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What is a Cryptocurrency Wallet?

What is a Cryptocurrency Wallet?
Use this straightforward guide to learn what a cryptocurrency wallet is, how they work and discover which ones are the best on the market.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.
How do they work?
Millions of people use cryptocurrency wallets, but there is considerable misunderstanding about how they work. Unlike traditional ‘pocket’ wallets, digital wallets don’t store currency. In fact, currencies don’t get stored in any single location or exist anywhere in any physical form. All that exists are records of transactions stored on the blockchain.
Cryptocurrency wallets are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. When a person sends you bitcoins or any other type of digital currency, they are essentially signing off ownership of the coins to your wallet’s address. To be able to spend those coins and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. There is no actual exchange of real coins. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
What are the different types of Cryptocurrencywallets?
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.
Are Cryptocurrency wallets secure?
Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. A web server is an intrinsically riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
Although online wallets have proven the most vulnerable and prone to hacking attacks, diligent security precautions need to be implemented and followed when using any wallet. Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. Similarly, if your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful!
Although Bitcoin is by far the most well-known and popular digital currency, hundreds of newcryptocurrencies (referred to as altcoins) have emerged, each with distinctive ecosystems and infrastructure. If you’re interested in using a variety of cryptocurrencies, the good news is, you don’t need set up a separate wallet for each currency. Instead of using a cryptocurrency wallet that supports a single currency, it may be more convenient to set up a multi-currency wallet which enables you to use several currencies from the same wallet.
Are there any transaction fees?
There is no straightforward answer here.
In general, transaction fees are a tiny fraction of traditional bank fees. Sometimes fees need to be paid for certain types of transactions to network miners as a processing fee, while some transactions don’t have any fee at all. It’s also possible to set your own fee. As a guide, the median transaction size of 226 bytes would result in a fee of 18,080 satoshis or $0.12. In some cases, if you choose to set a low fee, your transaction may get low priority, and you might have to wait hours or even days for the transaction to get confirmed. If you need your transaction completed and confirmed promptly, then you might need to increase the amount you’re willing to pay. Whatever wallet you end up using, transaction fees are not something you should worry about. You will either pay minuscule transaction fees, choose your own fees or pay no fees at all. A definite improvement from the past!
Are cryptocurrency wallets anonymous?
Kind of, but not really. Wallets are pseudonymous. While wallets aren’t tied to the actual identity of a user, all transactions are stored publicly and permanently on the blockchain. Your name or personal street address won’t be there, but data like your wallet address could be traced to your identity in a number of ways. While there are efforts underway to make anonymity and privacy easier to achieve, there are obvious downsides to full anonymity. Check out the DarkWallet project that is looking to beef up privacy and anonymity through stealth addresses and coin mixing.
Which Cryptocurrency wallet is the best?
There is an ever-growing list of options. Before picking a wallet, you should, however, consider how you intend to use it.
Bread Wallet
Bread Wallet is a simple mobile Bitcoin digital wallet that makes sending bitcoins as easy as sending an email. The wallet can be downloaded from the App Store or Google Play. Bread Wallet offers a standalone client, so there is no server to use when sending or receiving bitcoins. That means users can access their money and are in full control of their funds at all times. Overall, Bread Wallet’s clean interface, lightweight design and commitment to continually improve security, make the application safe, fast and a pleasure to use for both beginners and experienced users alike.
Mycelium
Advanced users searching for a Bitcoin mobile digital wallet, should look no further than mycelium. The Mycelium mobile wallet allows iPhone and Android users to send and receive bitcoins and keep complete control over bitcoins. No third party can freeze or lose your funds! With enterprise-level security superior to most other apps and features like cold storage and encrypted PDF backups, an integrated QR-code scanner, a local trading marketplace and secure chat amongst others, you can understand why Mycelium has long been regarded as one of the best wallets on the market.
