What is my bitcoin address is one question that most new users of cryptocurrencies struggle to answer, in their quest to understand the functionalities of virtual currencies.
To begin with, one would wish to think of what happens in the use of electronic mails. To send an email of whichever nature (formal, informal, friendly, or purely for marketing purposes), all you need is the recipient’s email address, to which you will send your communication.
On the same note, individuals are known to own several email addresses, to easily differentiate their public, official and private lives. They will only disclose certain addresses, on the basis of the nature of your interaction with them.
Bitcoin Address: where is it?
Similarly, people transacting with bitcoins can have several addresses, to which or from which they can send bitcoins to friends, family and clients. In most cases, there is an automatic creation of your bitcoin address, whenever you engage in a transaction.
On the other hand, some systems may automatically ask for such addresses as need arise. And since transactions are of different kinds, care should be exercised to ensure that extra coins are not unnecessarily sent to one address in excess, having used that address for a closed transaction.
To create a bitcoin address does not always call for access to the internet. Such addresses, whose creation is initiated through random figures with keys that are both public and private, can be generated offline even by simply making use of a desktop.
The good news is, you can create as many addresses as possible, whether you get to use them or not. As a matter of fact, you can distribute to each customer a unique address for separate transactions. In most cases, these addresses are made of characters between 27 and 34. These characters comprise of digits selected in random, combined with letters, save for O & 0, 1 and I, which may be ambiguous in the sight of some persons.
While transferring bitcoin addresses from one page or column to another, it is important to do so by copy pasting, since they are usually case-sensitive. To avoid any inconvenience whatsoever (like rejection by system) while using the software, all transcriptions must be done with extra caution.
In the event your coins are held by a given website (and such are many), kindly log in to the website, and you will notice the tab for your address book, and your bitcoin address by default, for a given transaction. Take a look at the illustration here below.
It is important to note that these addresses, to a large extent are synonymous to bank account numbers. One must deliberately see to it that they are correctly indicated in all transactions, lest you be at the risk of missing out on payments.
The year 2009 saw the birth of the leading digital currency in the world, famously known as bitcoins. This peer to peer virtual currency came as sweet aroma to the otherwise heavy laden humanity, whose lives were becoming more unbearable due to theft and robbery, cumbersome to carry paper and coins, criminal investigations, and high levels of all forms of insecurity associated with carrying money in cash.
Think of all the trouble security agents have to undergo day and night, in guarding financial institutions, as well as people and cars carrying money from point A to point B. Even with all the sophisticated forms of security, crude men and women have always gotten a way to carry out heinous activities, more often than not leading to loss of lives and destruction of property.
With the onset of bitcoins, such challenges are fast becoming a thing of the past, with money changing hands in small and large transactions almost in equal measure, and thank goodness all anonymously. No one, whether in the government or from the private sector can have the least of ideas of what you are doing with your money, when and where, or with whom!
Whenever such success is achieved, there is bound to appear a whole lot of competitors, who maneuver the concept in a parallel way, improve on it, or bring it to a complete about turn in a much better way.
This has been the experience with bitcoins. Brains have spared not a moment, in coming with an alternative(s) to bitcoins, and I would dare say they are quite a number, actually adding up to more than 100.
These alternate cryptocurrencies are otherwise known as altcoins. For the larger part, virtually all altcoins have a common denominator, which is mining.
The initial way of acquiring these digital currencies in their numerous names and forms is mining, a long and brainstorming session that involves use of special hardware. Of course, to those who find algorithms a bed of roses have little difficulty going about the mining business.
They are also similar in the sense that all of them assume anonymity in their transactions, and do not have a central control from states or financial institutions like banks.
Alternate cryptocurrencies endeavor to enhance cheaper and faster business transactions in buying and selling of goods and services from across the world.
Which one to use in your business dealings or investments is really a decision you would need to make on your own: having taken time to study the stability of each altcoin, its online reviews from multiple users, and its fluctuation rate in the market in terms of exchange value.
These altcoins include:
- and many others!
One thing is for sure, that in the coming days, either bitcoins or one of the many altcoins will take over the money matters of the world, and become internationally accepted as the medium of exchange. Which of them, only time will tell.
Bitcoin trading can lead to a lot of profit, if it is done correctly.
The best way to view Bitcoin is as being like a stock: rather than competing against a company, the competition is everyone else that is holding or investing.
Understanding the Signs
First off, understanding signs is important. These are all found in the news, and are accessible by viewing forums like Bitcointalk and Reddit, as well as actual news media.
What you are looking for are things like:
6 Easy Steps to make money from Bitcoin Trading
A bitcoin faucet is a web site that dispenses small amounts of bitcoins (or satoshi) for simply entering your bitcoin wallet address and solving a captcha to prove that you are human.
