What is a Bitcoin Wallet

Let’s talk about Bitcoins Wallets. To make it simple
we’ll compare it to email. If you want to receive Bitcoins you’ll need a unique personal address, just like an email. Let’s call this address
your Bitcoin address, and just like your email address anyone can see it
and anyone can send Bitcoins to it. Now you decide you want to
access your Bitcoin address to see how many Bitcoins you own. Well, if this were your email you’d first go to your email program,
like Gmail or Outlook. The same program exists for Bitcoin
and it’s called a “Bitcoin Client”. So you’ve opened up your Bitcoin Client, and now you need to log in. For email you’d enter
your email address and password. When accessing your Bitcoin program you will need to enter
your Bitcoin Address and “private key”. It’s crucial that you keep
the combination of your Bitcoin address and private key safe; exactly like you’d guard your combination of
email address and password. Some people write it down
on a piece of paper and hide it away, others store it in an encrypted file
on their computer. There are also dedicated websites that hold your private
and public keys for you. Any place that these 2 pieces of information
are stored at is called a Bitcoin Wallet. Even if you decide to to memorize your Bitcoin address
and private key by heart, it will mean that your brain
is your Bitcoin wallet. Today most programs act as a Bitcoin client
and a Bitcoin wallet together. For example, Blockchain.info will store
your public and private keys and allow you to send out Bitcoins. That’s it! You now know what a Bitcoin wallet is. For more information on Bitcoin wallets, visit 99Bitcoins.com A non-technical blog about
Bitcoin and cryptocurrency.

3 thoughts on “What is a Bitcoin Wallet”

Leave a Reply

Your email address will not be published. Required fields are marked *