Cryptohopper Trading Bot
Bitcoin Exchange CEX.IO
Bitcoin Exchange CEX.IO

 Q

What is Bitcoin?

 A

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Created by an unknown person/organization named Satoshi Nakamoto.

 Q

What is A Crypto Wallet?

 A

A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a cryptocurrency wallet.

 Q

What is A Wallet Address?

 A

A wallet address is one of the key concepts that make cryptocurrency and the blockchain work. It isn’t quite as straightforward to define or explain as an email address. You first need to know about two other parts of a wallet in order to see how the address fits into the picture: a private key and a public key. The main difference is that you don’t use the same address to send bitcoin as you do to receive it.

 Q

What's the difference between Private Key, Public Key & Address?

 A

Private key: a 64 character long code using any combination of the letters A-F and the numbers 1-9. This is what you use to send money out of your bitcoin wallet, and is therefore what needs to be completely secure and never shown to anyone but yourself
Public key: a public key is the unique identifier for your cryptocurrency wallet that is known to the public. The public key operates in the background unless you want to dig into records.
Address: the address is another identifier, but it’s derived from the public key. This is the identifier people will enter to actually send bitcoin to you. An address is a single-use identifier that will be automatically generated for each transaction from your public key.

 Q

What is Bip38?

 A

The advantage to encrypting a wallet's private key with a password is that if your paper wallet is stolen or otherwise exposed, the balance on the wallet is safe unless the passphrase used to encrypt the wallet is guessed. However, if you lose your passphrase for the encrypted private key, it will be impossible for you to recover the funds you have sent to this wallet.
Also, note that not many bitcoin wallet applications or web services are able to import BIP38 private keys. In this case, you will have to use the "Validate" feature on this website to extract the unencrypted Wallet Import Format (WIF) key as an intermediate step before sweeping the balance.
WARNING: Before sending any funds to a BIP38-encrypted wallet, first do a test make sure you are able to decrypt the printed private key back to ordinary WIF format.

 Q

Where To Spend Crypto?

 A

See here for our list of current retailers and merchants in the UK that accept bitcoin and other cryptocurrencies!

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