The Bitcoin currency was developed just a few years ago as a private initiative. It is now known that it is not regulated by any central monetary authority in the world like the other currencies do. Instead, it has its own regulatory mechanism that involves peer-to-peer network of its users’ computers.
For the Bitcoin currency, the Bitcoin is the basic unit and is subdivided into satoshis which are in turn equivalent to one hundred millionth of a bitcoin.
The above-mentioned units can be moved from one online user to the next when paying for particular goods and services at no transaction costs. This has enabled companies from across the globe make global transfers without having to continuously worry about exchange rates and bank transaction charges.
For you to use Bitcoins, it’s imperative to have a Bitcoin safe which in essence, is a special type of software with which you can store, send and receive Bitcoins. Some of the Bitcoins safes that are available currently are the software safes, mobile safes, and internet Bitcoin safes.
The software Bitcoin safes, for example, are usually installed on the users PC to give him or her full access and control of the safe. The Mobile Bitcoin Safes are installed on a user’s smartphone or tablet computer to allow them to use the Bitcoins when shopping around in the supermarkets. Finally, the web Bitcoin Safes are found on the internet and can store these Bitcoins in the cloud.
It is nowadays very easy to pay for goods and services using Bitcoins, and you just have to input the recipient’s address on your computer or smartphone, the amount and then press send. As for smartphones, you can scan the QR code so as to obtain the recipient’s address.
Protecting Your Bitcoins Safes
A Bitcoin safe resembles a pocket filled with cash. For you to ensure you Bitcoin funds are secure, it is imperative to stash small amounts of Bitcoins in your PC or Smartphone and the rest to an encrypted offline Bitcoin safe. This is to make it easier to recover your safe in the event your computer or smartphone is stolen.
Encrypting your safe means setting up a password that must be input before accessing and withdrawing the Bitcoins you have stored. It’s critical to note that recovering a Bitcoin safe password once its lost is very difficult and is why it is essential to use a password that you can easily remember.
In order to be as secure as you can, you should store off-line back-ups in many locations using a variety of media like USB flash drives and CDs.
Finally, always ensure that the Bitcoin safe software on your computer or smartphone is regularly updated to ensure the Bitcoin funds and transactions are safe and secure.