To make a transaction, the first thing you need is a Bitcoin wallet. This wallet is only a public / private key pair that is used to mark transactions. However, we need a safe place to store this key because if it’s lost all the coins will also disappear from the face of the earth. The level of security depends on the amount of money you want to save. There are various types of wallets for almost all computer devices, including devices, aka smartphones. Keep in mind that there is no cost to set up a wallet, so nothing limits us from creating a few. All Bitcoin wallets work the same way and store all the information needed to receive and send Bitcoin and view transactions that have been made. You can also see Bitlocity review on our website.
After creating a wallet, we need to get coins. For most people, that means we need to buy from an exchange like Coinbase. Unfortunately, this option is not as easy as buying most items, and it is rare to use a credit card or Paypal in buying and selling coins. This happens because many people who have bought using this method complain to this credit card company that they have never received the coins purchased and then ask for money back the money that has been received by the seller. Credit card companies can easily check the blockchain, but in the past, they preferred to side with the buyers and as a result, now most of the exchanges don’t accept credit cards. Currently, the most common way to buy coins is by bank transfer.
When buying Bitcoin we will be asked for a wallet address. Once the bank transfer has been made, the exchange will send coins to the wallet. Spending coins is much easier than buying them. At the checkout section, there will be a wallet address to send coins to. Please note that we are not sending transactions to sellers, but to the network. The seller will receive the blockchain from the network and check the transactions sent to the specified wallet. Companies that receive money will typically wait until the transaction reaches six blocks or more, which can take up to an hour. When the transaction is complete, we will get the desired product.