In short, Bitcoin is a reference to a virtual currency or technology. Transactions can be made by check, transfer, or cash. You can also use Bitcoin (or BTC). In this case, direct the buyer to the company. This is an extensive line of encrypted security codes with 16 different symbols. The buyer decodes the code on the smartphone and obtains the cryptocurrency. Cryptocurrency is the exchange of digital information that allows you to buy and sell goods and services. This transaction gains security and trust when running over comparable computer networks, such as Skype and Bit Torrent file sharing systems.
Types of wallets
Before choosing your wallet or wallet it is important that you know what the options are.
- Desktop Wallets: These are wallets that can be downloaded to your computer and you can access them from your computer.
- Online Wallets: they are online wallets and you can access them from any device with internet access. These are usually very comfortable because it allows you to review your assets from anywhere but has the disadvantage that security lies with the third party that manages it.
- Mobile Wallet: apps designed for mobile devices that are usually a compact version of a desktop wallet.
- Hardware Wallet: These wallets work on physical storage devices, which can be external hard drives or a USB. These are some of the safest wallets as they remain offline while not being used, limiting the risk of a hack.
- Paper Wallets: These are printed QR codes that are usually delivered at ATMs. Like the Wallet Hardware, these are kept offline but if they get lost, the user loses their digital assets.
Tips when choosing a wallet
The wallet you choose should fit your day to day. Whether you use Bitcoin on a frequent basis or simply use this cryptocurrency as a means of saving, we leave you some tips:
- Do not worry about using different wallets, there is no limitation for it.
- Consider separating your funds depending on usage. You can have small amounts in your phone’s wallet for your daily expenses and, to secure large amounts, such as your savings, you may consider investing in a hardware wallet.
- There are wallets that work for all operating systems, which allows you to have control of your bitcoins, with the same wallet, on any device.
- Ask, do not stay with the doubt. It is not necessary to request the opinion of someone with experience in cryptocurrency wallets.
15 advantages of Bitcoin
- Global: Does not belong to any state or government, and can be used worldwide regardless of geographic and political barriers. Apply Now to take advantages of Bitcoin.
- Strange in the trust system: you can’t make debt with it. Its value does not depend on central bank intervention.s
- Emission limits: Reduced and predictable increases in the money supply can improve users’ purchasing power.
- Dividable currencies: Currently available in up to 8 decimal places, but there are no restrictions to allow for more decimals in the future.
- Real-time transactions: transactions can be completed within one hour.
- Transaction irreversibility: There is no third party in the middle who can cancel the transaction. In any case, there are services that protect Bitcoin until the party receiving Bitcoin fulfils part of the contract.
- Untameable: As defined, you cannot build a fake bitcoin or spend the double cost without the network detecting it.
- No regulatory body. The “experts” committee does not control the fate of Bitcoin. There are rules previously established by the protocol devised that anyone who wants to use Bitcoin is free to accept.
- Anonymity: Bitcoin is especially useful for use in countries governed by a totalitarian regime, as no one has a duty to reveal their identity.
- Cheap: Bitcoin has lower transaction costs than using a credit card, money transfer, or PayPal. Paying with Bitcoin eliminates unnecessary intermediaries.
- Certainly, Bitcoin has a strong cryptographic backup that protects it from forgery and can be stored in multiple locations at the same time. The technology on which the Bitcoin protocol is based is several times more secure than the technology used in banks and credit cards.
- Transparency: All transactions are recorded in open access registers.
- Micropayment: Given the divisibility and low transaction costs, it is the ideal currency for making micropayments.
- Works 24 hours a day. There is no schedule or holiday for Bitcoin operation.
- Accumulate in small spaces. You can save big money on a USB stick and save or move it without relying on third parties.