There are plenty of aspects that you should know about Bitcoin and trading with this cryptocurrency. First off, you need to learn how the network works, what technology powers it, how to earn Bitcoins, what are mining and halving, and much more.
E-wallets are also among the things that you need to be aware of and that is exactly the topic that we wanted to discuss in this article. These wallets are the storage facilities for your Bitcoins and they are designed to protect your assets until you sell them or use them as a payment method. With that being said, let’s see what you need to know about them.
They Have Different Strengths
Every e-wallet is unique. That means that you must do proper research and find the one that suits your individual preferences the most. Some e-wallets such as Exodus are the best for beginners. On the flip side, Bitcoin e-wallets such as Electrum are the best fit for experienced traders. There are tons of other preferences that you should define and choose the e-wallet based on them.
Where Do You Trade the Stored Bitcoins?
One of the things that interest people the most is how do you actually profit from Bitcoin. Well, after storing your assets at e-wallets and keeping them safe for a certain period, the best option for you is to search for trading sites and register there.
Trading sites are easy to access as they only require you to have a stable Internet connection. Moreover, they utilize the latest HTML technology, which means that you can trade Bitcoins on both your desktop and mobile devices.
One of the most reputable trading sites on the market is Quantum AI. It uses advanced AI systems that are able to help you maximize your profits by accurately predicting Bitcoin’s future price fluctuations. One other option is a Bitcoin ATM, but they are far inferior to trading sites, which is why you should always trade at those platforms.
Hot and Cold Wallets
There are two types of e-wallets – hot and cold. Hot wallets are cloud-based. Their biggest advantage is that you can access them at any time and place using your private key. On the other side, cold wallets store your Bitcoins offline. They are separate hardwares that you can take with you anywhere. Think of these wallets as a USB, or an external hard drive.
Private and Public Keys
Every e-wallet has both private and public keys and they have a different purpose. Private keys are the keys that you should always keep secret. They are your digital passcode for accessing your e-wallet. If someone gets a hold of your private key, then the chances of them misusing your assets are high.
On the other hand, public keys serve a different purpose. They are used to connect with other traders and sell or buy Bitcoins from them.
Advice for Keeping Your Bitcoins Safe
We live in an era where the number of online scams is very high and you must stay protected. The good thing about Bitcoin is that its network is extremely safe. Bitcoin provides its users with a certain level of online anonymity and its network has never been hacked.
But, there are some additional steps that you can take in order to keep your Bitcoins safe. First off, make sure you keep your private key a secret. Not only that, but create backup private keys. Keep your software up to date as the latest versions of e-wallets will have the best security. Finally, when generating your private keys on hardware wallets, make sure that you are in a secure environment. Bitcoin is extremely valuable and you must treat it that way.