Start using bitcoin
Bitcoin is really cool technology. It enables you to send and receive money via the internet, super fast, to any one in the world. If you have friends or family living abroad, you may have already noticed that it may be difficult and slow to send them some money.
A bitcoin transaction typically takes a few minutes to broadcast to the network, around 20 - 40 minutes to confirm, and despite what you might hear in the news, the fees remain relatively low. The price of bitcoin can fluctuate (heavily) over time, but all in all the bitcoin network has been only growing bigger since its genesis at the start of 2009.
if you want to learn more about it make sure you check out the official bitcoin website.
In this article you will learn:
- The difference between a cold, hot and custodial wallet
- How to create a personal wallet (type hot)
If you create a Bitcoin wallet for the first time, you might be confused with all the terminology and different types of wallets.
But just like you probably do not just have 1 banking account, you might have a personal account for daily payments, a savings account for money you don't immediately need, and maybe a credit account for your visa card. You might even have accounts you share with other people, for all kinds of purposes.
Similarly, you can have different types of bitcoin wallets, with different levels of security and comfort, that can fit different situations. In general there are 3 main types of bitcoin (or other cryptocurrency) wallets: cold, hot and custodial wallets.