In the 21st century’s digital world, a new type of currency has been gaining popularity over the past few years. As it’s known, Bitcoin functions similarly to physical cash money in ways that you may buy things and services with it and store them in your wallet until you choose to spend them later. But what exactly is Bitcoin? What makes this online currency so unique and different from other forms of payment? Are Bitcoin wallets safe? Here are some answers to these underlying questions. Read on.
What Is Bitcoin?
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Network elements verify transactions via encryption and are recorded in a distributed public ledger known as a blockchain. Bitcoin wallets are used to store this digital cash and facilitate the sending and receiving of bitcoins. Furthermore, untraceable Bitcoin wallets that don’t reveal your identity made it possible for users to be guaranteed that they’d remain anonymous during each transaction for added security.
3 Things You Should Know Before Creating A Bitcoin Wallet
Being anonymous does not guarantee the safety of your wallet. Here are a few things you should know about Bitcoin wallets and how to protect them from hackers and avoid losing your cryptocurrency.
Number 1. There Are Two Sub-Categories Of Bitcoin Wallet
Hot and cold wallets are the two popular types of bitcoin wallets. Both wallets have their benefits and drawbacks, so it’s essential to consider their differences before choosing a wallet type.
