Bit coin wallet is a type of currency that a user can use by storing it in a digital wallet. It uses cryptography rather than depending on the government or on any other authority. The user gets a user address when he or she buys bit coins. It is a key of 33 numbers and characters accessible by human beings. Privacy and authentication are its features. It is protected by a password. Various vendors are dealing with bit coins; information is hardly shared between the seller and the buyer. This technology works with the help of nodes, which can work automatically. They are programmed to increase the money supply according to a pre planned schedule until the number reaches a fixed amount.
- No central authority issues bit coins. Bit coin wallet are being appreciated and accepted in countries like the US. It is referred to as the barter system as well.
- The transactions made by using them are generally anonymous. Cash, credit cards etc can be replaced by using them.
- It can be used for both online and offline payments. Some conventional stores are already accepting them.
- More bit coins needs to be issued so that number of transactions increases. It will stay and will increase in popularity in the developed countries.
Bit coin wallet can be purchased with cash or credit card through reliable bitcoin exchange. The system is so secure that sums will reach one’s mobile and email will reach the user as soon as a transaction takes place.