Bitcoin and Bitcoin Wallets Explained for the Layman

Bitcoin and Bitcoin Wallets Explained for the Layman

What is Bitcoin? What exactly does one mean by Cryptocurrency?

In the era of the internet the popularity of the cryptocurrencies is on a steady upsurge, ascending as one talks.  When speaking of cryptocurrencies, the most renowned of them all is but of course, the Bitcoin. Now the question poses itself: What does one exactly mean by a cryptocurrency?
A cryptocurrency, much unlike traditional currency that one can store in their physical wallets; is actually a digitalised form of currency that is being utilised by firms all over the world and gaining wide acceptance in trade markets. Cryptocurrencies are one of the most defining features of the economy and the era of the 21st century.

  • What is a Bitcoin Wallet? What purpose does a Bitcoin Wallet Serve?

Just as one requires a physical purse, bag or ‘wallet’ to securely store their currency that comes in the form of bank notes, bills and coins, a bitcoin wallet is a wallet one uses to securely store their bitcoins. One may regard the bitcoin wallet as a virtual saving account or compare it to a virtual current account wherein one can deposit their saved bitcoins or withdraw their bitcoins for expenditure. A bitcoin wallet comes with a security key that is unique for every single user in the form of a ‘secret’ number or a sequence of digits. Without this security key or sequence of digits a transaction through bitcoins is not possible. Therefore, a bitcoin wallet is essentially a secure space for a person or an individual to secure and stack their bitcoin cryptocurrency.

What is bitcoin mining

  • What are the different forms of Bitcoin Wallets? Where can I access Bitcoin Wallets?

There are more than one kind(s) of bitcoin wallets available for individuals who transact through the mode of the bitcoin currency. These include the mobile phone, wherein one can make the utilisation of mobile BTC which is a convenient alternative for exchange of bitcoin currency, web bitcoin wallets, desktop bitcoin wallets, hardware wallets and multiple other forms of bitcoin wallets that are available for transaction through bitcoins.