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Saturday, November 28, 2020

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Internet is one of the most remarkable invention that has connected people. Within decades it has attached people globally. In this context one of the greatest inventions is that of bitcoin. It has also connected people through financial transactions without any central authority. 

Over the years, bitcoin has made awareness worldwide and many people have tapped into it. Millions of people have saved their money in the form of cryptocurrency. People are a bit scared when it comes to bitcoins. 

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They need to know more about the bitcoins. The rampant use of bitcoins has made many people curious about it. Crypto revolution is for the newbies coming in this domain. They can easily know about the bitcoins from it. 

It is a decentralised asset with no intervention but that does not mean it is not secured. Bitcoin are based on the block chain technology and they are completely secured through it. There is nothing to worry about. 

Cryptocurrency wallets help you save your balance by providing private keys to you. In simpler words it is like your bank account where you store your private and public keys. 

What is a Private Key? 

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Normally you have pin codes or passwords for your bank accounts. Similarly, you got private keys that is a string of numbers. It gives you access to your wallet account. It is important for you to take care of it and never expose in front of anyone. 

Vigilance is required because without it you may lose your coins. Public key is different from private key because public key can be exposed to others. With thus public key they would send you any form of cryptocurrencies. 

Types of Bitcoin Wallets. 

There are different types of wallets available. Each one of you can use what suits you. 

Desktop Wallet: 

It is a kind of wallet that can be installed in your computer. You can easily have access to your hard drive. Normally many files are stored in the computer so shall your bitcoins be. Vigilance is necessary because it may happen that your hard drive gets hacks then you will have to suffer great loss of your funds. 

Mobile Wallets: 

They are the easiest form of wallets because you could access 24 hours in your smart phones. Generally smart phones having such wallets are to go services. You can open with just a single tap. However, the security issues are the same. If it gets hacked then you would lose your coins. However, the latest technologies have invented certain servers that protect you from such incidents. 

Online Wallets: 

Online wallets can only be accessed when you have an internet connection. However, they are not that much safe because there is a third party controlling them. Often the bitcoin exchanges provide you with such wallets. 

Hardware Wallets: 

They are just like a USB flash drive that is often used to store documents. However, you can store all your private keys in that hardware wallet. However, if the device gets damaged or you lose it then this could cost you a way more. 

Paper wallet: 

It is a form of offline wallet where you can save your funds in the form of QR code. It is a safer way but not an easy one because for transactions you would need to import funds in the software wallet first and then proceed. However, there is a chance that you may lose that paper too. 

Wallets are a good option but watchfulness is required. Even you get physical or any other kind of wallets you have to be careful while using it. Even the online wallets now a days have many scammers so nothing is safe but it is you who can protect. 

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