Cryptocurrencies by their nature are an electronic means of payment. Coins appear as a result of mining, are stored electronically, and all operations take place on the Internet. Nevertheless, bitcoin can be put into a regular wallet. Let's figure it out
And so, everyone has heard the comparison of bitcoin with gold and precious metals. In fact, this parallel is much deeper than one might imagine. You can really put Bitcoin in your wallet and keep your coins closer to your heart, and this will not be too far from the truth.
As we said in our article COLD STORAGE - “COLD STORAGE” BY THE EXAMPLE OF BITCOIN, the basis of the Bitcoin wallet (and most well-known cryptocurrencies) is the pair public key/private key(public key/private key). A further development of the same idea that is used for Cold Storage is the ability to store private keys on almost any medium, because the volume of a private key in the WIF format does not exceed several hundred bytes. For example, for the address
19pRDXKj2ziCnM3y34FmDYELYR9Gf2DZXC
the private key in WIF format will look like this:
5JKEJXnATenLs2tSjbfiPpUKL3sBTuvAChmwuHkHMgy5cB4rmof
Several of these lines will easily fit in notes on a smartphone, on the smallest flash drive or on an SD card. Agree - putting modern flash drives or micro-SD cards into a wallet is not a problem. However, you can go much further.
An example of a bitcoin address and a WIF wallet in the form of a QR code
This is what a bitcoin address and the key to it look like in the form of a QR code - a special format for reading by any smartphone. You can print a QR code with an address in any quantity and distribute it to everyone who wants to share coins with you, and store the printout of the WIF wallet in a secluded pocket of your wallet, although it is better, of course, to store the key in a safe, away from prying eyes.
You May Also Like
Comfortable shopping with Bitcoin
The process of making money would not be so exciting without the awareness of the opportunity to spend it on anything and anywhere. When it all started, most of the use of Bitcoin was for gambling, buying dubious goods and stock speculation. Today, the possibilities that cryptocurrency opens up seem endless.
TOP 5: review of long-lived crypto wallets
Crypto wallets play an important role in the secure storage and management of digital assets. When choosing a wallet, we suggest paying attention to a number of parameters, such as security, ease of use, and longevity on the market.
