Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.
Surprisingly, the web wallet options are thin compared to the iPhone or Android options.
Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.
To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coin’s protection against these attacks.
GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.
SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android, and Windows Phone users.
These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.
Bitcoin is a cryptocurrency without any delegates or banks required to direct transactions. It was built as open-source software in 2009 by an individual or a group referred to as Satoshi Nakamoto with the idea to limit transaction costs and deregulate money. There are many ways of buying Bitcoin. Here we are going to discuss the easiest way to buy Bitcoin.
Buy Bitcoin Through Wallets:
The easiest way to buy bitcoins is through digital wallets. CoinBase is the most renowned wallet. All you need to use this wallet is sign up for an account and link your bank account.
The reason why it is considered the easiest way to get bitcoins is because it allows the option of buying bitcoin through Visa and Master Card.
Other Ways to Purchase Bitcoin:
Another fastest way to buy Bitcoin is buying it through local bitcoins. Here you go to localbitcoins.com and setup a meetup with a local Bitcoin seller in your area. Make sure that the meetup is kept at a public area or somewhere you are completely familiar with. Local Bitcoin deals have a history of taking unpleasant turns so you must take every precaution before making the transaction.
Bitcoin faucets are also considered the fastest way to buy bitcoins. Bitcoin faucets are programs that are designed to distribute bitcoins in fractions to the visitors to claim. There is a time interval between each Bitcoin batch that is released and the visitors must wait through it.
Bitcoin is a type of cryptocurrency that is autonomous to the government, central bank or financial authorities. In other words, it’s a virtual currency which is only the controlled by those who own it.
Is Bitcoin Different from Traditional Currency?
In terms of usage, both currencies are same. Both can be used to buy goods and services and there are many merchants who accept Bitcoin as payment.
But going deep, we realize that there are some huge differences between the two currencies.
- Bitcoin is decentralized
- The currency is peer to peer and is only managed by users around the world
- Bitcoin transactions leave no traces behind which gives its users complete anonymity
- Bitcoin transactions do not need to go through a clearing house like Government, Visa Network, MasterCard, the central bank, etc. which means low transaction fees.
- Bitcoins are generated through Bitcoin mining – a process in which miners around the world assemble blocks and work on solving mathematical algorithms to generate new coins.
- Bitcoins are finite.
- Bitcoins are stored in a Bitcoin wallet and are protected by private keys.
- If lost, bitcoins are irrecoverable. The cryptocurrency is not insured or protected by any regulatory authority which makes it impossible to recover in case the coins are stolen or lost.
Who Created Bitcoin?
Bitcoin first appeared on the radar in 2009 and was created by a programmer called Satoshi Nakamoto. The inspiration behind the invention was to produce an electronic currency that would be independent of any third-party influence.
Considering the current situation and ever growing popularity, it’s safe to say that the goal is pretty much achieved.
Is Bitcoin Printable?
Bitcoin guide: I is a virtual currency and is not printable. The only way to generate bitcoins, as mentioned above, is Bitcoin Mining where individuals from different countries form a network which is open to anybody around the world.
The network also facilitates bitcoin transactions, making the cryptocurrency guide its own payment method.
Can We Create Unlimited Bitcoins?
There are specific rules and specification to create bitcoins. It has been decided that the maximum limit for bitcoins would be 21 million and this number is impossible to achieve until the year 2140.
The value of Bitcoin can be divided into several smaller portions. The smallest it can go is one hundred millionth of a coin and is called “Satoshi” – named after the creator of currency.
These are some of the characteristics and general facts about Bitcoin. Putting in a nutshell, the cryptocurrency is growing in popularity and the number of merchants accepting it as a method of payment is increasing each day. So, it’s safe to say that bitcoins will be playing a huge part in future transactions of money and goods.
A Hong Kong merchant who correctly predicted bitcoin value’s dramatic year-end rise trusts that its rally is a long way from being done.
