Bitcoins are a hot topic today. Though there may be fluctuation in their value from time to time, they are worth quite a fortune. All these attract quite a few number or prying soul who thinks getting their hands on Bitcoins is easy. While the truth is far from that, to store, buy or make transactions in Bitcoins, you need a wallet. Not the physical one but a digital one.
Bitcoins are not the only cryptocurrency out on the market. There are many. All have their specific needs and wallets are offered as such. When it comes to Bitcoins, arguably the most famous cryptocurrency, one of the most trusted and secure wallets is the Blockchain Wallet.
This article is sort of an introduction, a beginner’s guide, if you must, to Blockchain Wallet and how it works.
To transact in Bitcoins, you need to make a wallet. And that’s where Blockchain comes in. it is secure and user-friendly. The amount Bitcoins you have is always on display so that you can be aware of whether or not you can afford a transaction or not.
But what else do you need to note before you make a Blockchain Wallet? Your transaction is not complete until it is verified by miners. For that, you need to attach some fee, a reward essentially, for miners who are trying to decode it and verify the transaction. If you do not give rewards, then chances are that no miner would touch your transaction. Your transaction would remain unverified and thus get canceled.
To facilitate a transaction in Cryptocurrency, you need to have the receiver’s address. This much may seem similar to our physical world’s money transaction- you need to have the recipient’s address. But the similarity ends here.
The address for Bitcoin Transaction changes after every Transaction. That means that if you had an address like ”123xyz” for the first transaction, your address when you receive a second time would be different say “764jgb”. These were just examples. In reality, the addresses are different and secure. That is the point of it all. Your transaction and your Bitcoins need to remain safely with you and changing the address every time does that.
But for total security, you need to put some effort on your end as well. You need to complete all the steps for your identity verification. These are in form of three steps which involve verification of your email address and choosing a pass phrase in case you lose your password.