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May 14

Bitcoin Wallets Online

By Admin | Bitcoin News , Bitcoin Wallet , Bitcoin Wallets Online , Crypto Currency News , The Crypto Wealth Formula

The Bitcoin wallet buzz

Just like digital e-wallets that are available online, you will find cryptocurrency Bitcoin wallets as well. Bitcoin wallets are of different kinds with different functionalities and characteristics. Bitcoin investment and trading transactions are different from the other stock market trading transactions; hence it is highly important for one to choose their Bitcoin wallet wisely. There are a number of security measures that one needs to know and understand before buying Bitcoin wallets online.

Bitcoin Wallet Online

The different Bitcoin wallets

There are a number of Bitcoin wallets that come in different types with different characteristics and features. The different types of Bitcoin wallets include:

  • Desktop Bitcoin wallets
  • Mobile Bitcoin wallets
  • Hardware Bitcoin wallets
  • Web Bitcoin wallets
  • Paper Bitcoin wallets

In addition to the above classification of Bitcoin wallets, you will also find Bitcoin wallets that are classified based on the connectivity namely,

  • The online Bitcoin wallets and
  • The offline Bitcoin wallets.

Bitcoin wallets online

These Bitcoin wallets are often referred to as hot Bitcoin wallets and cold Bitcoin wallets. Let us look into detail about the offline Bitcoin wallets and online Bitcoin wallets.

Online Bitcoin Wallets (Hot Bitcoin Wallets)

Often referred to as the ‘Hot Bitcoin Wallets’, these Bitcoin wallets are often connected to the internet 24/7 and hence are called as online Bitcoin wallets. These online Bitcoin wallets are operational all the time round the clock and hence they are very much like the wallet the one carries in his or her pocket. Hence you are free to execute Bitcoin sending and receiving transactions from your online Bitcoin wallet anytime, anywhere.

In addition to the advantage of 24/7 transaction access to Bitcoins, there are security issues associated with the online Bitcoin wallet. Bitcoin transactions are often prone to security issues. As the online Bitcoin wallet is all the time connected to the internet, it is highly vulnerable to security issues and threats. Hence one has to adhere to caution while using online Bitcoin wallets.

Bitcoin Wallet Online

Offline Bitcoin wallets (Cold Bitcoin Wallets)

Online Bitcoin wallets are hot wallets and so on the other hand offline Bitcoin wallets are popularly known as cold Bitcoin wallets. Unlike hot / online Bitcoin wallets, the offline (cold wallets) Bitcoin wallets are those that are not connected to the internet and are offline. These cold Bitcoin wallets are stored in hard disks, pen drives, and any other form of USB storage or on paper. As the name suggests, offline Bitcoin wallets can be accessed even without internet connectivity. These cold Bitcoin wallets are not always connected to the internet and hence are less vulnerable to security issues. But these offline Bitcoin wallets are vulnerable to loss and theft. The public address and the private key once lost cannot be recovered.

Hence both the online Bitcoin wallets as well as offline Bitcoin wallets are prone to security issues, hence one should wisely choose the type of Bitcoin wallet that best suits his or her own needs and requirements.

May 11

Bitcoin Wallet And Its Kinds

By Admin | Bitcoin News , Bitcoin Wallet , Crypto Currency News , How to make money with bitcoin , The Crypto Wealth Formula

Bitcoin enables exchange of money in a different way than with usual banks. Bitcoins are basically new cryptocurrencies that are still actively developing day by day. Cryptocurrencies like Bitcoins are traded via the Bitcoin wallet that enables the receiving and sending of Bitcoins.

Bitcoin wallets come in different types. Each kind of Bitcoin wallet has different functionalities and characteristics. It is very important for one to choose the right Bitcoin wallet.

But firstly, let us get introduced to the different kinds of Bitcoin wallets.

What are the different types of Bitcoin wallets?

