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How to Store Bitcoin Safely – Ultimate Guide by Freewallet

Nov 16, 2021

Introduction

The idea of a decentralized digital currency appeared simultaneously with the launch of the World Wide Web in the early 1990-s. This idea came true in 2009.

The top digital coin known as Bitcoin has always been a primary focus of attention when it comes to blockchain and crypto phenomena. With Bitcoin reaching an all-time high and approaching $69.000 on Wednesday, November 10, 2021, we’ve decided to look closer at its history and tell you about the benefits of trading with Bitcoin in Freewallet.

What is Bitcoin?

Based on open-source code, this digital cash does not exist in a physical form and represents a piece of code. It can be stored as a separate file, as a record on paper, or as a virtual transaction in one of the online services of your choice.

Created by hitherto undiscovered engineers known as a collective (or individual?) “Satoshi Nakamoto” in 2009, Bitcoin had long been an exotic geek-only item of the deep internet universe. It was not until late 2013 that the coin’s value started to amount to several hundred US dollars. Many obituaries to Bitcoin were written only to further its path to insurmountable heights of fame and glory. Since that time, its rise in value has been dramatic. Of course, Bitcoin is by right the most valuable cryptocurrency and can be deemed the top alternative to non-digital forms of payment. By now, El Salvador is the only country in the world, where Bitcoin has the status of “legal tender”. Since the coin’s supply is limited, some experts chalk its ongoing surge up to this effect. As time goes, Bitcoin has clearly taken the role of “safe haven”, hedging people against rising inflation.

As per its creators, the idea of this currency rests on the “cryptographic proof”. Unlike fiat money, Bitcoin pursues a decentralized approach and works through a protocol. The participants of this protocol agree to abide by its rules. Bitcoin transactions run on a peer-to-peer basis via decentralized infrastructure. There is no central authority, institution, or entity where value is stored. Likewise, no bank controls buying and selling of this decentralized digital currency. The currency is being mined by independent computing powers throughout the world. The Bitcoin transaction records, known as a public ledger, are transparent, open, and accessible by everyone on the web. The immutable character of the network is its fundamental characteristic. That had set the standard for every subsequent asset created on various blockchain platforms. Each transaction has a permanent record. It’s not possible to reverse those transactions or modify the Bitcoin blockchain in some way. It ensures the highest possible security of Bitcoin technology.

Bitcoin is composed of smaller units known as satoshis. Satoshis are small fractions of Bitcoin that are “cents” of Bitcoin. Each satoshi makes one-hundredth of Bitcoin.

The process of mining powers the entire Bitcoin blockchain. Solving complex mathematical tasks allows for Bitcoin miners. Those who solve tasks in the fastest possible way have the right to validate and add new blocks of Bitcoin transactions to the network.

For a Bitcoin transaction to go through a network, computing power is producing blocks of transactions and making them verified via the network. Each block has more than 500 transactions. Once a block is produced, it’s copied to local blockchains. The mining is powered via specialized hardware.

How to store Bitcoin in Freewallet

Our wallet perfectly serves all those who are looking for safe options to store Bitcoin. It offers both a single-currency app for iOs and Android users and a multi-coin app. If working with the home-based desktop screen is more convenient for you, take a moment to surf our web wallet!

There is no installation or subscription fee for using Bitcoin in Freewallet. Also, you don’t have to download blockchain in order to operate our lightweight and convenient app.

Freewallet takes care of the best possible Bitcoin experience you may have with the online service. Take a few minutes to learn about each benefit provided to you as a Bitcoin fan by Freewallet.

Buy Bitcoin with fiat currency

Feel free to buy Bitcoin with Visa and MasterCard by choosing one of the two available payment providers. The process is seamless and instant! When buying, you are displayed the final amount that includes the fee. Would like to see an online tutorial? Check it on our channel.

A vast range of local currencies is supported by our operators for this kind of purchase: HKD, TRY, GBP, EUR, USD, RUB, IDR, MYR, JPY, KRW, TWD, NZD, PLN, CNY, and tens fiat currencies above it! Restrictions may be applied to residents of certain countries. Check the information page to learn more.

Buy Bitcoin with altcoins and ERC-20 tokens

Got altcoins? Send them to Freewallet and get them exchanged for Bitcoin. You can do so, using the “Exchange” service in our web wallet. Also, our apps serve as mobile exchange spots. Just choose Bitcoin as a top-up currency and receive the amount!

Exchange Bitcoins for altcoins and ERC-20 tokens

Want to make a cross-currency conversion from BTC to altcoins and ERC-20 tokens? Not a problem! Choose the destination currency of your exchange and proceed with the “Exchange” option in the Freewallet web version of the app. Alternatively, check out the “Top-up” section in your mobile app and pick up the currency or an ERC-20 token you’d like to receive.

What is the minimum amount for a Bitcoin exchange in Freewallet?

This amount is dynamic and varies for different currencies. If you have coins on your balance, you can always check this out on the “Exchange” section. For example, if you’d like to exchange BTC for ETH these days, this amount is going to be 0.00025965 BTC (which is approximately 15.79, as of November 16, 2021).

Top-up your mobile phone balance with … Bitcoins!

If you forgot to refill your phone balance and have some Bitcoins left, it can be fixed in a matter of seconds with the help of Freewallet! Check the “Top Up phone” section in our Crypto App or Desktop Wallet and input the phone number in the relevant field. Confirm your order and enjoy money on your balance.
You can find more information about this feature here.

Buy a gift card with Bitcoins

Looking for an online gift? The Freewallet app may be a perfect solution for you! It offers more than one thousand gift cards from global stores, both online and offline, to serve your needs. Clothes, games, furniture, electronics, software, and all kinds of goods and services for all sorts of consumers. Just make sure to choose the card serving the country of your residence or that of your friend, for whom you are buying a gift. The opportunity to buy those gifts is an important benefit of storing your Bitcoins with Freewallet.

To proceed with your purchase, press this “Buy Gift card” green button in our web wallet. You will be redirected to the page suggesting you those cards depending on the country of your digital presence. Browse cards by categories. You can see that the value range starts with $1. Please make sure to read the terms and conditions of use before purchasing. Otherwise, a card may be non-eligible for the country of your residence. Then, make your choice and check the card’s details. You’ll see its amount in the fiat value. The payment will be done from your Bitcoin balance. Since this kind of transaction does not require additional confirmation, your card code will hit your inbox instantly.

Send and receive Bitcoin with Freewallet

There are many instances where you are now required to have a Bitcoin address. Take a moment to get in with Freewallet. Enter the app, choose BTC among currencies, and hit “Receive”. Next to it, just copy the address you’ll see or hit its QR code. This is a so-called hot wallet address, i.e., specially assigned for transacting crypto to/from your account. Freewallet stores your funds in a cold wallet to protect funds against possible hackers’ attacks. You can find more information about this technology here.

Sending Bitcoins from a Freewallet address is easy, too. Open your wallet, go to the main screen, choose Bitcoin, and press “Send”. Fill in the fields that you see. Confirm the payment details and choose the most suitable BTC fee. Freewallet offers several fee options with the possibility to choose a slower or faster delivery of your payment. Then, check your inbox in order to validate the confirmation link. Your transaction has been sent to the network!

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