Bitcoin is based on a decentralized system, and there is no third party required for making a transaction with bitcoin. People from any corner of the world can make a transaction with bitcoin, and they do not need to depend on any intermediary services like a bank. Apart from that, you do not need to physically store your currencies in a locker, and you can use a digital wallet to keep your bitcoins safe. bitcoinboom app is secured with public and private keys, and you can transfer coins from your wallet to another user’s wallet by entering your private key.
You can find different digital wallets to store your coins, but you need to choose the best wallet to keep your coins secure. In this case, you can try the Bitcoin Era app, which is a trusted platform by many investors. It provides a safe ecosystem for trading.
Things to know about digital wallets:
Many people do not know about digital wallets because they are using their banking wallets to make online transactions. In the case of bitcoin, digital wallets are different, where you can store your keys only. Bitcoin does not have any physical presence, and you cannot carry such virtual currency. You can even buy goods and services through your wallet.
You can also receive funds from another user by using your QR code and public keys available on your wallets. Make sure you should not share your private keys. Every wallet has a public key. You can consider this as your email ID . You can share this with the other user or the sender of Bitcoin, who can use it to send Bitcoins to your account. You have different wallet options, here you can find such details:
- Hot wallet– If you do not want to trade bitcoin regularly, you can choose a hot or hardware-based wallet. These are accessed by internet and you will have a device which will work as hot wallet. To use this wallet, you need a strong internet connection which ensures accessibility to your crypto account. But, it is not 100% safe because cybercriminals can hack your wallets, and you need to protect your device by installing the best anti-virus software and malware protection. Hence, you must use only safe internet connection.
- Many investors widely use cold wallets or software-based wallets because it is easy to use and available free of cost. You can enter your private keys to access your wallets, and you can transfer funds from your wallets anytime from any corner of the world. Most of the exchanges have their apps, and you can download their apps free of cost from your iOS or Android store.
How to secure your wallets?
Digital wallets for bitcoin are not safe because cybercriminals can easily hack your wallets and steal your funds. Irrespective of the type of wallet that you are using, ensuring its safety is paramount. Else, you can use offline storage or a paper wallet. In this case, you can take a print of your private and public keys on paper and keep it in a safe place.
Some wallets available have a two-way authentication process, where you need to enter different types two times to open your wallet. You can also enable fingerprint lock and another locking method to keep your wallets safe.
Do not share your public keys with anyone because this is like your debit card PIN. Anyone having your private keys can access your wallets. If you want to receive funds, you can simply share the QR code with a user. Also, you would need wallet to use the Bitcoin ATM. Bitcoin ATM or BTM is available in different locations, and you can buy bitcoin with fiat currency from these ATMs. But, you must have a digital wallet to access such ATMs, and you can scan the QR code available on your wallet with the ATM to access your funds.
Concluding thoughts
So stay safe and invest your funds according to the market trends. Always choose a secured wallet to keep your bitcoin safe. Trading in Bitcoin is lucrative and following the right steps will make you a smart trader.