In the world of technology, cryptocurrency like Bitcoin has made an enormous breakthrough and attracted a lot of users. First launched as an open source software in 2009, Bitcoin has been one of the most used cryptocurrency.
When you invest, the first thing you look for is how safe it is to do it. Same is the case with Bitcoin, to have secure and smooth transactions, and to keep your Bitcoins, you need a cryptocurrency wallet that will work as your repository for your Bitcoins.
What is a Bitcoin Wallet?
A digital wallet is the most important aspect of an investment in Bitcoin. Whenever you plan to invest in a cryptocurrency such as Bitcoin or any other platform, you need to have a digital wallet that will offer you secure storage along with ease of access and usage.
A bitcoin wallet or a digital wallet is a software program that interacts with various blockchains and stores several public and private keys enabling the user to send and receive the digital currency over a network and lets them monitor their remaining balance.
What is a Private Key?
A private key is a small piece of code that is paired along with a public key to start algorithms for text encryption and decryption. It is created as a part of public key cryptography to transform the message into a readable format. Public and private keys are paired together for secure communication such as email, and they provide security to your digital wallets and to all the information that is stored in them.
Different types of Bitcoin Wallets:
A bitcoin wallet can be broken down into three categories, which are – Hardware, Software, and Paper.
Hardware Bitcoin Wallets
Hardware wallets are different from software wallets as they store the user’s private keys on an external device like a USB. Even though the transactions are made online, the information and the data is stored offline providing increased security.
Hardware wallets can be used over several web interfaces and can store different types of cryptocurrencies depending on which one you want to use. A user can plug in the USB drive in a computer that has internet services available, and with the help of a pin code, the transactions can be made.
Hardware wallets make it easier to keep the money offline and make transactions easy.
Bitcoin Paper Wallets
Paper wallets are the easiest to use as they provide the highest level of security to the user. But that is the case with a responsible user, and if not taken care of, these paper wallets can cost you a lot of financial damage.
As the name suggests, a paper wallet is simply a piece of paper that consists of all the information about the public and private keys of a user or it can be considered as software that generates a set of keys which are printed later on.
The process of transfer of Bitcoin or any other currency to your paper wallet is done by transferring the funds to your software wallet using the public address shown on the paper wallet.
If you wish to spend the currency, then you have to transfer the funds from your paper wallet to the software wallet. This is done by manually entering your private keys or by scanning a QR code that is printed on the paper wallet.
Software Bitcoin Wallets
Software wallets are the wallets that are either available on your phone or the desktop and have the storage servers with the company who owns the particular software.
Software wallets can further be of three different types:
A. Desktop Software Wallets
A desktop wallet is a software that is downloaded on your computer and can be used on a PC or a laptop. It can be assessed from the single computer on which it is installed. These wallets offer a high level of security, but if your computer gets hacked or gets a virus, then there is a chance that you may lose all your funds.
B. Online Software Wallets
Online bitcoin wallets run on the cloud platform where all the user data and private keys are stored online on the cloud that is controlled by a third party. This is easier to access but comes at the risk of being more vulnerable to hacking and thefts as the data is stored online. However, some reliable companies take charge of your funds, and you can trust them at your utility.
C. Mobile Wallets
Mobile wallets are the easiest to use as they are used on an application that you can download on your phone. You can access your wallet anytime and use the funds anywhere, including retail stores.
Here is a list of top Bitcoin Wallets ( till July 2019):
Atomic is a non-custodial EOS multi-wallet that allows you to manage BTC, ETH, XRP, and over 500 other coins and tokens in the app. You can buy, secure, and exchange crypto in a smooth well-protected interface. The app is fully decentralized, and your private keys are generated from mnemonic. It means that the security of your funds is entirely in your hands. Atomic Wallet is available for Windows, macOS, Linux, Android, and iOS
Check out the products here, atomicwallet.io/bitcoin-wallet
Trezor Hardware Wallet
With two different models available in the market, Trezor is one of the best hardware wallets that a user can get to secure their investment in Bitcoin and other cryptocurrencies.
Trezor offers a variety of features and services so that a user can be sure that their investment
It provides the user with 12-24 words long recovery seed that a person can use to access their wallet at any given time. With an easy to use and understand interface, it helps you to manage your entire digital identity within one device.
Get more information here, trezor.io
Ledger Nano X
Ledger is one of the leading companies to offer hardware wallets to cryptocurrency users. The latest product, Ledger Nano X, comes with more features and updated security.
With state-of-the-art security, your private keys are safely isolated inside the device’s secure elements. The latest product comes with Bluetooth facility which can be connected using the Ledger Live App on a users phone to carry out the transactions safely.
Nano X can store more than 100 cryptocurrencies like Bitcoin, XRP, etc. and they can be easily backed up using the 24-word unique recovery phase. With 2 buttons and 1 screen, it is easy to control as well.
