to install Aqua Wallet.
• Some knowledge of Bitcoin and where to purchase it (e.g., local exchanges or peer-to-peer platforms like Hodl Hodl).
• Familiarity with Bitcoin transaction types (on-chain, Lightning, and Liquid).

Installation and Setup

1. Download and Install Aqua Wallet: Go to your device's app store, search for Aqua Wallet, and install it.
2. Create a New Wallet:
   • Open the Aqua Wallet app.
   • Tap on "Create New Wallet."
   • Agree to the terms of service.
   • The wallet will generate, and you'll be taken to the main screen.
3. Backup Seed Phrase:
   • Navigate to the settings tab.
   • Tap on "View Seed Phrase."
   • Write down the 12-word seed phrase on paper and store it securely.
   • This seed phrase is crucial for wallet recovery; treat it like cash.
4. Familiarize Yourself with the Interface:
   • Wallet Tab: Shows your Bitcoin and stablecoin balances.
   • Marketplace Tab: Allows you to swap between assets and access other services.
   • Settings Tab: Change preferences, access help, and manage assets.

Receiving Bitcoin

1. On-Chain Bitcoin:
   • Tap on "Receive."
   • Choose "Bitcoin."
   • Share the displayed Bitcoin address or QR code with the sender.
2. Lightning Network:
   • Tap on "Receive."
   • Choose "Lightning."
   • Set the amount to receive and generate an invoice.
   • Share the invoice or QR code with the sender.
3. Liquid Network:
   • Tap on "Receive."
   • Choose "Liquid."
   • Share the displayed Liquid address or QR code with the sender.

Sending Bitcoin

1. On-Chain Bitcoin:
   • Tap on "Send."
   • Choose "Bitcoin."
   • Enter the recipient's address or scan their QR code.
   • Enter the amount and confirm the transaction.
2. Lightning Network:
   • Tap on "Send."
   • Choose "Lightning."
   • Enter the recipient's invoice or scan their QR code.
   • Confirm the transaction.
3. Liquid Network:
   • Tap on "Send."
   • Choose "Liquid."
   • Enter the recipient's address or scan their QR code.
   • Enter the amount and confirm the transaction.

Swapping Assets

1. Swap Between On-Chain and Liquid Bitcoin:
   • Navigate to the "Marketplace" or tap "Swap" on the main screen.
   • Select "Bitcoin" to swap from and "Layer 2 Bitcoin" or "Liquid Bitcoin" to swap to.
   • Enter the amount and confirm the swap.
2. Swap Between Liquid Bitcoin and Stablecoins:
   • Follow the same steps as above, but select a stablecoin like USDT to swap to.

Recovery

1. Delete and Restore Wallet:
   • In Settings, tap "Delete Wallet" and confirm.
   • Tap "Restore Existing Wallet."
   • Enter your 12-word seed phrase.
   • Tap "Restore" to recover your wallet and funds.

Conclusion

Aqua Wallet is an excellent choice for beginners looking to explore Bitcoin transactions across different networks. With this guide, you should now feel comfortable setting up your wallet, receiving and sending Bitcoin, swapping assets, and recovering your wallet if needed. Always remember to keep your seed phrase secure and never share it with anyone.

Acknowledgments

This guide references information provided by Ben from BTC Sessions and includes shoutouts to various Bitcoin services and products. For further Bitcoin education, private one-on-one sessions, and more, visit btcsessions.ca.