MORE ABOUT BITCOIN
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
WHY CHOOSE BITCOIN
Millions of people choose Bitcoin as an alternative to government issued currencies because of its many advantages. It’s easy to send and receive payments electronically, instantly, and with little or no transaction fees.
HOW TO BUY BITCOIN?
Once you decide to buy Bitcoin, the purchasing process is quite simple. Buying Bitcoin with credit card is the fastest and safest payment method. While you can also buy with cash or bank transfer, buying Bitcoin with your credit card is the preferred method.
WHAT IS BITCOIN WALLET?
A Bitcoin wallet is a digital wallet where you can store your Bitcoin. Similar to the way you store your cash, your Bitcoin wallet holds your Bitcoin and allows you to receive and send payments. A wallet is useful when buying Bitcoin with a credit card, cash, bank transfer, PayPal, or any other purchasing method.
HOW DOES BITCOIN WALLET WORK?
A wallet can be an application or device that handles your Bitcoin’s private keys. Since these secret keys are what allows your Bitcoin be spent, it’s very important to have a wallet that is secure. A Bitcoin wallet is a digital wallet that’s includes your Bitcoin Address and your Private Key (Secret Key).
To receive a payment you can supply your Bitcoin Address to the sender. To send a payment you will need your Private Key, which you want to store safely in your wallet. The importance of a secure wallet is to keep your Private Keys safe because if you lose these secret keys, you lose your Bitcoin. You also want to ensure that no one can access your Private Keys, which leaves them vulnerable to theft.
Bitcoin is one of the fastest growing payment solutions and is being adopted by many of the biggest companies in the world. While Bitcoin is growing in demand, the supply is fixed and there are only so many Bitcoins in the system. Unlike paper currency whose value can be deflated by creating of more bills, once all Bitcoins are in circulation, no more will be generated. This can cause a rise in demand and may increase a Bitcoin’s value potentially making it a good investment option.
HOW TO SECURE YOUR BITCOIN
- Store your wallet address and private key separately.
- Make sure your private keys are under your control.
- Use your own devices to complete any transactions.
- Divide your assets into several smaller wallets.
- Encrypt your online wallet and set a pass code to withdraw funds.
- Consider using multiple wallet types including mobile, web, paper, and hardware.
- When using hot wallets, make sure to back up your wallet on an offline hard drive.
- Make sure to always have the latest updates on web wallet software.
- Use cold wallet storage to keep your Bitcoin offline.
- Use a paper wallet and store it safely with your other valuables.