The faucet is funded by donations and advertisements.
There are lots of websites on the Internet that offer you free bitcoins (faucets), although you will never receive a full bitcoin you will receive what is generally know as “dust” to regular coin users, but you will …
3 secrets websites to get Bitcoins for Free
From time immemorial, people engaged in business transactions using barter trade, where goods would be exchanged for other goods. As civilization came about, paper minting and metal mining gave birth to money in form of notes and coins.
Throughout the colonial period to independence, various nations developed their own currencies, for use within their borders. Those with stronger value soon became acceptable internationally, and were heavily anchored in travel and tourism. By and by, cases of insecurity, theft and robbery became very rampant, and humanity resorted to plastic money.
Coupled with state of art machines, banks and other financial institutions opted for methods like wire transfer, Western Transfer, Mobile Phone Money transfers, Credit Cards, and use of online agents like Paypal, Pioneer, and Skrill, until recently when the idea of virtual currencies was born.
What are bitcoins?
Recent years have witnessed a sharp turn of events in the world of money matters. The world is fast drifting its attention from use of paper and coins to use of virtual currencies like bitcoins.
Bitcoins refers to an online currency, which does not exist in paper or coins, and therefore not physical. This is money that is only available and usable from your computer, from your Smartphone, or from one of the many third party websites that offer storage services for online currencies.
As opposed to other forms of currencies from one nation to another, bitcoins do not have control by any governments or any central banks or financial authorities, and that is one of its main features. Money matters have never been this easy: with bitcoins, you can send money to from anywhere to any part of the world, to any one across the borders of your country or continent, and all that without a trace by security agents or financial institutions!
How to get bitcoins or how to mine bitcoins is a common question. One needs to have access to a special mining hardware, which is the primary way or acquiring bitcoins. Other means would include visiting an exchange bureau, direct exchange with someone from your neighborhood, buying them from a stock exchange or a bank, accepting them as payment for goods sold or rendered services, and so on.
What are bitcoins used for?
Perhaps the important thing to remember here is that bitcoins is more or less like any other real currency out there, save for its main characteristic of anonymity in its transactions and financial engagements.
In light of this, you can always use your bitcoins to make payments for purchased goods and services, as long as the person or institution accepts such payments, needless to say that many do.
In addition, you can easily give help and send donations, send the coins to someone in exchange for other currencies, and for most of your shopping online. Of course, there are many sites for gambling using bitcoins, and many other people investing in buying and selling of bitcoins in the stock market, and so can you.
A Bitcoin Wallet is one thing to work hard and earn money, and another thing altogether to keep the money safe.
In the normal practices of life, people carry physical wallets for several reasons: to keep some of their easy to carry documents like National Identification Cards, Business Cards, Passport Size Photographs, Employments Cards, Credit Cards, Voter Registration Cards, ATMs, and so on.
However, for most people the main function of a wallet is to carry money, especially while going on trip. In the same vein, you will need an online bitcoin wallet for your virtual currency. It is this bitcoin purse that allows you receive money and to send money.
How to Get an Online Bitcoin Wallet
In the wake of serious technological advancement, one must carefully think through how to get a bitcoin wallet. To begin with, there are several types.
One of these is desktop wallet, which you can easily install in your computer. It is important to note that for this type, you are in full control of your wallet, hence the need for backing up your bitcoin wallet, just in case of a mechanical breakdown with your computer.
On the other hand, you can choose to have a mobile wallet, thanks to the coming of Smartphones. This would mean, that just like the traditional wallets, you can walk around and easily travel with your bitcoins wallet in your pocket, and use your bitcoins to make small payments, or even transfer bulk amounts of bitcoins with a lot of ease. The key of them is web wallet, otherwise called online bitcoins wallet.
Here, you will entrust the safety of your coins to the people hosting the website. How to make a secure bitcoin wallet in this regard will be depended upon the site you choose, especially given there are several sites readily available for hosting coins. Coinbase and blockchain are some of the examples.
It would therefore go without saying that the first step would include identification of a site you are comfortable with. Such would mean that the site is genuine, not involved in fraudulent activities, and with proper security enhancement features against possible hacking and subsequent loss of coins.
Once satisfied of these security measures, visit the website and locate the icon for starting a new wallet. For most websites, this icon will either be on the top left or right of the home page. Click on the button and follow the otherwise simple procedures. In most cases, all you would need is an email address and a password.
Of utter importance is the strength of your password. Be sure to enhance its strength by mixing letters of the alphabet with symbols and numerical, as well as with punctuation marks. This, coupled with a site that accommodates encryption, you will be good to go.
Using your email address as your username and strong password, log in to the site, and start to send or receive bitcoins!