Check out the products here, www.ledger.com
Launched in August 2011, Blockchain.com (formerly known as Blockchain.info) is a Bitcoin block explorer service as well as a cryptocurrency wallet that supports Bitcoin, Bitcoin cash and Ethereum.
With being the world’s most trusted crypto wallet, it gives control to the user over all their funds and protects them from unauthorized access. Available on iOS, Android, and Web, it makes it the easiest to use and accepted over 36 countries.
Get your bitcoin wallet here, www.blockchain.com
Trust Wallet is another mobile application wallet that can help you store your cryptocurrency investments with the facility to allow the user to store their private keys on their device, an important security feature.
It allows the user to send, receive, and store cryptocurrency tokens for Bitcoin and other cryptocurrencies. Trust Wallet never accesses any of the user data or personal information making it more safer for the user to do a fair exchange of currencies on the app.
Visit the website here, trustwallet.com
LUNO which was founded in 2013 (formerly known as BitX Wallet) is a Bitcoin-related service provider company that allows the user to sell or buy bitcoins through the wallet and store them within the app as well.
A user can also make payments using the wallet at outlets or for other purposes. They also allow exchanges between traditional currencies and bitcoins. Luno has a user base of over 2 Million and is used across 40 different countries to buy or exchange Bitcoin and other cryptocurrencies.
The reason for such a vast user base is their secure and easy to use products along with their phenomenal customer support, which is available in different languages to make it more accessible to everyone.
Get more information from here, www.luno.com
Create Your Paper Wallet
A paper wallet is a combination of a public and private key that are printed together and is considered as extra secure storage that makes no contact with the hackable part of the internet.
Paper wallets are used to create a unique QR code or a key that a user can use to buy or sell or indulge in trading of various cryptocurrencies.
Jaxx Wallet is a product developed by the company Decentral, a company known for their ATM’s, wallets, and other services that they offer in the digital currency world. It has a user base of more than 1.2 Million.
Jaxx Wallet is a single app that allows the user to exchange currencies, access their portfolio, check the latest news, and get a good look at the markets and new trends in the market. It is available on all the leading platforms such as iOS, Android, Windows desktop, and Chrome Browser.
Download from here, jaxx.io
Coinbase Wallet is ranked as the #1 mobile crypto wallet. It is a secure platform that helps the user to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, and manage your portfolio.
Coinbase allows the user to invest in cryptocurrency by scheduling their purchases on a daily, weekly, or monthly basis. For better security, they have added the facility of a vault where you can store your funds. The companies insurance policy ensures the funds stored in the wallet.
With more than 20M users and a fund exchange of $150B+, Coinbase is one of the biggest platforms for cryptocurrency exchange.
To know more, visit www.coinbase.com
Binance Exchange Wallet
Binance is a global platform for a cryptocurrency exchange providing trades for more than 100 cryptocurrencies. From 2018, it is considered as the biggest exchange and trading platform in the world in terms of the trading volume.
In January 2018, it had the largest cryptocurrency exchange with Binance coin market capitalization of more than $1.3 Billion. Binance offers fast, secure and straightforward transactions and trading with their mobile app as well as desktop software.
Binance offers 24/7 support along with blog posts and worldwide communities to help its users to understand everything about Binance and everything related to it.
To know more, visit the website: www.binance.com
With its headquarters in Silicon Valley, Abra Wallet is another cryptocurrency wallet that helps in investing in the leading stocks available all over the world using Bitcoin. Abra Wallet wishes to make investing simple by using the Abra app that acts as a wallet and an exchange platform for its users.
Users can invest in stocks using their online crypto wallet or through bank transfers. With the mobile app available on iOS as well as Android, Abra plans to target a large user base.
Bitcoin (BTC) Price Still Follows Stock-to-Flow Model Despite 48 Percent Correction
The Bitcoin price is still in line with the much-talked-about stock-to-flow model. Will the coin rally in 2020?
While Bitcoin’s massive 48 percent correction from its yearly high of $13,700 might cast doubt on the new bull market, it actually remains in line with the stock-to-flow (STF) model. Hence, it is not unreasonable to assume BTC could see another rally after the upcoming halvening if the model is valid.
The first scarce digital object
The STF model, which was aims to predict the price of the leading cryptocurrency based on its scarcity, was developed by Dutch crypto analyst Plan B.
Commodities with a high STF ratio (the existing stockpile divided by the annual production) are preferred by investors because they are gradually becoming more scarce. For example, gold, which boasts a market cap of $8.4 trln, has a
BTC’s STF ratio is currently at 25 but it will increase after the next halvening in May 2020. The miner reward for each block will be reduced from 12.5 BTC to just 6.25 BTC. It is expected that the ratio will reach 50, which would put “digital gold” very close to the yellow metal.
image by @100trillionUSD 👉MUST READ
“Almost entirely nonsense”
However, not everyone is amused by Bitcoin’s STF model. In early November, economist Alex Krüger called it “massively overhyped.”
Krüger downplays the importance of the supply side if the demand for Bitcoin is not factored in. He believes that demand is the most important factor that drives the BTC price.
