{"id":2698,"date":"2018-11-01T10:56:56","date_gmt":"2018-11-01T10:56:56","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=2698"},"modified":"2020-07-13T08:47:09","modified_gmt":"2020-07-13T07:47:09","slug":"bitcoin-wallet","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/","title":{"rendered":"What is Bitcoin Wallet and How to Open It?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#The_bitcoin_wallet_is_a_collection_of_private_keys\" >The bitcoin wallet is a collection of private keys<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#How_to_open_a_Bitcoin_wallet\" >How to open a Bitcoin wallet?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#How_does_the_Bitcoin_wallet_work\" >How does the Bitcoin wallet work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#Why_would_you_need_a_Bitcoin_wallet\" >Why would you need a Bitcoin wallet?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/#What_is_needed_to_open_it\" >What is needed to open it?<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"The_bitcoin_wallet_is_a_collection_of_private_keys\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2699 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/what-is-bitcoin-wallet-and-how-to-open.jpg\" alt=\"What is Bitcoin Wallet and how to open?\" width=\"680\" height=\"400\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/what-is-bitcoin-wallet-and-how-to-open.jpg 680w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/what-is-bitcoin-wallet-and-how-to-open-300x176.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/what-is-bitcoin-wallet-and-how-to-open-370x218.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/11\/what-is-bitcoin-wallet-and-how-to-open-424x249.jpg 424w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><br \/>\n<strong>The bitcoin wallet is a collection of private keys<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">The answer is simple, a Bitcoin wallet is a collection of private keys. It may also refer to client software used to manage those keys and to make transactions on the Bitcoin network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there is also the technical definition. The\u00a0<a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/bitcoin\">Bitcoin<\/a> wallet is a software program that stores your private and public keys (they come in pairs). It enables you to send and receive coins through the blockchain, as well as monitoring your balance.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_open_a_Bitcoin_wallet\"><\/span><b>How to open a Bitcoin wallet?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The exchanges automatically create a bitcoin wallet for new accounts, almost all of them. All you&#8217;ll have to do to be able to use a bitcoin wallet is to load it with bitcoin or some altcoins. However, as wallet providers will charge fees for any outside transaction, it may be cheaper to examine the benefits of a non-managed opportunity.<\/p>\n<p>It&#8217;s easy to find plenty of free wallet options. When using a web-based wallet that means, you&#8217;ll have to share your private key with a third party. For the new users of crypto, this is maybe the easiest way to start using a bitcoin wallet. On the other hand, this isn&#8217;t suitable for privacy-minded users.<br \/>\nKeeping your coins in an exchange can be risky. There is a potential of losing them all. Why? Simply because you do not technically \u201cown\u201d the coins you\u2019ve bought in exchange. Exchanges operate like a bank. It represents a third-party service provider and you must trust they are able to keep your coins safe. Still, there is always a chance that exchange can be shutting down or be hacked. The result could be you end up in a loss of your coins. Given the lack of regulatory frameworks on exchanges and cryptocurrencies as a whole as well as the infancy of the industry, the best way to keep your coins safe is to have total control of your coins.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_does_the_Bitcoin_wallet_work\"><\/span><b>How does the Bitcoin wallet work?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ownership of your private keys gives you total control over the funds associated with your matching public keys. That\u2019s why it is vital to make sure you keep your private keys secretly hidden so that only you know your private keys. It is important to have a back-up of your private keys.<\/p>\n<p>Digital, and in the same way bitcoin wallets are different as compared to your <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/cannabis-vs-bitcoin\/\">physical<\/a> wallet. Digital wallets don&#8217;t store real money, instead, they store <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/financial-freedom-viva-la-crypto\/\">private<\/a> and public keys. Private keys are like your PIN number to access your bank account, while public keys are similar to your bank account number. When you send Bitcoin, you\u2019re sending a\u00a0value in the form of a transaction, transferring the ownership of your coin to the recipient. For recipient is important that his\/her private keys must match the public address you used to send Bitcoin. Of course, if that one wants to spend transferred Bitcoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_would_you_need_a_Bitcoin_wallet\"><\/span><b>Why would you need a Bitcoin wallet?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin, as a difference from traditional money, is digital money. Hence, access to this currency is totally different. Especially when it comes to receiving and storing it. To be clear, Bitcoin doesn&#8217;t live in any tangible form, it can\u2019t be stored anywhere. What owners can store is the private keys to have access to the public Bitcoin address. Key is also necessary to sign the transactions that need to be securely kept.<br \/>\nOnly with this combination of recipient&#8217;s public key and your private key a Bitcoin transaction possible.<\/p>\n<p>You&#8217;ll find several different kinds of Bitcoin wallets, that fit different requirements and differing in means of safety and security, comfort, or convenience.<\/p>\n<p>By using the wallet software, you are able to send and receive Bitcoin. If you want to receive Bitcoin, a wallet is all you need. This means that you personally can send the Bitcoin to the address of your wallet.<\/p>\n<p>In case you want to send Bitcoins, you will need to have them first. To buy Bitcoin you&#8217;ll need to subscribe to one of the online exchanges. to authenticate yourself, you&#8217;ll need some ID card and proof of residence. When it is done, you can start to send money to that exchange and in return to receive Bitcoin for fiat money. The rest is simple. Just send the bought Bitcoin to your digital wallet. Never keep Bitcoin or any other digital currency for a long time. In fact, as long as your Bitcoin is stored on exchange it isn&#8217;t really yours. The exchange could be hacked or closed. Well, you&#8217;ll lose all your funds.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_needed_to_open_it\"><\/span><b>What is needed to open it?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Because Bitcoin is decentralized, you cannot just open an account and put money in and out. To put your digital coins somewhere, you\u2019ll need a wallet or at least a Bitcoin address and a private key. On an elementary level, the address operates like a bank account number. The private key is actually similar to your signature or password to a netbank. To confirm the possession of your digital money you need a private key. Never ever share it with anyone!<\/p>\n<p>Okay, but how will you access your coins? You have to download a digital wallet on your computer\/phone. Cryptocurrency wallets store your address and private key, they\u2019re functioning like a netbank. You can receive and send amounts.<\/p>\n<p>It\u2019s difficult to choose from the millions of Bitcoin wallets. Do some research and find the best for you. Maybe the most comfortable way is to add a wallet extension to your browser.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bitcoin wallet is a collection of private keys By Guy Avtalyon The answer is simple, a Bitcoin wallet is a collection of private keys. It may also refer to client software used to manage those keys and to make transactions on the Bitcoin network. But there is also the technical definition. The\u00a0Bitcoin wallet is [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1015,1012],"tags":[75,617,17,618,603,2214,2212,2213],"class_list":["post-2698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-traders-secrets","tag-bitcoin","tag-bitcoin-wallet","tag-blockchain","tag-coins","tag-exchange","tag-how-does-bitcoin-wallet-work","tag-how-to-open-a-bitcoin-wallet","tag-why-bitcoin-wallet"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Bitcoin Wallet and How to Open It? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Bitcoin wallet is a collection of private keys or software used to manage those keys and to make transactions on the Bitcoin network.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/11\/bitcoin-wallet\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Bitcoin Wallet and How to Open It? 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