Bitcoin Address — Everything You Need to Know
Welcome to the crypto world newbies! Yes, at this point, chances are you’ve already gotten familiar with a few things, but still trying to put your fingers on a couple more. Well, first off, you’re not alone — in fact, basically, every one of us has been there! The whole idea of learning about Bitcoin and all it entails can seem like a herculean task, but the good news is, you can actually become a pro in no time. Of course, that’s only if you choose to put your mind to it!
First things First — What is Bitcoin?
Created in 2009 by the pseudonym Satoshi Nakamoto, Bitcoin is a revolutionary payment network and new kind of money. Perhaps the biggest highlight of this currency is that it’s neither controlled by a central power nor linked to any bank. In other words, it’s fully decentralized! Today Bitcoin can be used for everything from booking hotels to buying games to shopping furniture and more! But do you know the best part? One can actually get rich by trading it!
As a crypto newbie, you can get started with Bitcoin without learning about the technical details. In fact, it’s as simple as installing a Bitcoin wallet on your computer or smartphone and generating your first Bitcoin address. Of course, from here you can disclose your address to your friends or colleagues and create more if need be.
What is a Bitcoin Address?
It’s basically a single-use token that you use to send or receive Bitcoins. A Bitcoin address, for the most part, is similar to a traditional bank account number and works like an email address. But it’s different in the sense that people have many different Bitcoin addresses and typically use a unique address for each transaction. It’s also worth noting that the address is 25 to 35 digit combination of letters and numbers. And it usually looks like this: 1B2S4Nf8jD3fshHoasddzuYhframoQsQaZEcZ.
Why You Need a Bitcoin Address?
First off, if you’ve decided to get involved with Bitcoin, it’s super important to get a valid Bitcoin address. Speaking of which, sending Bitcoins to an invalid address is the surest way to lose them in the cyberspace. As mentioned earlier, this currency is fully decentralized and free of middlemen. In essence, it’s basically your responsibility to ensure everything goes smoothly.
Moving forward, in today’s world, it’s crucial to keep up and of course, adapt to the modern changing society. And this is especially true for those who are involved in several different types of online businesses. Yes, the whole idea of receiving payments via your Bitcoin addresses can keep your transactions secure and free of third-party interference. So no, you won’t have to worry about regular bank charges and the likes. What’s more, with a BTC wallet address, you can travel across borders with huge amounts of money (even millions and billions of dollars) safely and conveniently. Of course, at this point, we’re basically talking about taking all your worth in Bitcoins wherever you go!
Types of Bitcoin Wallets
Now that you’ve gotten a basic idea of what a Bitcoin address is, we find it necessary to let you in on some of the common types of BTC wallets you can use to get started.
• Mobile Bitcoin Wallet
Got an internet-ready Android or iOS device? If yes, you could get started with a mobile Bitcoin wallet. Of course, if you use a mobile Bitcoin wallet, it simply implies that the private key is stored on your device. That said, it’s basically your responsibility to choose the best wallet out there and of course, do all you can to protect your money. Speaking of which, you should be aware that mobile bitcoin wallets are not entirely secure in the sense that mobile devices could get damaged, lost or stolen. And peradventure any of these things happen, you won’t be able to access your coins. Some of the best mobile BTC wallets include Greenbits, Mycelium, Coinomi, Airbitz, and Jaxx.
• Hardware Bitcoin Wallet
This is a physical electronic device that’s specifically designed for storing and securing Bitcoins. As a form of cold storage, hardware BTC wallets gives you the opportunity to hold your coins offline while protecting them from unauthorized access, hacks, and the likes. So yes, you definitely won’t be wrong to get a hardware wallet if you’re looking to store your coins for a longer period. Here are some of the best options you can get right now: Ledger Nano S, Trezor and KeepKey.
• Paper Wallet
Finally, a Bitcoin paper wallet is simply an offline wallet that can be used to get your BTC addresses and store your coins. As a crypto newbie, paper wallets are sure to be an excellent option for keeping your digital assets safe from online hackers. Now, it’s important to note that a paper wallet usually features your public and private key. That said, you should know that your coins will be safe as long as you keep your private key to yourself. In essence, no one else should be able to obtain it. Trust us, nothing can be more painful than losing your precious digital assets as a result of ignorance and carelessness.
So there you have it! At this point, we can tell that you’re ready to get fully involved with Bitcoin and start working towards growing your digital currency portfolio. And oh, if you’re still contemplating, we’ll recommend you join the club! Trust us, cryptocurrency is huge right now and you certainly won’t be wrong to be a part of the revolution. Here’s to the future!