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When Bitcoin was created, no one could have imagined how successful this technology would be and how many changes await people worldwide. Bitcoins can be used to pay for goods and services, and some countries have recognized the currency as official money for paying taxes. Not surprisingly, soon after the creation of BTC, tools appeared that made storage easier, more feasible, and more realistic. So it was decided to create a Bitcoin wallet.
If you did not have a chance to create Bitcoin wallet, you must do so first. But after that, with almost any crypto online Bitcoin wallet, the process of conducting a Bitcoin transfer involves the same general steps that should be followed with care:
You need to put your transaction in the right place, entering the BTC wallet address you want to send bitcoins. Users should always double-check the address they send messages to. Some hardware Bitcoin wallet explicitly remind users to do this. Using a QR code address may be the preferred method, just to be sure.
Then enter the amount or number of bitcoins you want to send. When entering the number of bitcoins to send, some wallets may allow users to dictate them in fiat currency (such as US dollars). Paying attention to what currency is displayed to avoid mistakes is important. If the user's Bitcoin wallet app supports multiple cryptocurrencies, it is also important to choose the right coin.
Submit the transaction by clicking Submit. When sending from some desktop wallets, users may be required to select a network card before clicking the Send button, as discussed. And again, transactions with higher fees are usually given higher priority by Bitcoin miners and reach their destination in a shorter amount of time.
The network fee will be automatically set for the user when using exchange-hosted wallets and most hardware wallets.
Generally speaking, if you decide to create Bitcoin wallet, most cryptocurrency Bitcoin wallet app have some security mechanisms, such as complex passwords and passphrases. It is impossible to hack any BTC wallet easily. But due to the increase in attempts to hack cryptocurrency wallets and exchanges, cryptocurrency users should take extra precautions.
Cybercriminals use sophisticated tools and techniques to break into cryptocurrency exchanges and wallets. Here are our top 10 tips on how to secure your cryptocurrency wallet for Bitcoin and reduce the chance of being hacked if you consider to set up Bitcoin wallet: