What is bitcoin? Bitcoin is a digital currency used for secure and instant transfer of value to anywhere in the world. Bitcoin is neither issued nor controlled by any bank or government and is essentially an open network, hence it is called a decentralised currency. Bitcoin utilises cryptography and blockchain technology techniques to ensure high security and verification of transfers; thus, eliminating the need for middlemen like clearing houses, banks and other regulatory bodies that exist to function primarily as an escrow.
What is Blockchain? Bitcoin’s core protocol, the Blockchain, is open source and viewable by anyone with an internet connection. The Blockchain is a distributed ledger that records the origin of every bitcoin and every transfer made, right from the very first bitcoin. The Blockchain, by design cannot be edited or deleted and essentially lives forever. Thus, bitcoin is also a distributed currency. The Bitcoin blockchain has been examined and tested by thousands of security researchers and developers around the world. They have contributed towards enhanced security and functionality of bitcoin which has proven to be safe and reliable. How do I keep my bitcoin safe? Bitcoin wallets store the private keys that are required for you to access your bitcoin address and spend your funds. They come in different forms, designed for different types of devices. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and backup your bitcoin wallet. On ThroughBit, your bitcoin is securely stored in your ThroughBit bitcoin wallet, using best industry practices. However, if you would like to store your bitcoin by yourself (a practice we encourage), you can store them using these methods: 1. Desktop Wallets The most basic and widely used method is by downloading the official Bitcoin core software from bitcoin.org. This gives you access to the complete bitcoin blockchain. (Note: Your bitcoin wallet has to be in sync with the blockchain i.e. the entire history of all bitcoin transactions, before you receive or spend funds from it. It could take anywhere between 2-4 weeks to download the entire blockchain depending on your internet connection). 2. Hardware Wallets Hardware wallets are currently very limited in number. These are dedicated devices that can hold private keys electronically and facilitate payments.
