igning up with Bitcoin Prime is simple and might be the first step in a long and enjoyable experience. Before that, though, here are a few little bits of information for people that may not yet be too well invested in the Bitcoin world. Below, take a look at just what Bitcoin is, how it’s made, and how it’s traded. And check out the FAQ page, where the team looks at some of the most frequently asked questions from people just like you.
igning up with Bitcoin Prime is simple and might be the first step in a long and enjoyable experience. Before that, though, here are a few little bits of information for people that may not yet be too well invested in the Bitcoin world. Below, take a look at just what Bitcoin is, how it’s made, and how it’s traded. And check out the FAQ page, where the team looks at some of the most frequently asked questions from people just like you.
This tends to trip a lot of people up. Thinking of it like a currency makes people think that there’s an account they can set up to store their Bitcoin, similar to a bank account.
This isn’t too far off the mark, although the reality is a little different. Rather than accounts, Bitcoin is stored in “wallets.”
These wallets aren’t the type you carry with you in your pocket; it’s just the name given to any device or program that can store Bitcoin.
Wallets range drastically in type. A simple USB stick or a hard drive can act as a wallet, as can your phone with the right programs installed.
You need to remember that Bitcoin is a code. It’s a secure and complex code, but it’s still a code. There, logic dictates that anything that can store codes can store Bitcoin.
Therefore, you store Bitcoin on any device that can house codes, and those devices are called wallets. There is something else you need to be aware of, though.
The security concern mentioned earlier actually comes in the form of online Bitcoin traders. Similar to Forex, there are online marketplaces that facilitate the buying and selling of Bitcoin among its users.
This alone is perfectly safe; however, a lot of users ended up leaving their coins on the site for the sake of convenience. The security on these sites, while good, is nothing compared to the security on wallets.
What ends up happening is that those sites have a data breach, hackers get into the network, and everyone loses their Bitcoin.
This has only happened a handful of times in the past, but there are precedents.
Thus, for your own sake, if you’re ever on a cryptocurrency marketplace, make sure you don’t leave your money stored on it.
Yes, Bitcoin wallets are divided into two separate categories: hot and cold.
Hot wallets are what you’re going to become accustomed to using with Bitcoin Prime, and are the wallet type utilized by the majority of the Bitcoin world.
What categorizes a wallet as hot is its connection to the internet. Hot wallets require you to always have an internet connection to use and access. The most common examples of this are the Bitcoin wallets that you can get for your phone.
Hot wallets are simple and convenient. If you want to receive Bitcoin, you send out your wallet ID. If you want to send Bitcoin, you enter the receiver’s wallet ID.
You can transfer money in and out of hot wallets quickly and easily, making it a great choice for day-to-day trading.
However, hot wallets do come with a handful of downsides. These are typically in the form of security concerns. While it’s relatively unheard of, the constant internet connection required by hot wallets leaves them open to cyber-attacks.
Most security breaches in the crypto world go through a different avenue (check out below), but it is still a concern for some people.
This concern is what leads people toward cold wallets. Cold wallets are offline, meaning you can access the coins on the device without an internet connection.
This makes transferring coins to and from the device a pain, but day-to-day transactions aren’t what cold wallets are designed for.
This wallet type is popular with long-term investors. These are the type of people to drop five or even six digits on Bitcoin and keep it for years. They load up a cold wallet with their coins, put it in a safety deposit box, and leave it.
This isn’t the type of trading that you’re going to be doing at Bitcoin Prime, but you should be aware it does exist.
Given how tight the security on Bitcoin wallets is, it makes sense that accessing isn’t as simple as just logging in.
To access your coins, you need what is called a “key.” Every wallet has its own unique key, and it is generated from a long random string of letters and numbers.
Losing these keys is the number one reason that people lose Bitcoin, so make sure you write yours down when you get it.
If you only want to keep cold copies of the key (copies not on a digital device), then make sure you keep more than one copy. This key isn’t something you’re going to be able to commit to memory, given that it’s made up of a lot of numbers and letters in both cases.
