Features of cryptocurrency storage
Today, the cryptocurrency industry includes many innovative developments and promising projects, as well as a huge progressive community. But everyone who enters this market should first think about how and where to store bitcoins. And only after studying this question in detail, it is possible to start using all the advantages of decentralized technologies.
The world’s first cryptocurrency, Bitcoin, appeared in 2009. It was created by an anonymous developer under the pseudonym of Satoshi Nakamoto. He also published the first prototype of a cryptocurrency wallet – Bitcoin-qt. A little later, this wallet was renamed Bitcoin Core, and to this day it remains one of the most popular ways to store bitcoin.
Bitcoin Core is specialized software that allows you to store, receive and send digital currency. To perform such actions, you need a bundle of two special codes:
A public (public) key (address);
A private (private) key.
The wallet itself was created specifically to work with bitcoin and to use it you need to download the entire blockchain.
Also in Bitcoin Core were initially integrated and the basic principles of working with the cryptocurrency:
- All transactions are done directly between two users.
- You can only receive cryptocurrency by transferring it to a public address.
- To send cryptocurrency, it is mandatory to sign the transaction with a private key.
- Anyone can download a wallet to their computer and use it at their discretion.
- Blockchain acts as a secure, decentralized space where bitcoins are stored. And they can be accessed from anywhere in the world. All you need to have is a private key.
- A successful transaction cannot be undone.
- If you want, you can see information about all accounts and transactions in a public registry.
These same features of working with cryptocurrency are preserved in modern wallets. At the same time, various developers have released many other wallets for bitcoin and other cryptocurrencies. Most have implemented new features and capabilities. Due to the characteristics of specific wallets, they have become more convenient to use for certain tasks.