Bitcoin- Definition, What is a Bitcoin wallet, and how to protect it?
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Bitcoin is a type of virtual currency, created and used digitally. It is commonly used in the Deep and Dark Web, the hidden areas of the Internet that can visit through Tor’s Onion browser.
One of the most important characteristics of Bitcoin is that it is a decentralized currency, which means that no institution in the world has control of the Bit coin network, banks cannot control the money of whoever uses it and that is why it is Perfect for use in the darkest areas of the Internet.
Satoshi Nakamoto, the software developer who proposed the currency. Did so with the idea of producing a currency independent of any central authority, which was more or less instantaneous, electronically transferable, and with very low transaction costs.
Using Bitcoin is simple; you just need to install a digital wallet on your computer or mobile device and generate your first Bitcoin address. Addresses are created based on mathematical parameters. So they are completely unrepeatable and have two parts: the public address, which use to receive payments, and the private one, which allows us to access our funds and make payments.
What is a Bitcoin wallet?
Bitcoins transactions are sent and received through electronic wallets. Everyone in the network knows about the transaction, and the history of the transaction can trace back to the Bitcoins’ production source.
There are different types of Bitcoin wallets, and their design depends on the platform where it is use. The types of purses are:
- Desktop, a wallet used on the computer.
- Mobile wallet for the Smartphone.
- Online wallets, which can access from anywhere, you just have to connect to the Internet.
- Hardware wallets, which can use with USB, for example.
- Paper purses, which are basically print coins that work with QR codes, one to receive Bitcoins and the other to send them.
How Protect your wallet?
- As in any other means of electronic transfer, this currency carries security risks. Bitcoin recommends some tips for using your wallet:
- Think of it as a physical purse, in which you keep only small amounts of money and not all of your savings. Store more substantial sums in safe places.
- Make several backup copies of the private keys of your Bitcoin addresses, in case your computer or mobile phone thieves.
- Encrypt your backups to protect them from malware.
- Write your password in a physical place. If you lose it, you will lose your funds forever. Bitcoin does not allow you to recover passwords.
Remember to take precautions when making any purchase and be very cautious. Your data could end up in the hands of thieves if you ignore the risks of making any online transaction. If you have doubts about whether your data has been stolen or has exposed, look for tools that monitor, detect, and alert you to any possible danger. In this way, you will be able to surf the Internet much more securely.
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