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The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.
Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Wallet in cloud: Servers have been hacked. Wallet on computer: You can accidentally delete them.
Viruses could destroy them. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed — only their wallet IDs.
No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations.
Governments are concerned about taxation and their lack of control over the currency. Why bitcoin? Transfers People can send bitcoins to each other using mobile apps or their computers.
The anonymity of bitcoin. Published December ; Updated August 8, Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. If you had entered an email address during signup, please type it in below and a password reset link will be sent to you.
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