A Guide to start your own Bitcoin Wallet
The rise in the price of bitcoins has is making the industry of cryptocurrencies interesting and going by the trend we are less likely to see it fade anytime soon. In this topic we will cover why setting up a bitcoin wallet is important to you in this business and what are the steps you need in order to start one.
Cryptocurrency is an impactful industry and people investing in it are making huge profits and currencies like Bitcoin have hold of the market capitalization in this business.
Before we move on to the how-to part about bitcoin wallets, here is a quick look at the business of bitcoin.
What is a Bitcoin?
Bitcoin is the first in the line-up of cryptocurrencies and works with no intermediaries like a central bank or an administrator. As you might know, Bitcoin was started by a pseudonymous group of people or a person going by the name ‘Satoshi Nakamoto’ in 2009.
And since 2009, Bitcoin is accepted by various large companies throughout the world, which only goes to show the potential of this currency in becoming a global currency.
Here are some amazing facts about Bitcoin:
- By 2019, The tally of Bitcoin users is said to hit more than 5 Million,
- Currently, 51% of Bitcoin users are based outside the United States.
- As of now, there are 17 Million bitcoins and there is a limit of 21 million that is to be mined, which means only 4 million are left for mining.
- The 4 million which is left cannot be mined completely for another 122 years owing to the rules of the mining process.
- The Federal Bureau of Investigation owns one of the largest bitcoin wallets, which is valued at over $120 million.
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Here is a small tip: before you put into force the idea of setting up a bitcoin wallet, contact a bitcoin exchange script which will help you keep the bitcoins stored in it safe.
What is a Bitcoin Wallet?
A bitcoin wallet acts like a bank where all the pieces of information regarding bitcoins are stored. A bitcoin wallet is just like your normal or the real wallet you use but here things work a little smarter as it works as a balance checker and also holding the horde of bitcoins.
Creating a bitcoin wallet is the first step when a user is looking either to investing or trading a cryptocurrency. It not only stores bitcoins but the private keys which are key to access bitcoin-related information and also carry out transactions.
A Bitcoin wallet comes in four forms or types of wallets like mobile, desktop, web and hardware. So here are a few ways on how to start a bitcoin wallet, consider these steps before you set up your own bitcoin wallet.
Understand and learn about the practices of a country concerning bitcoins, as some countries allow the trading of bitcoins while some are completely against the use of it.
And this should perhaps be the first step when out to set up a bitcoin wallet. Consider the place of operation, is it going to be your home country or are you taking the business globally.
Tip: To stay away from any sort of legal trouble, follow the guidelines of the country you choose to start up a business.
The right kind of backing
To make a bitcoin wallet successful and when there are hundreds of competitors in the market is quite hard and therefore you need the right kind of support.
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The support might be in any form; financially or from your the in-house team you have to run your business. Initially, you need backing from your team which is highly-skilled in a domain something like this and by highly-skilled we mean a bunch of professional developers. A professional or an experienced developer will help you set the bitcoin wallet.
Along with developers, you need backing from a banking institution which assists you in liquidating transactions. Setting up with a banking institution can help you in carrying the business of virtual currencies easily.
Secure your Wallet
Well, the most important factor to consider when starting a bitcoin wallet is to make it secure and not make it look secular. Although there are many positives of bitcoins as there is little to invest and way more profits to be gained.
One big threat to users investing in it is the lack of security and vulnerable attacks it is exposed to on the web by hackers.
Get in touch with the best bitcoin exchange software in the business when it comes to providing the best security as possible to your users storing their currencies on your wallet.