The Bitcoin revolution is here upon us. Bitcoins have become popular and preferred mode of storing value especially among freelancers around the world. Locally, many of us are just getting to learn the many benefits that relate to owning bitcoins.
This article explores the send/receive transactions involving bitcoins. Since we work hard for our money, it also educates on the various approaches to securing your precious bitcoins. Remember, you need a reliable internet connection to handle bitcoins. All freelancers invest heavily on secure internet connection, so this requirement is sorted out.
Sending and Receiving Bitcoins
A bitcoin wallet features a send/request button that facilitates a sending transaction to a preferred email address or bitcoin wallet. The request button serves the purpose of making and seeking payments from another wallet or email address.
Sending is as easy as inputting the recipient’s email address in the corresponding field. The next tab requires you to specify the amount you wish to send. The third step involves specifying the bitcoin account from which you want to deduct the payment. Once you hit the send button, the transaction is complete.
The recipient can see the incoming amount in their wallet. The sender’s balance also reflects a deduction of the transferred amount. However, it takes about an hour for the Bitcoin network to confirm and approve the transaction.
You need to exercise caution when sending and receiving bitcoins. One the transaction has been initiated; bitcoin protocol doesn’t allow for cancellation. Therefore, you must be sure about the deal before activating the send button. However, the recipient can always ask for a refund from the sender. This transaction anchors on the agreement of the two parties.
Securing your Bitcoins
Make no mistakes about it; Bitcoins may be digital currency but its real money Securing a bitcoin wallet utilizes the same principle as that used to safeguard your portfolio in daily life. You always want to be in possession and control of your wallet at all times. With bitcoins, one cannot compromise on security else the value of their money may be transferred elsewhere. Luckily for bitcoin users, developers have come up with burglar proof techniques to ensure the owner of bitcoins has maximum security.
However, these techniques rely on user discretion at all times, therefore, meaning that one should never share their bitcoin wallet access codes with others. Remember your wallet is located on a computer that is connected to the internet. This connection means your computer is a target for hackers. The motive for securing your bitcoins lies in the risk of loss or theft.
You could start by setting up an offline savings wallet for your digital currency. The offline approach eliminates the risk of theft and loss to a bare minimum. It’s almost as having all your hard cash in your possession though there’s always the temptation to spend. We can deal with that later on.
The offline wallet is also referred to as a hardware wallet, and its greatest advantage is the immunity to hackers and viruses, therefore, offers high-level security. The hardware wallet serves as the best backup to the virtual wallet. We also advise you keep your wallet encrypted and implement frequent updates on keys and passwords. Make your password unique, catchy and memorable such that you never lock yourself out of your bitcoin wallet.
With bitcoins, one can use multi-signature keys and addresses. Each key can be safeguarded in separate locations and under the stewardship of different people. This strategy is primarily implemented at the corporate level where the entity in question transacts a lot of bitcoins. Hackers have a torrid time hacking such a system since they have to go through individual key holders before hacking the wallet.
Bitcoins users are mostly anonymous thanks to the encryption of mobile wallets. Wallet companies encourage users to encrypt their files using tools such as DESlock+. A strong password will also serve you well especially if you keep changing it on a regular. The two-factor authentication process adds an extra defensive wall from keyloggers and hackers. Avoid leaking information about yourself if you use bitcoins, let your identity remain concealed.
Learning How To Use Bitcoin ‘Money'
Earlier in this article, we determined that the online Bitcoin Wallet is vulnerable to hacks by being online. Therefore, you want to be logged in into as few devices as possible. Avoiding the use of wallets on remote and mobile devices reduces the risk of your security getting compromised.
All software’s require regular updates by the developer’s specifications. Software updates address faults, malfunctions, malware and viruses. Also, use your anti-virus to scan for viruses and malware. Early detection could save you a fortune.
In conclusion, securing bitcoins is largely based on your personal or corporate initiative. All these methods when applied ensure you thrive in the bitcoin economy.