What is the bitcoin wallet?
To store and spend your bitcoins, a bitcoin wallet is needed. In other words, as bitcoin is a digital currency, it is not stored anywhere. The task of the wallet is provided to store your digital keys that provide access to the bitcoin address and the ability to sign transactions. Keep in mind that cryptocurrency transactions cannot be reversed, so if you plan to deal with digital assets, you need to have a secure bitcoin wallet.
There are many methods of storing bitcoin such as sheets of paper with a key written on it and many modern applications. The safety of digital money depends on how thoughtful your choice is. If you lose or accidentally delete the private key, you will not be able to restore access to the wallet. This is why good wallets offer backup and reliable data protection.
You can store the keys to your bitcoins by yourself. When you keep your own Bitcoin keys, you have direct control over your money. Thus, you do not have to turn to the services of a third party (for example, a bank). Therefore, as soon as you can confidently state that the risk of your private storage of keys is lower than the risk of losing them to a custodian, it becomes simply necessary to set up a scheme for self-storing your bitcoMaking this decision depends mainly on your understanding of how and why to store your own bitcoin keys.
Bit4you offers its crypto wallet which provides an opportunity to manage your bitcoins (not only), receive, and send your coins to other people if you wish. It is protected by modern security protocols from hackers and scammers. As every user who is going to trade by real cryptocurrency, has to go through verification, it is safe as verification is a reliable instrument to keep your bitcoins protected. Bit4you is subject to Belgian and EU law so do not worry about the security of your funds.
How to use it
Once you register an account on bit4you, you can start using the demo mode. You get your BTC wallet with $ 100 000 virtual funds. This technology allows you to get to know how the crypto market, crypto wallet, and strategies work. On bit4you you can have multiple crypto wallets, sell and buy cryptocurrency you want just by one click! However, it is quite comfortable to have so many options and tools in one place.
The reasonable question that arose, why do we need those crypto wallets and digital assets on them if we do not know how to withdraw our funds? It is not difficult at all. But still, you should be aware of different methods and their safety, as some of them are quite unprotected.
- Private exchangers. We speak about real people in real offices. This way is quite dangerous, as you do not know those individuals and take a risk with your funds. Also, those exchangers have a high commission (up to 15%), which is not profitable at all. Transactions through it work like this: you make an appointment in advance in a guarded office or apartment, fix the course, they prepare money for you, you transfer the cryptocurrency, and wait for confirmation. After that, you can pick up fiat. The benefit is for people who do not want to delve into the topic but the obvious disadvantage is in being unprotected.
- Crypto exchange platform. One of the most popular ways to exchange cryptocurrency for fiat and vice versa is professional cryptocurrency exchanges. However, you only deal with the platform, not with other users. Fiat money can also be withdrawn from your bank account. The most obvious benefit for bit4you crypto exchanger users is the popularity of such platforms. The largest number of transactions is carried out on crypto exchanges. That popularity is gained through the security of transactions on bit4you. It means that your funds and digital assets will be protected as for trading and investing the bank verification is required. If you are an advanced crypto trader, the diversity of cryptocurrency presented on bit4you will be an advantage for you.
Valentina BEREZA, Team bit4you
