Add Money To My Bitcoin Wallet
What is Bitcoin Wallet
The bitcoin wallet is a means to access your funds, transfer and transact. We will discuss the general principles and practices of a Bitcoin wallet. Along with this basic information, we will learn how to add money to the bitcoin wallet and the advantages and disadvantages of different types of wallets.
Downloadinga Bitcoinwallet will be your first step towards your cryptocurrency Journey. Itwill be a medium to access your funds and you can also use yourcryptocurrencies for purchasing goods as well as transfer and from exchangesfor trading. Before we going to deep let’s start with basic details.
How to usea Bitcoin Wallet?
A hardware wallet is a handheld, offline device that securely stores the private key necessary to transfer your bitcoin holdings from one place to another. Ledger and Trezor are two reputable brands. Luno helps you buy Bitcoin in three easy steps. Sign up for your free Luno Wallet on web, iOS or Android and follow our easy process to set up your profile. Choose your preferred payment method like bank transfer or credit card to add money to your Luno Wallet.
As we all knowthat the Bitcoin is a digital currency. It doesn’t exist in physical shape orform and owning and storing it is an entirely different approach than with thetraditional assets. You can’t store your bitcoin currency in a safe or vault.The currency only exists as lines of code on the Blockchain. Which is alreadysecured by the network. These line of codes are popularly known asCryptography. it’s your private keys that are used to access your publicBitcoin address and sign for transactions that need to be securely stored inyour wallet.
Only the holder of these private key will be able to confirm the transaction when they send or spend Bitcoins.
So, unless your private keys are safely stored in a wallet, you will always be at risk of your funds being stolen. before we compare crypto wallets, Let’s have a quick look at the major difference between private and public keys.
PrivateKey Vs Public Key
A private key is avariable in cryptography that allows a holder to access his or her cryptocurrency.A private key is an essential aspect of bitcoin and altcoins, and its securityhelps to protect a user from theft and unauthorized access to funds.
On the other hand,Public key cryptography is a cryptographic system that uses pairs of keys: thepublic key and private key. Public keys which may be spread widely, and privatekeys which are known only to the owner. Both public and private key are builtthrough the cryptographic algorithms based on mathematical problems to produceone-way functions.
Types ofWallet
Below we have mentioned five different types of wallet which you can use to store your keys. Let’s have a look:
1. Paper Wallet: We can define a paper wallet as apiece of paper where your private and public key are printed together. Usually,the keys are printed on a paper wallet in the form of QR code so they can bequickly scanned in the case of receiving or sending Bitcoin.
2. Mobile Wallet: A mobile wallet is a softwareapplication. You can easily download it on your smartphone. A mobile wallet isa necessary tool for anyone that often uses cryptocurrencies to pay forpurchasing goods or trading them on a daily basis.
3. Web Wallet: A Web Wallet is a web serviceprovided by 3rd parties. There are thousands of companies provide this serviceby storing your keys on an online server. This server is accessed andcontrolled by the company.
4. Desktop Wallet: A desktop wallet is software. Which you can easily installed on your computer. It stores the private key on the hard drive of the system.
5. Hardware Wallet: A hardware wallet is a specialtype of bitcoin wallet which is built to store your private keys in offlineaway from the unsafe online environment.
How to add money to Bitcoin Wallet
Bitcoin walletsare used to protect our precious coins. it provides a user-friendlyenvironment, with full-on 24/7 customer support. So here we will discuss how toadd money in your bitcoin wallet.
Step-1: First, you will have to buy bitcoins. You need to find someonefrom whom you can buy bitcoins. You can also purchase bitcoins by using someonline platform.
Step-2: The next step is to put them in a wallet so you keep themsecure. Now, you will have to choose a wallet according to your preference.
Send Money To My Bitcoin Wallet
Step-3: Go to the Bitcoin client address. Now, get a Bitcoin addressfrom the “Receive coins” tab. Using a new address for each sessionwill increase your anonymity.
How To Add Bitcoins To Wallet
Step-4: Now, Transfer your Bitcoins to the new client. After thetransaction, they should appear in your client section.
CongratulationsYou have entered the very interesting world of cryptocurrencies. Now, you areall set to send your Bitcoin to friends, purchase goods, or send it toexchanges for trading.
Author Bio
Sujit is a Crypto enthusiast and a blogger by passion. He Works for a Crypto news Company Cryptoknowmics. Cryptoknowmics is one of the best companies in this industry because they have the passion to provide users the relevant crypto, bitcoin, and altcoin news today. You can follow him on LinkedIn and Twitter too.