Breathe Easy Knowing Your Bitcoin Wallet is Fully Protected With These Companies
A bitcoin wallet is a digital storage space for your bitcoins. A digital wallet is your identification throughout the network. For example my digital wallet ID from Coinbase is 1H5HzBGL8JNGykkcWdnc4fVf8bAUHe5kgg. This is my identification for making purchases, receiving donations, receiving payment, and any other place that may ask for my wallet ID.
This is a break from the normal identification methods such as:
- Credit Cards with your name on them
- Checkbooks with your name, address, routing number, & account number
- Driver’s license with your picture, address, and other information
Instead, wallet id’s introduce a more unobtrusive type of identification. One that can remain totally anonymous if they really wanted it to.
Why Bitcoin Wallets are Safe
I was a bit skeptical at first because I would not know what to do if a problem arose. It’s not like you can call a bank and put a stop check or have a fraud unit investigate possible fraudulent charges with your account. The more I use bitcoin the more I have noticed how safe it is. One key factor is the use of two factor authentication. In order to access your cryptocurrency wallet through an exchange such as Coinbase, you not only have to enter in a username and password but also a code that changes every 20 seconds and can only be accessed on your phone. Most companies that provide BTC wallets employ either two factor authentication or similar bitcoin client security methods in order to keep your account safe.
Your wallet id is safe to give out. It’s not like a credit card number where somebody can just use your credit card number to make purchases. Instead, it’s the exact opposite. The only thing people can do with your wallet id number is give you payments. In order for somebody to make payments in your name would be to log into your actual account where your digital currency wallet is located. So this would be similar to somebody hacking your Bank of America, Capital One, or other banking institutions website.
Blockchain.info is another great website for receiving a wallet ID for bitcoin because:
- They don’t have access to your account information
- They don’t even see the transactions that you make.
You basically sign up for free, fund your account, and start making transactions for free because their are zero transaction fees. This is unlike a bank where you may be ransacked with hidden fees, standard fees, and other charges.
Determining how to use bitcoin wallet id’s can be tough at first. It is a brand new concept with new terminology. It took me a while to grasp the concepts of digital currency transactions and I’m still learning. One thing I’m sure of is bitcoin wallets are such a safe and worry free type of transaction method if your signed up with the correct companies and use them properly.
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