He further doubled down on his criticism, claiming that the model is “almost entirely nonsense.”
Global Debt to be Worth $12 Million per Bitcoin by Year End
Bitcoin has achieved market capitalization close to some of the biggest corporations, ranging between $100 and $300 billion. But taken in proportion to the size of the world’s financial system, BTC may have a different valuation.
Debt Issuance Shows No Signs of Slowing
The bloated worldwide debt, fueled by extreme quantitative easing in the last decade, will reach $255 trillion by the end of the year, reported Reuters. The analysis of the Institute of International Finance estimates each person on the planet would carry $32,500 in debt.
“With few signs of slowdown in the pace of debt accumulation, we estimate that global debt will surpass $255 trillion this year,” the IIF said in a report.
Due to bitcoin’s limited supply, it is possible to chart the size of global debt-fueled finance in BTC terms. One bitcoin (as per current aggregated supply) will have to be worth over $12 million to describe the size of the worldwide debt.
The growth of debt comes from governments and government companies, as well as non-financial businesses. A debt bonanza analysis by Bank of America Merill Lynch shows that government debt has ballooned by $30 trillion, companies added $25 trillion, households $9
Instead of entering a decade of stagnation, central banks poured in liquidity to boost all sectors, leading to significant asset valuation growth. In spite of that, the financial sector carries debt which is 240% of the world’s gross domestic product.
Bitcoin Still Valued Low in Comparison to Size of Financial Sector
It is somewhat difficult to reconcile the idea of sound money, which BTC aims to be, with a debt-fueled economy. But in a way, the current market price of bitcoin reflects the fact that not all funds in circulation are sound, and that debt-based economic activity has been the chief driver of asset valuations in the past decade.
If bitcoin’s value was matched to real economic output, it would be about 60% lower, at around $4 million per BTC. But the presence of debt skews nominal prices.
This potential BTC price has far outpaced the historical highs of the coin. Based solely on the crypto market, bitcoin has peaked around $20,000 in Korea, and at $19,600 in other markets. Some predictions see bitcoin price going to $50,000 again. Experts admit BTC would have reached higher bids if the futures markets did not start swaying the price as well.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Sell the rallies– key theme ahead?
- Crypto markets uninspired by short-lived optimism.
- Top 3 widely traded coins to shed 4+% each on the week.
The world’s no. 1 digital coin, Bitcoin, is seen fading its tepid recovery from 2.5-week lows of 7,007, as we head towards the weekly closing. However, the second most traded cryptocurrency, Ethereum and Ripple, both cling to minor recovery gains so far this Sunday but the further upside lacks momentum, as sellers continue to lurk. The total market capitalization of the top 20 cryptocurrencies now stands at $195.25 billion, as cited by CoinMarketCap.
The top three coins are seen resuming last week’s downtrend into a fresh week ahead, with FXStreet’s Confluence Detector tool enabling to highlight key supports and resistances for better trading decisions.
BTC/USD: Bears headed to November lows
As explained here, Bitcoin failed to sustain it recovery near the $ 7,200 mark, as stiff resistances are aligned there, with the confluence of the previous high on the 4-hour chart and 23.6% Fibonacci Retracement (Fib) level of the weekly price action.
However, if the bulls manage to take out the last, the next resistance near the 7,265 region, the 23.6% Fib of the monthly price action. A break above which will expose the 10-day Simple Moving Average (DMA) at 7,332.
Given that the bears have returned, a test of the 2.5-week lows at 7,007 is back on sight. Note that the multi-week lows also intersect with the Pivot Point 1 Week S1 and Bollinger Band 1D lower, making it a critical demand zone. Should this support be breached, it is likely to accelerate the downside momentum towards 6,750 – Pivot Point 1 Week S2.
ETH/USD: Stiff resistances are packed just ahead of 144
Ethereum has pared the recovery gains, as a pack of resistances just ahead of the 144 handle restricts its every upside attempt. The resistance
A sustained break above the last will intensify the recovery momentum towards the next resistance aligned near 147.50, where the 23.6% 1M and 61.8% 1W coincide.
To the downside, the earlier support around 143, the intersection of the 38.2% Fib 1D and previous low on the 15-minutes sticks, is already breached, opening floors for further declines towards the 140 handle – the previous week low.
XRP/USD: Bearish bias intact while below 0.2225
Ripple is seen consolidating around 0.2170 levels, as the immediate upside remains capped near the 0.2180 region (38.2% Fib 1D/ 5-HMA).
A break above that level, the coin is likely to test the day’s high at 0.2197 beyond which the 0.2220-0.2225 supply zone will grab buyers’ attention. That level is the key confluence of the 200-HMA, 38.2% Fib 1W and 100 4-hour SMA.
On the flip side, the next support is directly seen near 0.2157, which is the previous week low. Sellers are likely to aim for the minor support of the Pivot Point 1W S1 at 0.2135 if the bearish momentum picks up pace.
See all the cryptocurrency technical levels.
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