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Learning More About Bitcoin

Paper Wallet Versus Digital Wallets For Bitcoin

For those looking for more information regarding the most popular cryptocurrency nowadays, visit weusecoins.com. The website was designed solely for the members of the bitcoin community. There may be other sites such as weusecoins.com on the Internet but the information and data provided are not as comprehensive. It also offers a guide on how to start on bitcoins and answers the most frequently asked questions on their FAQ page.

 

There are many ways in which an individual can store his bitcoin and one of these is the paper wallet. There are two keys provided once you apply for a bitcoin wallet. The first one is a public key and is also called the wallet address since it is the one people used in order to send over bitcoins to your account. The second key is the private key which is required for you to send out bitcoins to other accounts or businesses.

 

Transactions made using bitcoin can only be doable once there public and private keys. Make sure that no one will be able to know the private key of your bitcoin wallet. If they do, they will have access to your account and will be able to withdraw your bitcoins. Keeping it safe will also ensure that your bitcoin is safe.

 

Keeping your bitcoins on an online wallet as well as on software that is driven by hard ware will make your digital currency susceptible to hacking or malware that may be able to record your keystrokes. You will lose all your bitcoin in case your computer is stolen or your hard drive suffered a crash. This is why there is another option called paper wallet.

The paper wallet is basically just a document that has the information regarding your public as well as private keys. In most cases, it has a QR code that can be used for scanning when so the keys can be entered on a software wallet to enable any transaction easily.

 

One of the advantages of paper wallet is that there is no digital copies of your keys and will not be subjected to hacking as well as hardware damages. The disadvantage is that paper and ink will deteriorate over time and the fact that paper can be fragile as well. Just like any other wallet methods, carefulness is important.