Different types of Bitcoin wallets

1. Desktop Bitcoin Wallets :

Desktop Bitcoin wallets are those that can be installed on a desktop computer. Desktop wallets provide complete access to the users, enabling them to create a public Bitcoin address and private key for sending and receiving Bitcoins. Some of the Desktop Bitcoin wallets include – Green address, BitGo, MultiBit, Bitcoin core, Bitcoin Knots etc.

2. Mobile Bitcoin Wallets :

Mobile Bitcoin wallets are applications that are installable on a mobile phone. Different Mobile Bitcoin wallets are available that are compatible with all types of mobiles like iOS, Android, Blackberry and Windows. Unlike desktop Bitcoin wallets that are fixed in one place, mobile Bitcoin wallets allow the user to trade directly from anywhere. Mobile Bitcoin wallets carry the same functionalities as that of the desktop Bitcoin wallets, but with an added advantage to allow the user to trade anytime and from anywhere. Some of the mobile Bitcoin wallets include, breadwallet, Simple Bitcoin, Coin.space, Bitcoin wallet, Hive Android, Mycelium Bitcoin and so on.

3. Hardware Bitcoin wallets :

Hardware Bitcoin wallets also known as cold storage, are reportedly the most secure and safest way to store Bitcoins. The number of hardware wallets is limited in number. Hardware Bitcoin wallets store Bitcoins in an offline environment, and can hold private keys electronically. Ledger Nano S and Trezor are the two popular hardware Bitcoin wallets.

4. Web Bitcoin Wallets :

Web Bitcoin wallets, also known as hosted wallets allow users to access the wallets from anywhere from a mobile or a desktop from a browser via a web source. These wallets are basically web services that are made accessible from any web or internet based browsers. Web Bitcoin wallets stores the user’s private keys online, and the Bitcoins are stored on the servers of the agency which the user has chosen as their online wallet. CoinBase, Blackchain, Xapo, Binanse are some of the web Bitcoin wallets.

5. Paper Bitcoin Wallets :

Paper Bitcoin wallets as the name suggests, are wallets with the Bitcoin public address and private keys printed on paper. The user can use the public address to send Bitcoins and the private key to transfer or spend the Bitcoins. Paper Bitcoin wallets are printed wallets on paper and the keys are available offline in the form of print. Users need to store the paper in order to avoid theft/ loss of the paper Bitcoin wallets.

May 10

How do Bitcoin Wallets work?

By Admin | Bitcoin News , Bitcoin Wallet , Crypto Currency News , The Crypto Wealth Formula

What is a Bitcoin?

Bitcoin is one of the most popular and widely known cryptocurrency. In simple terms, a Bitcoin is a digital equivalent of cash. Trading in Bitcoins requires a Bitcoin wallet that facilitates the sending and receiving of Bitcoins.

How do Bitcoin Wallets work

What is a Bitcoin Wallet?

A simple understanding of Bitcoin wallet – Bitcoin wallet is basically a software program that is used to store Bitcoins. Bitcoins are stored in the form of a private key, which is nothing but a secret number that addresses each Bitcoin that is saved in the Bitcoin wallet. Hence it is necessary for one to have a Bitcoin wallet in order to execute trade transactions in Bitcoins.

 Bitcoin Wallet

All you need to know about the Bitcoin Wallet!

Below are some key points that will help you know Bitcoin wallets better.

  • Setting up a Bitcoin wallet is the very first step when you are investing or trading in cryptocurrencies.
  • The Bitcoin wallet gives the ownership of the Bitcoin balance to the user (owner of the Bitcoin wallet)
  • Sending and receiving of Bitcoins is facilitated through the Bitcoin wallet
  • A Bitcoin wallet is sometimes referred to as a digital file that stores Bitcoins.

How do Bitcoin Wallets work

Understanding the Bitcoin Wallet – How do they work?

