Bitcoin Wallet Basics

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About Bitcoin Wallets

A bitcoin wallet is a critical component for interacting with digital assets. Each bitcoin wallet acts as a safe place to store, send, and receive bitcoin.  

The term bitcoin wallet is actually a little bit of a misnomer. One main reason is that a bitcoin wallet doesn’t actually hold your bitcoin. It’s not like a folder on the internet that contains the equivalent of digital cash. 

Instead, your bitcoin is actually stored on the bitcoin blockchain. And your bitcoin wallet contains a set of the unique, encrypted keys that you need to prove ownership of the bitcoin on the blockchain. 

So, instead of thinking of a wallet as a storage unit, think of it as an important hub that lets you interact with both the bitcoin blockchain (where your bitcoin lives) and with other bitcoin users. 

The most important take-away when learning about bitcoin wallets is that you need to keep your wallet secure. But don’t worry, this post outlines a few basic bitcoin security best practices.

The Coinme Bitcoin Wallet

This section of the Coinme blog will breakdown all the key parts of a bitcoin wallet and highlight some critical information. We created this section to act as both a Coinme user guide and to help our users understand more about bitcoin technology. 

If you haven’t set up a Coinme account yet, please check out this page to get started.

One of the really cool and super unique things about a Coinme bitcoin wallet is that it allows users to easily convert cash into bitcoin. It’s one of a few services out there that bridges the gap between the legacy physical money system (in this case, US dollars) and the new digital money system (in this case, bitcoin).

The first thing you will notice when setting up a Coinme wallet is that it asks for a voucher number. A Coinme voucher is what you will get each time you deposit cash at one of the kiosks in the Coinme network.

Another important aspect of the Coinme wallet setup is submitting a photo ID and a photo of yourself to confirm your identity. This is standard operating procedure across the financial technology world, and it helps make sure that all parties involved in the creation and use of a new Coinme wallet are following all of the necessary banking regulations.  

Once your Coinme bitcoin wallet is set up you will be able to send and receive bitcoin all over the world! You will also be able to keep adding cash to your bitcoin wallet —  up to $2,500 a day.

Coinme Blog.

Understanding Bitcoin Network Fees

Bitcoin network fees, or bitcoin mining fees, refer to a sum that is charged to complete a bitcoin transaction. These bitcoin fees are tacked onto the amount that the sender inputs and added to the total transaction amount. Like the bitcoin network itself, bitcoin fees are dynamic. When the bitcoin network gets busy, or when there are more transactions happening, the bitcoin network fees increase.

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Bitcoin Security 101

“Is bitcoin safe?” That’s one frequently asked question for people just getting into cryptocurrencies and digital assets. There are a lot of ways to answer that, but in terms of security, the answer is “bitcoin is as safe as you make it.”

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