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What Is Bitcoin And What Is The Mechanism For Opening A Bitcoin Wallet

What Is Bitcoin

What is bitcoin and how to open a bitcoin wallet? Bitcoin from a few years ago was not as widespread or well-known as it is now, so there has been a lot of research about what is Bitcoin and how to open a Bitcoin wallet, through the money makers website we will answer these questions to know more about Bitcoin and the reason for this interest around the world.

What is Alpetkoan and what is how to open the purse Bitcoin

 

As they say first of all, that Bitcoin began to change the concept of the economy and money as the Internet changed the whole world, to simplify the matter we must know that paper money to be traded must have an intermediary party, which is the bank.

As for bitcoin, it does not need an intermediary person. Two people, each person in a different and far country, can trade bitcoins among themselves without the need for an intermediary.

We go to the definition of Bitcoin, the official definition of it is that it is a currency called or called the digital or virtual currency, as you cannot carry it with you such as the US dollar, the euro or similar other currencies.

Bitcoin is an intangible currency, and it is found on the Internet, but it is governed by a system and has foundations for trading

As for opening a Bitcoin account or wallet, this is through platforms dedicated to trading Bitcoin, but the most famous of them is Blockchain. things.

As for the Blockchain, it is one of the electronic banks, and electronic banks are not like traditional banks. They are not places to go, and they have an official website and a financial system. It should also be noted that some traditional banks, in line with this new system, have established electronic banks affiliated with them.

Bitcoin Account Types

Through our answer to what is bitcoin and how to open a bitcoin wallet, we will know that opening a bitcoin account or wallet is free, and is done in two ways, either via a mobile phone and for Android it can be installed from here

As for the iPhone, you can install it on your mobile from here, and the account can be opened via computers, and we will mention this next.

Steps to Open a Bitcoin Wallet Using a Computer

After we defined bitcoin through our answer to what is bitcoin and how to open a bitcoin wallet, and we defined electronic banks, we come to the steps for opening the wallet, which are as follows:

  • Enter the Blockchain Bank website from here .
  • By entering the bank page, you will choose wallet, from which we will enter another page and choose get started.
  • The next step in order to be able to transact in the bank and exchange bitcoins, you must enter your email and password.
  • Make sure the password is correct and keep it in a safe place, and it must consist of English letters and numbers, then press continue.
  • This step is one of the most important steps in the process of opening the wallet, as without it you will not be able to access and deal with your account, and it is the password for your Bitcoin account.

It must be written in an external paper, and kept in a safe place, and also should not be kept on the computer, because it can infiltrate the computer and steal important passwords and use them.

  • After obtaining the password for the bitcoin account, you will click on continue, the bank will transfer you to another page, to log in, and you will receive an e-mail to confirm and activate your account.
  • When you enter your email, you will open a confirmation message in which there will be a link by clicking on it. This will activate the account and you will be given a Confirmation Code, a code that will be kept with the rest of the important information, since with this code deposits and withdrawals will be made.
  • After keeping your code, you press Confirm to confirm linking your email, with your account.
  • After that, you will click on the Login Now icon, with this click you will be taken to the login page for your account in Blockchain Bank.
  • You will then write the password that you have kept, in this step you will find inside yourself within your page and from below the code that you will use to trade with other companies that deal in Bitcoin.

How to deposit into a bitcoin wallet

The first thing after we got to know what is bitcoin and how to open a bitcoin wallet,

We will move on to the method of depositing to a bitcoin wallet, and to deposit or withdraw to a bitcoin wallet you must have your own bank account to transfer money to when buying or selling bitcoin.

To deposit, you will choose from your page to deposit bitcoins, then you will enter the value of the bitcoins you want, then your request will be processed by translating what will be converted from cash to bitcoins, and to confirm the conversion process, a QR Code box will appear, after which you will receive a confirmation message.

It should be noted that the Bitcoin price is subject to market transactions, every time is different, so you may impose some additional fees when transferring, so you should be aware of the Bitcoin prices at the time of transfer.

Read also:  What is Bitcoin?

Bitcoin invention

It is worth noting that after we got acquainted with Bitcoin and how to open a Bitcoin wallet, we know that there were many attempts to create digital currencies before Bitcoin, but they were not as successful as Bitcoin.

The beginning of the conversation about Bitcoin was in 2008 through a research paper presented by the inventor of Bitcoin, and he created a code name for himself, Satoshi Nakamoto, and to this day no one knows the identity of this person.

But the bitcoin currency began to work in January 2009, and the bitcoin currency was described at this time as a digital currency that is dealt with in a peer-to-peer system, meaning that as we mentioned earlier, the two parties concerned with dealing do not involve a third party, meaning that the seller and buyer deal with each other. Without any middleman.

What is meant by the intermediary here is the bank, of course. When you have a sum of dollars with you, for example, and you want to convert it into euros, for example, you must have a bank, which is the bank, but Bitcoin is not like that.

For example, you are in Egypt and you have supposedly bought goods from Mexico and there is no trading of the currency of Mexico in Egypt. You can deal with the merchant in bitcoin, so you transfer the bitcoin to him, and if he wants to convert it into his currency, or he can keep it as it is without conversion.

Cryptocurrency names

As long as we talk about digital currencies, dear reader, you should know that there are many other digital currencies other than Bitcoin, but Bitcoin is the most famous and famous of them, as it is mentioned that the cryptocurrencies that exist today have exceeded 1,600 cryptocurrencies.

But there are some cryptocurrencies, the most famous and reliable of them, the first of which is Bitcoin, and Ethereum comes next. “These two currencies are the most popular and traded in the world.

To find out the most traded digital currencies, this is done through the major famous trading platforms, and with a quick look we will find that the most famous of these currencies are Bitcoin, Ethereum, Ripple, symbolized by the symbol XPR, Litecoin, NEO, IOTA.

Also Read:  New Cryptocurrencies

What is the receiving address?

The receiving address in Bitcoin is similar to the traditional bank account number, and this address is the one that is dealt with by sharing it with those from whom the Bitcoin will be received, or sent to them, and it is worth noting that the receiving address for the Bitcoin account begins with one of the numbers 1 or 3.

It is worth noting, dear reader, that you know that the receiving address is not a fixed address, but rather that it changes with each transaction, and this is one of the things that is considered one of the matters that preserve the privacy of the customer, and it is possible to use your old address for receiving or sending, but this step is more secure.

How do I receive my bitcoin earnings?

Receiving the profits of digital bitcoin is easy, as the profits are received, money or bitcoins are transferred through your wallet that you created, and we mentioned the steps for creating a bitcoin wallet earlier.

What are bitcoins used for?

Bitcoin in its beginnings was traded and profited from it through trading operations, but now it is used more widely around the world.

Where an individual can buy his needs and pay for Bitcoin and not regular cash, some stores offer additional discounts for those who pay with Bitcoin.

One of the uses in which Bitcoin enters is transferring funds without the need for a third party or paying additional fees. When transferring funds through money transfer companies, high transfer fees are charged.

But Bitcoin can transfer a person the amount to be transferred without limits without high fees, as one of the advantages of Bitcoin is that you can transfer whatever you want without restrictions, and this is unlike traditional money transfer methods.

 

With this, we have answered my questions about what is bitcoin and how to open a bitcoin wallet. We have explained what the currency is, its beginning, and how to open an account by mobile or by computer. We also explained the uses that bitcoin enters, and the method of receiving profits. .

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