Dave Chapman, managing director of digital currency exchanging firm Octagon Strategy, told that numerous investigators laughed at him when he anticipated the bitcoin cost would dramatically increase in the final quarter and reach $10,000 before the finish of the year.
“I was cited back in August when bitcoin was trading at around $4,000 that we would have a five-figure headline before the current year’s over,” he said. “I think many individuals thought I was insane, many individuals laughed at me, but that is OK.”
However, regardless of condescending looks, the bitcoin cost has met — and surpassed — Chapman’s expectation. At the time of writing this article, bitcoin was trading at $16,615, a 20 percent rally boosted by the dispatch of CBOE’s bitcoin futures contracts.
The bears credit this development to a speculative frenzy, and Chapman admits that he is somewhat worried about the market’s current “warmth”. However, he denies that bitcoin’s value is purely from speculation.
“Bitcoin permits the quick exchange of significant worth from one individual on the planet to some other individual on the planet, and it does that without a middleman. That is its value,” he said. “If you take a look at bitcoin and its impact financial industry, it’s clearly not that crazy to believe that bitcoin could be a greatly enormous disruptor to finance.”
Chapman said that the launch of bitcoin subsidiaries is an indication that digital currency is “growing up,” and he included that he would not be shocked if the bitcoin cost comes to $100,000 before the finish of 2018. Nevertheless, he warned that winding up too focused on digital currency costs will make individuals lose sight of the revolutionary aspects of the crypto technology.
“The cost to me is presumably the most uninteresting part about bitcoin. I’m more excited about the applications and more amped up for what this means for individuals who lack access to financial inclusion,” Chapman finished up. “If we concentrate on the cost, we’re forgetting about the bigger picture.”
The tax reforming bill of Japan has officially removed consumption tax on the sale of Bitcoin. Bitcoin trading events expected to increase in JAPAN after the activation of the bill. In a report entitled “Inbound Tax Alert, 2017 Tax Reform Proposals”.
Deloitte earlier has revealed that digital currencies, as well as Bitcoin, set to release from the eight percent consumption tax in Japan.
Deloitte’s report says:
The supply of digital currency will release from Japanese Consumption Tax (“JCT”). At this time, digital currencies like Bitcoin don’t fall under the category of released sales, and as result, the sale of digital currencies in Japan have judged as taxable for JCT purposes. Resulting the performance of the amended Fund Payment Law in May 2016, that a defined “digital currency” as a means of payment, the sale of digital currency as well-defined under the new Fund Payment Law will release from JCT.
Bitcoin Market of Japan:
On 27th of March, the National diet of Japanese officially accepted the tax reform proposal 2017 shared by Deloitte. It passes the Bitcoin consumption tax along with other bills recorded on the proposed reforms. The bill, that came into activation on 1st July. It expected to considerably increase Bitcoin and other digital currencies trading events within the Japanese digital exchange market.
On 1st April, the government of Japan officially approved Bitcoin as a legal currency and payment method. Since that day, the government of Japan has been focusing on establishing and creating a more effective ecosystem for Bitcoin traders, users, and Businesses.
The Bitcoin exchange market of Japan is already well equipped and well-regulated. It has an efficient Anti-Money Laundering (AML) and Knows Your Customer(KYC). AML systems are especially strict in Japan.
The increase in Bitcoin Price:
Although, it may be fully coincidental, meanwhile the start of Bitcoin tax elimination bill in Japan on 1st July, the price of Bitcoin increased from about $2450 to $2570. It is not a complete assessment to the Bitcoin’s upward momentum to the market of Japan. It accounts only for 16.2 of the Global Bitcoin exchange market.
However, a good sign for trading Bitcoin in Japan could have established a constructive example across Asia. It controls utmost 65% of the global Bitcoin exchange market share and it also affected Bitcoin price.
Soon, hundreds of thousands of cafes, restaurants, stores could start to accept Bitcoin as AirRegi. AirRegi is the largest point of sale machine operator in Japan and it is looking to enhance Bitcoin by the fall of 2017.