Bitcoin, as a currency with a virtual form, has no material form, therefore, when you buy bitcoins, ether, ripple, you must save them in some kind of virtual space. You won’t be able to put them in your usual wallet or hide them in a portfolio or transfer them to a savings and checking bank account. To collect and save bitcoins, you need to use a much more advanced tool – a bitcoin wallet. What is it, how to use it, and which one to choose? You will find out after reading the article by iTizzi Software Development Company – Ukraine, Kyiv.
When bitcoin was born, no one imagined how successful this technology would be in the market and how many changes awaited people around the world after virtual currency became a common means of payment. Bitcoin can be used to pay for many products and services, and some countries, such as Germany, have recognized this currency as the official currency used for taxes and other payments to the government. So it comes as no surprise that shortly after the birth of bitcoin, tools appeared on the market that made storing purchased or redeemed units easier, possible, and real.
The creation of a cryptocurrency wallet was the solution of two problems with virtual currency:
- Where to store it?
- How to create a payment system in which the ability to pay with Bitcoin will play a key role?
In response to these two questions, a bitcoin client was created – a tool in the form of a program or application, thanks to which you can manage virtual currency in any way. This tool also allows you to continuously record bitcoin transactions using an online communication system, which you probably already know is essential for successful trading.
A Bitcoin wallet is deceptively similar to a bank account – it has similar functions, but only works in a virtual intangible space. It can be a program for a computer or smartphone, a web application, or a browser.
How does a bitcoin wallet work? We must address one issue that is inextricably linked to the functioning and use of bitcoin wallets – security. All your online activities are vulnerable to being hacked and exploited by online criminals. Owning bitcoins means real profits, so to protect your virtual currency from possible theft in wallets, you need to use two types of keys:
- public key – it can be equated to a bank account number, since it is used to verify the account on the network and its contents, this key can be safely transferred to other bitcoin holders, on the exchange, in the exchange office, etc.
- private key is a specific type of password that you use to authorize transfers from your wallet.
Remember – the complexity of your password determines how quickly hackers can crack it. So come up with a more complex combination of numbers and letters! Protect and decentralize your company, website, business with customized blockchain software solutions, here at iTizzi Software Development Company we will create and register your cryptocurrency wallet, create applications from the blockchain ecosystem, tokenize company assets.
The Ukrainian blockchain application and software development company iTizzi offers the creation of a bitcoin wallet for a computer. Internet wallets for a computer, i.e. desktop wallets, as befits a hot wallet, are constantly connected to the network. They are presented in the form of programs that need to be installed on your computer or laptop, there are two versions of this wallet to choose from:
- Complete applications for which you need to download the entire block. This requires a lot of disk space as the file size can be up to 200 GB. Full apps can sync for a few days and consume a huge chunk of your hardware resources.
- Lightweight applications – the blockchain of these applications is located on an external server, which means they do not need a lot of disk space, they work quickly and synchronize.
A persistent network connection requires the use of special private key protection, such as advanced encryption. You can also encrypt the entire disk partition that contains the wallet, and you should definitely take care of a good antivirus.
Development of a crypto-wallet (bitcoin, ethereum) for the phone – Vinnytsia, Odesa, Dnipro, Lviv, Kyiv, Eastern Europe, Ukraine
Another type of hot wallets is mobile-type wallets for iOS, Android smartphones. This is definitely a good form of storing bitcoins, if only because these crypto wallets are adapted to scan QR codes, so there is no need to rewrite a long and complex key when you need to make a transfer. Mobile wallets, in addition to cryptocurrencies, also support FIAT currencies, which is undoubtedly a huge plus for some users. Many of them require documentary evidence.
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