What is Bitcoin & How to Open a Bitcoin Wallet
In light of the new developments that the world is witnessing, a new digital currency called Bitcoin has emerged, and many want to keep abreast of developments and know what Bitcoin is and how to open a Bitcoin wallet?
Contents
1 What is Bitcoin?
2 Open a bitcoin wallet
3 How to open a bitcoin account
4 Bitcoin receiving address
5 How to get a bitcoin account address
What is bitcoin
Bitcoin is an encrypted currency that is used electronically, and is a medium of exchange and a means of payment.
What distinguishes it from ordinary money is: decentralization, privacy, confidential and safe use, independence, and it is considered a currency that no one can falsify, just as no central bank has the authority to issue it.
or set a price.
Open a bitcoin wallet
Since the Bitcoin process is a digital currency, this means that in order to trade it, you must have an electronic account, to act as a currency
The bank account in which regular money is placed, and through this account, the Bitcoin transaction can be received and sent,
There are several forms of bitcoin wallet that differ in terms of the level of security and nature.
In order to use the bitcoin currency, a bitcoin account must be opened in order to be able to follow how to open a private bitcoin wallet
The user, through which he can send and receive Bitcoin securely.
After the emergence of the Bitcoin currency, many wallets appeared around the world, and they must be viewed
And knowing the characteristics and features of each of them in order to be able to choose the appropriate wallet to start using the currency.
How to open a bitcoin account
Choosing the appropriate bitcoin wallet depends on a group of factors, the most important of which are: the nature of purchases and uses of the currency, and what the person wants when he uses the bitcoin currency. The currency and its management, and the most used free bitcoin account is Coinomi, and the reason for this is that it supports different currencies as well.
The steps to set up a Bitcoin account on Coinomi are:
1. Go to the application store on your smartphone.
2. Find Coinomi and download it.
3. Open the application and write the recovery phrase, which consists of 24 words. This step is important in order to backup the province.
4. Set a strong password.
5. Then add the bitcoins to the wallet.
6. Use the receiving address to receive bitcoins
Bitcoin receiving address
It is similar to the bank account number, and each Bitcoin account has its own receiving address, and it can be shared with other people in order to tell them how to send digital currencies to the user, and the Bitcoin account address is alphanumeric and usually begins with the number 1 or the number 3.
How to get a bitcoin account address
When you create a Bitcoin account, it automatically creates a Bitcoin address. If a new Bitcoin account is created,
The user will have his own bitcoin address directly, and when you enter this address in the order form related to receiving or paying, it is possible to send bitcoins.
Also, a new Bitcoin address is not generated only when a new account is created, but rather after each transaction, and in the event that a new account is created
If a person sends bitcoins to others, there is no problem if this is done on the old address or the new address, because the bitcoins are in all
In any case, it will access the wallet itself, and all bitcoin addresses that have been generated can be found in the transaction history
Copy and paste the receiving address, as this reduces the chance of errors, and should not be done
By writing the address manually, because all bitcoin transactions are encrypted and irreversible, and once the currencies are sent, there is no way to help recover them.