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BTC withdrawal code of best practice

What is a bitcoin wallet?

Just like with cash you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoin securely. A bitcoin wallet has two main functions:

  • Storing your Bitcoin. 
  • Making Bitcoin transactions, i.e. the receiving and sending of bitcoin.

ALWAYS make a backup - Most wallets will give you a list of 12 or 24 words that you need to keep it in a safe place (e.g. offline on a piece of paper is generally recommended, instead of storing online e.g. sending yourself an email). Your backup is important, in case you ever lose the Bitcoin wallet, you can then recover it. 

Please be careful where you enter your backup, you should rarely need to use your backup, unless you have lost access to your wallet and need to recover it. Be wary of malicious websites that ask you to enter your backup. 

For more information about bitcoin wallets visit: https://bitcoiner.guide/wallet/ 

For advanced users here is a bitcoin security guide: https://bitcoinsecurity.guide/ 

Bitcoin transactions are final and irreversible. 

 

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