Interest in cryptocurrency has increased amid the pandemic, when investors began to fear the weakening of traditional currencies. Bitcoin became the main driver of market growth. Over the last three months of 2020, its capitalization has more than doubled. In January, 2021 Bitcoin rose to a record $ 42 thousand. In February, 2021, the BTC price for the first time exceeded $ 48,000, and ETH – $ 1,800 against the backdrop of news of Tesla’s $ 1.5 billion investment into Bitcoin.
Paying with Bitcoin, a cryptocurrency with the highest potential, is not only convenient, but also safe in many online casinos or stores. Cryptocurrency is not subject to taxation at the legislative level and it is not controlled by the banking system. Moreover, many cryptocurrency holders manage to make money on the difference in rates and so on.
Bitcoin wallet is essentially the same electronic wallet, i.e. a storage of virtual currency. To receive a certain amount of BTC on the wallet, you need to send the address generated by the wallet to the person who is ready to fund your account. The initiated transaction is confirmed by this person and enters the blockchain. All operations in the system are protected by cryptographic encryption, so the security level is incredibly high. Transaction data is stored in a distributed database, in simple terms, on the computers of all blockchain participants. Hackers cannot break into the system or change data, since the total power of computers in the system exceeds the capabilities of intruders.
It takes about 10 minutes to process a transaction in the blockchain, the time depends on the commission that the sender chooses.
At the end of the 4th quarter of 2020, the average number of active BTC wallets increased from 980 thousand items to 1.06 million per month.
Slightly more than 70% of the total value of Bitcoin refers to the wallets with balances from 10 to 10,000 BTC. Moreover, the number of wallets of this size is almost 151 thousand pieces, that is, less than 1% of the total amount.
As of December 2020, the number of bitcoin addresses with a non-zero balance came close to 33 million items, having updated the historical maximum. The number of wallets with a balance of more than 1 BTC is also steadily growing. The other day the indicator set a new record at around 827,105 pieces.
The steady growth in the amount of wallets with a non-zero balance and the indicator of market capitalization may show an increase in the number of retail cryptocurrency users, significant on-chain activity, and the irreversibility of the massive adoption of digital gold.
Here are the main types of BTC cryptocurrency wallets:
- Cold paper wallets. In fact, this is a printout of the QR code that is used for calculation. The advantage is that only the owner will have access to it but this type is very inconvenient for frequent purchases on the Internet.
- Cold hardware wallets. It looks like a USB flash drive with a display and buttons. Payment takes place by entering a key and password or connecting the wallet via USB to a PC.
- Local wallets. These are applications on a PC or smartphone, sometimes developing browser extensions which are indispensable for Proof of Stake. With the help of local wallets, you can make transfers, but in this way it is unsafe to store the crypto assets for a long time.
- Mobile wallets. These are the most popular storages for smartphones on the Android or iOS operating system. Payment with bitcoins between holders goes through a QR code or NFC system. Also, you can buy bitcoin with mobile recharge.
Judging by the reviews, it is more convenient to use mobile wallets to pay for services in bitcoins by bookmakers or in online casinos. They store history, currency statistics and other information that changes in real time when connected to the Internet.
Godex.io exchange service has a clear interface for business management using a laptop, and a mobile application is on the way in the near future. A large selection of currencies for a quick exchange will attract large traffic of regular users. You can simply convert Electroneum to Bitcoin and more than 200+ coins in total and their number is regularly increasing. When developing the software of the exchange office, the developers worked out in detail the necessary measures to protect it from the hackers.