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Understand the bitcoin wallet

Bitcoin (BTC) is a digital currency. It is not like your fiat currency. Its one type of currency in the form of digital code. Lets understand in brief, you can store your fiat currency in a hard wallet, but how can you store your digital currency when the point comes to security? Here, the bitcoin wallet came into existence.

A bitcoin wallet is one type of application or software program, or you can say its a digital application where you can store/hold your bitcoin without any hesitation because its very safe. Technically, its like a bank. Once you credited your currency to the bank. Your bank application shows the number that you have credited to the bank. Same in the bitcoin wallet, you will see the exact amount you have invested and a quantity according to your money.

Now the question is, what else comes in the wallet? The wallet comes with a security key (private key) called a wallet address to accept and send the bitcoin.

Lets understand how wallets work.

• How can you receive bitcoin?
• Start google and type bitcoin.com wallet app and choose to receive options.
• Select in which wallet you want to receive bitcoin. Keep in mind selecting a BCH wallet option if you are receiving bitcoin cash. Else select BTC wallet while you want to receive bitcoins.
• Now, the wallet generates an address. At that address, you can receive coins. Copy that address and provide it to cryptocurrency exchange or any person who is sending you bitcoins.

How can you send bitcoin?

• Open the bitcoin.com wallet app and select the Send option.
• The first way is to scan the QR code with your phone app or copy the receiver address into your mobile app.
• Choose the right wallet, select BCH while sending bitcoin cash or select BTC while you want to send bitcoins.
• Enter the correct value before sending. And before it, check all the details carefully because any small mistake will put you in trouble.

Here, you should know how many wallets exist today to store bitcoins or any cryptocurrency coins. There are web, mobile, and hardware wallets that are in work today to store or hold any cryptos or bitcoins.