A bit coin wallet (bit coin or wallet) is the place where bit coins or crypto currencies are stored. It would be the equivalent of a bank account, although it has many advantages. The main one of all is decentralization: There is no intermediary; neither organisms nor banks. A bit coin wallet belongs only to you. But in addition, they are much easier to create than a traditional bank account.
The truth is that purses are not a virtual space where your bit coin is saved. The crypto currencies are stored in the block chain and the wallets securely store the access data to the exact place where your bit coins are in the block chain.
The objective of the purses is to make said access to the block chain more intuitively.
How to use a virtual wallet
- The operation of a bit coin wallet is fundamentally based on two concepts:
- A public key; that you can share freely it is used to add bit coins to the wallet.
- A private key; that you should never share. It is used to take out bit coins from the wallet.
- All bit coin wallets have these two keys. However, some current wallets, such as online or mobile wallets, only show the public key to add bit coins.
- When you take your bit coin out of the wallet, the private key is automatically entered by the application you are using, which makes it easier to use. Even if you do not see it, it is stored and managed by said software.
- It is very important 1 btc to usd to keep the passwords and passwords of your wallet in a safe place. If you lose them, it’s like losing money and the bitcoins they contain can never be recovered. You also must not share your private key, if someone knows you, you could take the money out of your wallet at any time.
- Before using any bit coin wallet, it is advisable to try a small number of crypto currencies, to learn how to use them and avoid scams. It is convenient to do it both when saving money, and when it comes to spending the bit coin of your wallet.