How To Encrypt Bitcoin Core Wallet | BTC Encrypt wallet at Bicoin Core | FAROOQ AHMED | Crypto Wallets Info - Crypto Wallets Info
| Crypto Wallets Info |
This is a step by step guide to using the Bitcoin core wallet client. How to download it. How to Encrypt is and protect your Bitcoin. How to back up your wallet and put the wallet on multiple computers. Also general knowledge on how to use the wallet.
we would recommend you do this. PLEASE do not forget your encryption password (Passphrase) as this will prevent you from accessing your wallet funds.
A Bitcoin educational channel, We cover the Basics of what Bitcoin core wallet is to help everyone to enjoy it and use Bitcoin.
What is Bitcoin?
Bitcoin is a new technology that functions as a digital currency. It is a peer-based decentralized way to hold store send and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain.
Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others.
Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong modern encryption techniques. This makes it impossible for anyone to alter the ledger create fake transaction or “double-spend” their bitcoins.
Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized peer-to-peer monetary system that exists outside of the traditional centralized fiat-currency based financial system.
Is Bitcoin money?
Good question! The short answer is yes! But the long answer requires that we talk a little about what “money” is or what it should be.
Money is basically an idea. It is a system that we can all agree upon which allows us to exchange value so we do not have to carry around cows or chickens with us to trade for the things we need.
An ideal money or “currency” should have the following properties:
Does Bitcoin fit the bill?
Well it’s certainly portable. It is all digital. It weighs nothing (unlike gold which can be heavy and bulky in large amounts. For that matter traditional paper currencies can also become heavy and bulky in large amounts!). It can be sent across the room or around the world with the same ease and comfort. You can carry it on a piece of paper a laptop or even your smart phone.
It is Fungible. Every bitcoin is like every other bitcoin (unlike shells beads and traditional precious metal coins which can be “shaved” or diluted in purity)
It is dividable. It is actually one of the most dividable currencies ever conceived! It is possible to spend small fractions of bitcoins and no need exists to make change. When was the last time you were able to spend 1/8 of a penny?
Bitcoin is durable. It is protected by strong encryption and the Blockchain exists in thousands if not millions of locations simultaneously. You would literally have to delete the blockchain from every computer and smart phone in the world to destroy a bitcoin.
Bitcoin is cognizable or easily recognized. It’s based on math. No one can dispute a number or deny that 1 + 1 =2. People are just beginning to understand what Bitcoin is. There is a bit of a learning curve. But once you are familiar with it you will know it when you see it.
Is Bitcoin stable? Well the current value of a bitcoin has been quite volatile lately in relation to other traditional currencies. But the Bitcoin plan calls for the creation of only 21 million bitcoins. In this way Bitcoin will try to avoid the pitfalls of modern fiat currencies such as inflation deflation market manipulation monetary policy quantitative easing and other central manipulations that effect the day-to-day value of the money we use.
Disclosures NOT INVESTMENT ADVICE. Market data, articles and other content in this presentation are based on generally-available information and are believed to be reliable. Soft Tech Farooq does not guarantee the accuracy of the information contained in this web site. The information, including any opinions expressed, is of a general nature, provided solely for entertainment and educational purposes.
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