Exodus
Exodus is a relatively new and unknown digital wallet that is currently only available on the desktop. It enables the storage and trading of Bitcoin, Ether, Litecoins, Dogecoins and Dash through an incredibly easy to use, intuitive and beautiful interface. Exodus also offers a very simple guide to backup your wallet. One of the great things about Exodus is that it has a built-in shapeshift exchange that allows users to trade altcoins for bitcoins and vice versa without leaving the wallet.
Copay
Created by Bitpay, Copay is one of the best digital wallets on the market. If you’re looking for convenience, Copay is easily accessed through a user-friendly interface on desktop, mobile or online. One of the best things about Copay is that it’s a multi-signature wallet so friends or business partners can share funds. Overall, Copay has something for everyone. It’s simple enough for entry-level users but has plenty of additional geeky features that will impress more experienced players as well.
Jaxx
Jaxx is a multi-currency Ether, Ether Classic, Dash, DAO, Litecoin, REP, Zcash, Rootstock, Bitcoin wallet and user interface. Jaxx has been designed to deliver a smooth Bitcoin and Ethereum experience. It is available on a variety of platforms and devices (Windows, Linux, Chrome, Firefox, OSX, Android mobile & tablet, iOS mobile & tablet) and connects with websites through Firefox and Chrome extensions. Jaxx allows in wallet conversion between Bitcoin, Ether and DAO tokens via Shapeshift and the import of Ethereum paper wallets. With an array of features and the continual integration of new currencies, Jaxx is an excellent choice for those who require a multi-currency wallet.
Armory
Armory is an open source Bitcoin desktop wallet perfect for experienced users that place emphasis on security. Some of Armory’s features include cold storage, multi-signature transactions, one-time printable backups, multiple wallets interface, GPU-resistant wallet encryption, key importing, key sweeping and more. Although Armory takes a little while to understand and use to it’s full potential, it’s a great option for more tech-savvy bitcoiners looking to keep their funds safe and secure.
Trezor is a hardware Bitcoin wallet that is ideal for storing large amounts of bitcoins. Trezor cannot be infected by malware and never exposes your private keys which make it as safe as holding traditional paper money. Trezor is open source and transparent, with all technical decisions benefiting from wider community consultation. It’s easy to use, has an intuitive interface and is Windows, OS X and Linux friendly. One of the few downsides of the Trezor wallet is that it must be with you to send bitcoins. This, therefore, makes Trezor best for inactive savers, investors or people who want to keep large amounts of Bitcoin highly secure.
Ledger Nano
The Ledger Wallet Nano is a new hierarchical deterministic multisig hardware wallet for bitcoin users that aims to eliminate a number of attack vectors through the use of a second security layer. This tech-heavy description does not mean much to the average consumer, though, which is why I am going to explain it in plain language, describing what makes the Ledger Wallet Nano tick. In terms of hardware, the Ledger Wallet Nano is a compact USB device based on a smart card. It is roughly the size of a small flash drive, measuring 39 x 13 x 4mm (1.53 x 0.51 x 0.16in) and weighing in at just 5.9g.
Pros:
Cons:
Green Address
Green Address is a user-friendly Bitcoin wallet that’s an excellent choice for beginners. Green Address is accessible via desktop, online or mobile with apps available for Chrome, iOS, and Android. Features include multi-signature addresses & two-factor authentications for enhanced security, paper wallet backup, and instant transaction confirmation. A downside is that Green Address is required to approve all payments, so you do not have full control over your spending
Blockchain (dot) info
Blockchain is one of the most popular Bitcoin wallets. Accessing this wallet can be done from any browser or smartphone. Blockchain.info provides two different additional layers. For the browser version, users can enable two-factor authentication, while mobile users can activate a pin code requirement every time the wallet application is opened. Although your wallet will be stored online and all transactions will need to go through the company’s servers, Blockchain.info does not have access to your private keys. Overall, this is a well-established company that is trusted throughout the Bitcoin community and makes for a solid wallet to keep your currency.
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Best way to invest in bitcoin - my very basic understanding, a brief guide written for myself