As mentioned before, Bitcoin is decentralized. There is no single governing body that represents that. While that has its benefits, it means that there’s no customer support you can call if you lose access to your wallet.
Contacting the provider of your wallet isn’t going to be any good, either, given that they typically don’t have access themselves.
This tends to trip a lot of people up. Thinking of it like a currency makes people think that there’s an account they can set up to store their Bitcoin, similar to a bank account.
This isn’t too far off the mark, although the reality is a little different. Rather than accounts, Bitcoin is stored in “wallets.”
These wallets aren’t the type you carry with you in your pocket; it’s just the name given to any device or program that can store Bitcoin.
Wallets range drastically in type. A simple USB stick or a hard drive can act as a wallet, as can your phone with the right programs installed.
You need to remember that Bitcoin is a code. It’s a secure and complex code, but it’s still a code. There, logic dictates that anything that can store codes can store Bitcoin.
Therefore, you store Bitcoin on any device that can house codes, and those devices are called wallets. There is something else you need to be aware of, though.
The security concern mentioned earlier actually comes in the form of online Bitcoin traders. Similar to Forex, there are online marketplaces that facilitate the buying and selling of Bitcoin among its users.
This alone is perfectly safe; however, a lot of users ended up leaving their coins on the site for the sake of convenience. The security on these sites, while good, is nothing compared to the security on wallets.
What ends up happening is that those sites have a data breach, hackers get into the network, and everyone loses their Bitcoin.
This has only happened a handful of times in the past, but there are precedents.
Thus, for your own sake, if you’re ever on a cryptocurrency marketplace, make sure you don’t leave your money stored on it.
Yes, Bitcoin wallets are divided into two separate categories: hot and cold.
Hot wallets are what you’re going to become accustomed to using with Bitcoin Prime, and are the wallet type utilized by the majority of the Bitcoin world.
What categorizes a wallet as hot is its connection to the internet. Hot wallets require you to always have an internet connection to use and access. The most common examples of this are the Bitcoin wallets that you can get for your phone.
Hot wallets are simple and convenient. If you want to receive Bitcoin, you send out your wallet ID. If you want to send Bitcoin, you enter the receiver’s wallet ID.
You can transfer money in and out of hot wallets quickly and easily, making it a great choice for day-to-day trading.
However, hot wallets do come with a handful of downsides. These are typically in the form of security concerns. While it’s relatively unheard of, the constant internet connection required by hot wallets leaves them open to cyber-attacks.
Most security breaches in the crypto world go through a different avenue (check out below), but it is still a concern for some people.
This concern is what leads people toward cold wallets. Cold wallets are offline, meaning you can access the coins on the device without an internet connection.
This makes transferring coins to and from the device a pain, but day-to-day transactions aren’t what cold wallets are designed for.
This wallet type is popular with long-term investors. These are the type of people to drop five or even six digits on Bitcoin and keep it for years. They load up a cold wallet with their coins, put it in a safety deposit box, and leave it.
This isn’t the type of trading that you’re going to be doing at Bitcoin Prime, but you should be aware it does exist.
Given how tight the security on Bitcoin wallets is, it makes sense that accessing isn’t as simple as just logging in.
To access your coins, you need what is called a “key.” Every wallet has its own unique key, and it is generated from a long random string of letters and numbers.
Losing these keys is the number one reason that people lose Bitcoin, so make sure you write yours down when you get it.
If you only want to keep cold copies of the key (copies not on a digital device), then make sure you keep more than one copy. This key isn’t something you’re going to be able to commit to memory, given that it’s made up of a lot of numbers and letters in both cases.
As mentioned before, Bitcoin is decentralized. There is no single governing body that represents that. While that has its benefits, it means that there’s no customer support you can call if you lose access to your wallet.
Contacting the provider of your wallet isn’t going to be any good, either, given that they typically don’t have access themselves.
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