Importance of Bitcoin Wallets

February 13th, 2019

Importance of Bitcoin Wallets

Bitcoin, the very first crypto coin discovered by the mysterious Satoshi Nakamoto, is bought differently than most other products or services. It can be bought directly from other people using online marketplaces.

This crypto coin is generated through a mining process that involves a computational effort in which blockchain transactions are verified. The mining process is usually very complicated and involves solving mathematical problems of varying difficulty, software to solve them, and a schedule that ensures that solutions are discovered on a highly regulated basis. This article will provide simple guidelines on how to buy Bitcoin (BTC).

How Are Bitcoin Bought

As said earlier, you can buy Bitcoin (BTC)directly from other people using online market places. You can as well buy using a digital currency exchange or broker; some examples include Bitcoin of America, Kraken, Gatehub, and OKEx.

First and foremost, you will need a Bitcoin Wallet before you can be able to buy BTC. Bitcoin Wallets can be easily downloaded on sites such as Blockchain.infoor mobile apps such as Bitcoin Wallet for Android, or Blockchain Bitcoin Wallet for iOS.  Bitcoin of America now offers its own mobile wallet that you can directly download from the App store or Google Play. A Bitcoin wallet is a place through which you can access the digital coins once you purchase them. The wallet stores your private keys, -the keys that give you access to your funds.

It is important to note that no matter which exchange or digital currency you use, you will still need a digital wallet to in order to access your crypto currencies. There are different kinds of wallets, including hardware wallets and software wallets. Software wallets are basically apps that you connect with your traditional bank account. Hardware wallets on the other hand store your private keys on a secure hardware device that looks like a flash memory stick.

After installing your choice of wallet, you’ll be required to go to the wallet provider you’ve chosen and sign up. You’ll be required to provide your name, email address and password. You’ll then have to register with the exchange you’ve chosen.

 An exchange like Bitcoin of America will offer an application option that acts both as an exchange and as a wallet. The app allows you to trade, purchase and store your Bitcoins. With the Bitcoin of America wallet, you always have control over your cryptocurrency. Bitcoin of America never holds your coins. The next step requires you to go to the exchange’s buy section and select the amount of BTC you want to buy. Depending on the exchange, you can buy BTC with a wire purchase and receive your coins same day. The BTC is then transferred to your wallet. 

It is important to keep you wallets and private keys safe in order to keep you digital assets safe and secure. Crypto investors are usually advised not to store huge amounts of crypto in their digital wallets for long periods of time.

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text/sponsored content belong solely to the author, and not necessarily to Bitcoin of America, organization, committee or other group or individual. All investments are at your own risk and should be done after careful research.

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