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Bitcoin's primary and only function is to be a store of value that users with Bitcoin wallets can send and receive. Other cryptocurrencies, like Ethereum , can execute smart contracts. Blockchain Technology Bitcoin is the first digital currency that operates on blockchain technology. A blockchain is a series of blocks containing all the transactions that occurred in the past 10 minutes.
New blocks are generated every 10 minutes. Before creating a new block, the current block must be verified. Once it's verified and all the transactions in that block are confirmed, it can never be overwritten. This is called an immutable distributed ledger, a transparent list of transactions anyone can explore.
The transactions don't display any usernames, only wallet addresses. Now, you might be wondering: how does a wallet work? How Does a Bitcoin Wallet Work? A Bitcoin wallet is essentially a software program that generates an address, stores Bitcoin tokens, and allows you to send and receive Bitcoin. Simple, right?
Well, that's the concept's bare bones. In reality, though, wallets have much, much more to them. Almost every cryptocurrency has its own wallet. That said, a basic Bitcoin wallet doesn't support other cryptocurrencies.
It also doesn't have staking options or an exchange to buy, sell, and trade Bitcoin. You also can't buy cryptocurrency directly with fiat. Unlike the basic wallet, Atomic Wallet encompasses all the above features and more!
You have millions of Bitcoin wallets out there to choose from, though not all wallets are the same. Some wallets are basic, just for storing, sending, and receiving while others may have a built-in exchange. You should choose a wallet to suit your needs. Another fun fact: you can have more than one wallet! I'm sure you have more than one physical wallet at home, right? You can do the same with cryptocurrency wallets, too! Did you get a wallet yet? Download the Atomic Wallet here.
Now that you have your wallet, you probably have many questions about it. Let's get technical here and try to answer some questions. First, let's take a look at Atomic Wallet and how to get started with it. Atomic Wallet Atomic Wallet is a desktop or mobile app wallet that can store more than different cryptocurrencies.
It allows you to buy, sell, trade, stake, send, and receive. Follow these 5 simple steps to get started with your Atomic Wallet: Download the installation file for your operating system from the official website and install the app Run Atomic, click Create Password Enter a secure password, and click Set Password Save your word seed phrase in a secret place, you'll need it to restore access to the wallet Click Start Using Atomic, and you're done Now let's check what the tabs are for.
Wallet The app will take you to the wallet interface. In the first tab, Wallet, you can see the balance of all available coins and generated wallet addresses for different currencies. If you want, you can also sort the assets by volume, or hide negative balances. That's a remarkable feature! Settings In the Settings tab, you can change your password and get private keys securely stored in encrypted form. You can also import an external wallet into the Atomic Swaps Wallet, but you have to enter a private key.
Let's now take a more detailed look at your Bitcoin wallet's features. That way, you'll be familiar with the ins and outs that allow you to use your wallet more efficiently and securely. Atomic Wallet Features Atomic Wallet has many features and we'll discuss 4 of the main features and how to use them next. What Is a Bitcoin Wallet Address?
It's like your mailing address; you give it to anyone who wants to send you some Bitcoin! The most pressing question you can ask is: where's my address and how do I use it? You'll find it on Atomic Wallet's main screen. Go to Bitcoin and open it Find send and receive at the bottom Click on receive and you'll see your wallet's address A wallet address is usually between 27 and 34 alphanumeric characters. Bitcoin addresses begin with only 3 different alphanumeric characters 1, 3, or bc1.
Always make sure you're sending your Bitcoins to a Bitcoin address, or else it could be lost forever, without any way to get it back. This applies to all cryptocurrencies, not just Bitcoin. We can't emphasize this enough, always double-check your addresses! Seed Phrases When you create a wallet, you need to create a seed phrase.
It usually consists of 12 random words in a particular order. Write it down and save it somewhere safe. This is your only opportunity to set up your passphrase. We'll get to passphrases next but for now, hold on to your seed phrase. This phrase allows you to access your wallet if you get locked out or get a new phone, and you need to re-download your wallet. You also need it to reactivate your wallet on your new phone.
Still, you should make sure to delete your wallet from your old phone and wipe the data off once it's all migrated to your new device. If you're using a wallet on a desktop computer, make sure you migrate it to a new machine before throwing out the old one. Otherwise, you might spend the rest of your life sifting through a landfill to find it.
We're not joking! That's a true story you can read more about here. Passphrases You should have a seed phrase to recreate your wallet on another device. What's more, you should secure your wallet with a passphrase, too. That's just another level of security to protect your crypto. You wouldn't just leave your cash lying about your house, and you wouldn't do it with crypto, either.
You'll want to keep it as secure as possible. Many traditional security questions ask things like: what street did you grow up on, what was your mother's maiden name, what was your first pet's name, etc. Normally, only you could answer these questions. Still, anyone cunning enough could find out this information and figure out how to steal your wallet.
Private and Public Keys You've probably heard the terms private and public keys when talking about encryption. What are they, though? A private key is just that: it's your key to your wallet. Your wallet must have a private key to generate a public key. Essentially, the private key identifies your wallet on the network.
You also need to store it in a safe place like your seed phrase. Learn how to store it properly in our blog post. The public key is a hashed version of your private key. That way, it can only be decrypted one way, not decrypted in reverse. In other words, if you send Bitcoin to an address public key , it can only be decrypted one time, in one direction.
That's why we say, make sure you're sending to the correct address! The public key is decrypted to show the private key and send funds to the correct address. This one-way encryption is called hashing, and it's the most prevalent form of encryption in the cryptocurrency world. Now, to get your Bitcoin from one wallet to another, you must pay the fee. Miner Fees Miner fees are dynamic, and they always make the news because they're so high.
They're not always so high, but Bitcoin has gone through several periods where network congestion made miner fees very high. In other words, if many transactions are happening in the system, then the miners' fees would likely be very high due to the congestion. That's comparable to Uber rates during rush hour. Transaction fees like that would make you not want to use it, except for larger transactions. People went into a frenzy to jump on the Bitcoin bandwagon when its price skyrocketed.
All that activity led to high miners' fees, which got a lot of complaints. Now, fees are generally much lower. The number of inputs on a transaction could also cause higher fees. If you send some bitcoin and it's broken up into smaller pieces, these smaller pieces add more memory to the transaction.
That means they'll be processed with larger memory size, and the miners' fees will increase as they incur a higher cost. Choose the most suitable transaction fee and send BTC fast or cheap. Enjoy fee-free transactions within the Freewallet ecosystem.
Fund your wallet with almost any cryptocurrency and exchange BTC in the app. Secure Bitcoin Wallet with multi-level protection Freewallet combines the best security practices with encryption to protect your private keys and digital assets. Your BTC is under strong protection and only accessible to you, even if you lose your phone, thanks to advanced security features. We at Freewallet are always implementing new functions to improve the safety of your funds and ensure that only you can access your account.
Our support team is here to guide you through all the steps of your cryptocurrency journey and help to puzzle it out: We are helpful 5 hours — average time it takes to resolve an issue. We are prompt 30 minutes — average ticket response time. We are mindful Visit our thorough Support Center with all possible questions and answers.
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