Block Chain

TheBitcoin priceWorld: Speculate on the subject!

What is a Bitcoin?

Bitcoin is a cryptocurrency or a digital currency that came into highlight in the year 2009. Unlike paper currencies or government-issued currencies, bitcoin price is computer operated. The best thing is that it does not involve any third-party during transactions and are also low on transaction fees unlike any other online payment methods. The most surprising thing is that it is technologically operated.A software developer by the name Satoshi Nakamoto is the mastermind behind this massively smart invention. Surprisingly, nobody knows who this guy really is.

Keep bitcoins handy!

There are many other ways of storing your bitcoins.

  • Electronic Wallets

You can gain access to E-wallets by downloading a preferred and a trusted software on your computer/phone. These can be cloud-hosted as well because cloud-based wallets are more user-friendly but involves trust on third party as well.

  • Mobile Wallet

These are app-based wallets and give you a more organised platform to perform transactions. You can simply download the app and store your Bitcoins in there and use it for more convenient transactions.

  • Online Wallet

These are cloud-based wallets and you can use these wallets through any device by using the correct password. However, there is one disadvantage- there is low security on cloud wallets since your private keys are backed up in the cloud. Hence, you will have to thoroughly go through the security measures so that It won’t conduct any act of theft like taking all your money and shutting down the app.

The use of Paper Wallets

Away from all the complexities, these wallets are just paper pieces where the keys of a bitcoin are printed. These wallets are the safest of all as they are not connected to any third-party networks. But you need to be careful with these as you might find them all soaked up and crumbled in the washing machine.