Bitcoin was the first cryptocurrency to be invented. It also remains the most popular one, and its value grows consistently.
To exchange and store bitcoins, you are going to need your own wallet which you can create for free. The only fees that apply involve the fees for making transactions through the blockchain. The variety of wallets is wide, still, it would be best to sign up with a reliable client that provides the best protection against hacker attacks.
The most popular option that offers advanced protection is Blockchain.info. This client is available across desktop and mobile devices. Most experts agree that this is the most reliable platform.
The most important thing is that users do not need to install any software on their PCs or smartphones in order to create bitcoin wallets. All transactions take place online and are fully compatible with different blockchains.
How to set up a Bitcoin wallet?
Website registration on blockchain.com is simple. However, in terms of the Russian language, translation is quite limited. You can use a translate option or simply click the “Get a Free Wallet” button to set up a free wallet.
That done, you will have to go through a very simple registration form. The process is simple: just enter your email and password. Then, confirm the password.
The email address must be real as you will receive a confirmation email to activate your account.
It is important to take a look at the long combination of numbers and English alphabet letters in the email. This is your number and key which are used to encrypt data.
It is very hard to memorize this information so you can copy it onto a flash drive. Do not keep them in a place that strangers have access to. This number will enable you to restore access to your wallet from anywhere in the world.
Once you have confirmed the address, you will get access to your Bitcoin wallet account.
Protecting your Bitcoin wallet
To keep your savings secure, it is very important to protect your Bitcoin wallet against hacker attacks. Therefore, you must read all security rules carefully and activate the recommended settings.
Blockchain.info provides three levels of the data encryption including queries from the Tor network. You can also integrate your wallet with your mobile phone number.
Having taken the necessary steps to ensure top-level security, you can be 99% sure that your funds will not slip through or get hacked by scammers. Today, Blockchain.info provides the best protection for its customers. You can access your wallet from anywhere.
Do not use open Wi-Fi as your data can be stolen. To access your wallet, you can use your code and wallet number. Smartphone settings also provide a QR code which you can copy to access the wallet.
Functionality of a Bitcoin wallet
The owner of a Bitcoin wallet can go ahead with any transactions that are available via other electronic systems:
● receive currency from cloud services;
● buy bitcoins through the exchange as well as sell the cryptocurrency;
● earn funds using Bitcoin faucets (today, this method is not that popular since there are more profitable ways to make money).
Click the “Get” button to open up the window where you can get Bitcoin, Bitcoin Cash and Ether. Now you can use them as you see fit.
You can add funds to your wallet by purchasing bitcoins through the exchange. Exchange rates in different exchanges vary. However, you should focus on finding the most reliable exchange, rather than the lowest or highest exchange rates. If you work with stock exchanges, YOB is the one worth checking out.
Another increasingly popular option of making money with Bitcoins is Bitcoin cloud mining.
You buy capacity rather than cryptocurrency itself. The capacity is then converted to an equivalent amount of bitcoins.
Withdrawing cryptocurrency or transferring it to another wallet
Your account provides you with an option to transfer your money to another wallet. Just click on the “Send” button, then select the currency in the dropdown list and enter the amount and description of a transaction.
Select the type of fees – regular or one-time – and click the “Send” button.
If you have found the block, you may already know that blockchain transactions can be processed for free. You can either include or not include fees when making a transaction through the blockchain. Once your information is added as a block, it is impossible to edit or delete the record. The hash records will travel through the blockchain and cannot be decrypted.
However, you should keep in mind that zero-commission transactions will be assigned the lowest priority. This reduces your chances of joining the block. When transferring the money, the miner must get fees which are provided by one of the parties of a transaction. Additionally, since the transactions are binary, the fees will be withdrawn just from one party of the transaction. This means that the input is always smaller than the output.
At the same time, paying the minimum commission of 0.0001 BTC will significantly increase your chances of joining the block and your transaction will have a higher priority. This increases your chances of joining the block.
Here are a few tips on how to save money:
● transfer of 0.01 BTC and more is not subject to the fees;
● let s check the number of transactions. If their number is less than 10,000, you can set up a minimum commission. It may be even lower than the recommended rate but the probability of it getting included in the block is high;
● transactions that are made at night and during early morning hours enjoy the minimal fees due to the smaller transaction volume.
All bitcoins that have passed through the transaction are confirmed many times. The block is updated every 10 minutes. Despite the fact that the fees for using this purse are the highest, the level of security provided by the site is unmatched. All transactions are encrypted with digital signatures and a private wallet key.
It is important to remember that coins are not stored in the digital bitcoin wallet. The wallet represents the digital movement of Bitcoin while the account balance represents the records of incoming and withdrawn funds. The wallet serves the goal of providing you with complete information about your transactions and account balance.