Hi all
I just wrote a mini guide, for myself and a couple of relatives, as to how I am going about investing in bitcoin. Please feel free to shout if I betray any fundamental misunderstandings. There may be a small bit of value in this for any other newbies who follow?......
 
Firstly, you need a wallet in which to house your bitcoins. The wallet can be setup on your mobile phone, or on your desktop computer. Alternatively you can setup an “online wallet” – which effectively means your bitcoins are housed on someone else’s device – such as those devices controlled by the bitcoin Exchanges. A final alternative is to house the bitcoins within dedicated, physical “cold” storage – devices that are impenetrable to cyber-attack. If you make a significant investment in bitcoins, you should pursue this final option. Popular cold storage devices include:
(i) The Trezor Hardware Wallet
(ii) The Ledger Wallet Nano
In the meantime, a wallet setup on your mobile phone or desktop computer will suffice. Popular choices (which you can easily download and register ownership of) include;
(i) Electrum
(ii) Jaxx (I have this one)
(iii) Armory
 
Secondly, when you have setup your wallet, you need to actually buy bitcoins. You have two major routes: Bitcoin Marketplaces, or Bitcoin Exchanges.
(i) Marketplaces, such as Bittylicious, Bitbargain, Localbitcoins (popular choices), offer access to relatively smaller pools of potential sellers. It is very easy to buy bitcoins by entering in your bank card details and specifying amount of bitcoin to buy.
(ii) Exchanges, such as Kraken, Poloniex, Bitstamp, Coinbase, Bittrex (big players), offer access to the widest pool of potential sellers. It is more difficult to buy bitcoins, because to use these exchanges you must make an international bank transfer – which incurs fees as high as £30.
A serious investment in bitcoin requires that you take the Exchange route. As at 13 Mar 2017, the price per bitcoin offered on popular Marketplaces such as Bittylicious, is over £1400 per coin. I have confirmed that the equivalent price offered on popular Exchanges including Kraken, is closer to £1340. I have registered with Kraken.
 
Thirdly, getting funds in play - making international bank transfers to the Exchange. If you attempt to wire funds from your UK bank account (E.g. Halifax) to a popular bitcoin Exchange like Kraken, there are 2 problems you face:
(i) You will incur heavy fees each time you do so. It might be over £10. If you keep investing money in bitcoin, these fees represent a bad leakage.
(ii) Your UK bank account may be suspended. Barclays and Santander are known to have closed customer accounts that have been wiring funds to well known bitcoin exchanges and marketplaces. The Reddit community is agreed that the best way forward is to open (for free), an online banking account with Fidor. It can be done in one evening. Fidor are bitcoin friendly and will not close accounts. They offer very low transaction costs meaning you can wire money with almost no leakage from your UK bank, to Fidor, to the Exchanges (and back again when the day comes).
 
One you're all setup, you should probably diversify across several coins. The following screenshot provides some insight as to the major coins at the moment, and areas of potential growth. These figures are based upon number of subscribers to the associated subreddits.
https://s17.postimg.org/tpwj8gk33/coins.png
submitted by Harry_Hindsight to BitcoinUK [link] [comments]

Buy bitcoin online instantly with PC Crypto Market Armory Tutorial Part 1 Bitcoin Armory-Getting Started[HD] PayBitClub - Holding Tank Placement - Binary Builder Tool Bitcoin Armory Setup

This channel depends on your support, here are several ways to do so: Patreon: https://www.patreon.com/MikeB128 Bitcoin: 173Yu7hxmPeCExhFdVhShXVt12SckfLebP Great online solution, great offline solution, one wallet. Indeed, Bitcoin Armory provides enterprise cold storage solutions to some of the biggest names in the exchange marketplace, notably Bitfinex. If Bitfinex, the industry’s largest USD/BTC exchange, has chosen Bitcoin Armory to protect it’s bitcoin reserves, it is a good indication of it stays in offline mode and wont go online (even when I make sure that bitcoinqt is not running). I tried asking him to rebuild and rescan the database and the re-launched Armory, but nothing happens at all. — Reply to this email directly or view it on GitHub #136. Note: Each and everything that are being shared here are for the “Educational Purposes” and neither I nor the other members of our team intend to promote or encourage the use of the deep web to procure and/or engage in any illicit activity on the deep web. All the links shared here are found on the deep web and were under exploration. The provided .onion links are Not for Paying Visit to Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH.

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