Bitcoin is a cryptocurrency, form of digital currency. It is not an official government currency nor any other banks. But it is tradable for goods or services with worldwide vendors refers as a digital medium of exchange, we know it as Bitcoins. You can easily transfer money from person to person without the involvement of any third party or middleman. You can transfer money as sending an email.
Practices For New Bitcoin Users
You have to know about basics, but there is always more to learn about bitcoin. It is a tool that is only as useful as your ability to hold and spend it in a proper way. It's time to get started with the crypto-currency by the following guide with step by step.
The first step, create or buy a secure bitcoins wallet. Then buy your first bitcoins, then store and protect your bitcoin. And now finally send and receive your bitcoins.
Here are some best practices for new BTC users to avoid beginner mistakes.
Know Right Bitcoins Wallet
Find the specific sort of crypto wallet you need, which is best for you. Before buying your first bitcoins, wallet make secure is important to secure your bitcoin.
There are several different bitcoins wallets differ by various purposes like customer support, built-in services, security, privacy, charge and other so on.
Hot wallet and cold wallet
The difference between a hot wallet and cold wallet is simple, and Hot wallet is most of the time connection with internet crypto-currency users to store, send and receive tokens as in Web wallet, mobile wallet and Desktop wallet. Cold wallet refers to storing offline bitcoins. As seen often as even more secure wallets, such as Paper wallet, Hardware wallets and Sound wallets.
Types Of Bitcoin Wallets
Paper wallet:- Paper wallet refers as cold wallet to a physical copy or paper printing of public and private keys. It is a safeguard against hackers or malfunction of the computer.
Hardware wallet:- Safety is crucially important, storage devices like USB drive, Pi-wallet are the examples of a hardware wallet to keep the secret keys(Ledger NonoX, Cobo vault).
Desktop Wallet:- Desktop wallets as hot wallets are generally daily usage where installed on personal laptops or computers(Atomic Exodus, Bitcoin Core, Electrum Jaxx's, Chrome Extension).
Mobile wallet:- A mobile BTC wallets is an essential tool that performs the same functions as a desktop wallet. It tends to be either Ios or Android system compatible, storing your private keys and providing all facilities. But some of the cases mobile wallets are prone to hacker attack can lose control of wallet gain access to mobile devices. In February 2014, Apple banned bitcoins wallets from the App Store for several months(Samurai wallet, Atomic Wallet,Coinomi Electrum).
Web Wallets:- Web Wallets store private keys on a particular server facilities access to bitcoins from anywhere, which can link to different wallets to mobile and desktop wallets. Some of the wallets like My ether wallet and Meta Mask are popular web wallet providers. You can create your own bitcoin wallet with https://it.bitcoineras.com
Avoiding Bitcoins Fraud
Bitcoins create the ability reaching billions of dollars in the market of crypto-currency it also involving target to the unprepared victims end up losing their BTC as bitcoins scams. So prepare yourself before you become scams.
Never Share Your Privacy
Never ever share your private wallet key; this is your PIN.
Fake bitcoin wallets
Visit only from bitcoin.com official wallet site. Typically, bitcoin wallet site just scams to steal your private keys and passwords.
Ponzi Scams
Even I'm the digital spheres, Ponzi schemes that can be lead to massive scams, promises from a website that you can double your bitcoin in overnight. It is harder to spot this site but easy to figure out and understand by promising higher profits. Usually, it also provides referral links.
Fake Exchange
World largest fake exchange held in May 2019, hackers stole over 70,000 bitcoins. Often on social media, you'll find an advertisement for "Buy bitcoins for 7% of under market value, Hurry up." If you really want to exchange make sure on the particular website it's HTTPS is secured. Suppose there is the only HTTP without "S" that is tricky to get to visit their fake exchange site. It means stay away from it.
Actually, no cloud system is 100% safe and secure of your Bitcoins.
Posted from my blog with SteemPress : https://latesthackingnews.com/2020/08/26/best-bitcoin-practice-for-new-users/
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