In the common world, the most handy and used means to carry cash is wallets. Both men and women carry wallets in different forms, shape, size and color based on their preference to carry cash. In the digital world too, there are e-wallets that hold the money associated with the user’s accounts. Basically in common language wallets are the most used and preferred choice to hold and carry cash and money in physical as well as digital form.  Similarly in the world of cryptocurrencies, we need wallets to hold the cryptocurrencies. Cryptocurrencies exist in various forms, among the many; Bitcoin is the most common and popularly recognized cryptocurrency. Hence a wallet for holding the cryptocurrency Bitcoin is known as a Bitcoin wallet.

To understand the concept and working of a Bitcoin wallet, let us take the basic example of an Email account. The working and concept of the Bitcoin wallet is very similar that of an email account.

How do Bitcoin Wallets work

Similar to the email address and password concept, Bitcoin wallets too receive Bitcoins and send or spend the Bitcoins. The Bitcoin trading transaction happens over the Bitcoin network. Similar to the concept of email address, the Bitcoin too has a public address that allows the user to receive Bitcoins via the public address, and similar to the password concept for logging into the email account, a private address (secret key) allows the user to send or spend the Bitcoins from the Bitcoin wallet.

Bitcoin Wallet = Bitcoin Address + Private Key

Bitcoin address – allows to receive Bitcoins in the Bitcoin wallet,

Private Key – Used to spend or send Bitcoins from the Bitcoin wallet.

Hence the Bitcoin wallet is a place where the user will have the Bitcoin address (public address) and the private key (secret key).

There are many different types of Bitcoin wallets available with different characteristics and functionalities, but the basic functionality remains to be the same across different types of Bitcoin wallets, which is to store the public and private keys.

May 08

How to make easy money with bitcoin: Three simple ways

By Admin | Bitcoin News , Crypto Currency News , How to make money with bitcoin , how to make money with cryptocurrency

How to make easy money with bitcoin

How to make easy money with bitcoin? Majority of the people who are planning to invest in bitcoin ask this question and look out for best answers. Visitors can easily earn bitcoins when they follow the steps that are prescribed here. People should spend few hours on bitcoin faucet websites if they want to earn coins quickly. Choose some of the product campaign sites which offers handful of coins to the explorers.  These sites will request the members to participate in their latest competitions wherein they have to write slogans, tags or create videos for the products.

How to make easy money with bitcoin

Adults who are good in writing blogs, posts and articles that are related to bitcoinscan create an account in the sites which popularizes these types of crypto currencies and earn coins instantly. Individuals who have earned lots of coins the past can lend them to others and amplify their income. There are trusted and reliable sites which borrow and invest the coins without borders. Learn to explore trending Bitcoin News channels and sites which will provide lots of positive and negative info about bitcoin trade.

People are sending false alarms about bitcoin trade and one can get an insight about this trade when they explore the latest news that are related to crypto currencies. Since bitcoin and other crypto coins are digital currencies there is no registered bodies which supervises the functions of these coins. Visitors should do maximum research and survey before investing their hard earned money in this trade.

How to make easy money with bitcoin

Several shops and food chains accept bitcoins

Leading merchant websites have started accepting XBT and popularizing these coins. This government-less crypto currency is very popular in the countries of Japan and China and hundreds of online branded shops that are headquartered in these countries have started accepting these coins. Investors will understand the advantages and disadvantages of this trade when they explore Bitcoin news. Some of the world famous companies which are into food chains, eateries and travels are accepting these types of popular crypto currencies. Click here and explore some of the richest firms which accept leading crypto currencies. There are hundreds of branded charity organizations, NGOs and social trusts which have started accepting crypto currencies. Be choosy when it comes with crypto currencies since there are criminals who are posing themselves as reputed bitcoin miners.

How to make easy money with bitcoin

Crypto currency news covers all sorts of information that are related to digital world which will be of great use to readers. Showcase maximum caution while buying mining software since market is flooding with inferior quality makes. Investors should start with low investment and gradually increase the amount after understanding the pros and cons of it. Several rich investors have lost plenty of money in bitcoin trade in the recent past and there are news that are related to these types of topics in prominent news channels which will throw a light on importance of choosing branded and trusted sites for investment.  Visitors who are new to crypto trade should explore various sites and widen their knowledge.