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Home Cryptocurrency

How do I get an address?

What is a bitcoin address?

by admin
April 28, 2022
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In order to receive Bitcoin, you need a Bitcoin address. This is basically the account number to which coins can be sent. The bitcoin address is a long string of numbers and letters.

Typing in 34 digits is of course very impractical, so there are also QR codes for the addresses that are automatically created by the wallet (your digital purse).

Bitcoin addresses are publicly visible on the Internet. You can search for it at Block cypher, for example, and see all the inputs and outputs .

Bitcoin addresses are pseudonymous accounts. You are not connected to a “correct” identity by yourself, since neither your name nor your IP address is stored. When creating a user account at a reputable bitcoin exchange, proof of identity and registration is required, just like with “normal” banks. The financial authorities or state authorities could theoretically force an exchange to transmit your identity data and the associated Bitcoin addresses. If you publish your bitcoin address on the internet or make it known elsewhere, everyone can see how many coins you own. So be careful with this and use a new Bitcoin address for each new transaction. The wallets I recommend do this automatically.

This makes it clear that Bitcoin is not as secret as it is often said to be. With enough effort, all cash flows can be analyzed. Companies like Chainanalysis specialize in these Big Data evaluations and have clients such as banks pay for this service. Bitcoin privacy protection improvements are being worked on. Payments via the Lightning network are not traceable and therefore completely anonymous.

Setting up a Bitcoin wallet: This is how it works

Digital wallet for digital money

If you want to trade Bitcoin, you need a wallet. This is a digital wallet in which the coins can then be stored. Due to the fact that there are different types of wallets, you should get an overview of the supply situation in advance.

The Bitcoin Wallet is a digital wallet for the cryptocurrency Bitcoin . The purchased coins of the digital currency are stored in this wallet, whereby coins from third parties can also be transferred to the wallet or they can then be removed from the wallet and sold. It is, so to speak, special software to be able to subsequently receive (buy) or send (sell) bitcoins.

Each wallet has a unique character code. The credit is then saved in this code. Since no third party is allowed to have access, the wallet is protected with a password. Furthermore, each wallet is anonymous. This means: Personal data is not required – personal data only needs to be provided when you register with a trading venue to purchase coins.

Wallet must be compatible with the operating system

Since there are different wallet options, you should consider in advance which device the digital wallet should be used for. There are wallets for the desktop, the tablet or for the smartphone. There are also hardware variants. It should be noted that the digital wallet must match the installed system. This means that it is important to check in advance whether it is Windows, Linux or Mac – if you use the wallet on your smartphone, the digital wallet must harmonize with the respective operating system (Android, iOS, Windows Phone or Blackberry).

Offline or online wallet?

There are pure online wallets and so-called hardware wallets . The online wallets are classic web-based wallets that then store the private keys on the server. However, this is managed by an external party. This can be a problem for some savers. Ultimately, security and control over the Bitcoin balance are entrusted to an external provider.

Another disadvantage: The wallet is always online – which means there is a constant risk of becoming the victim of a hacker attack.

In addition to the online version, there is also the option of a hardware wallet. This form of digital wallet is reminiscent of a USB stick. Since the wallet is stored on an external device, it may be a very secure option. The only problem is that you can lose the wallet.

When no wallet is required

Anyone who only speculates with the course development does not need a wallet. In this case, no coins are bought, only money is bet on the development of the market. If you are interested in this type of crypto trading, you should get an overview of which providers make this option available in advance. Since there are always reports of black sheep, it is important to clarify in advance whether providers are News Spy Fake or not. Test and experience reports are particularly helpful here. So you should never register with the first provider you come across, but always take a look behind the scenes.

The installation

So-called hot wallets, i.e. the hardware variants, are advertised as simple and trustworthy. Above all, the installation does not pose a great challenge. Just follow the instructions – you will find the corresponding icon on the computer after the installation is complete. If you then click on the wallet symbol, two functions are available. You can create a new wallet or import an existing wallet. It is also possible to choose from different versions. There is often a “safety phrase” – this should be written down and kept in a safe place.

The purpose of the safety record is to allow the wallet to be recovered after the computer crashes.

If you click on the “Receive” tab, you will find your Bitcoin receiving address. If you want to buy cryptocurrency coins, you always have to enter this address, which is the “account number” of the wallet, so to speak.

What are the different ways to get bitcoins?

1. The preferred solution: marketplaces 

A large number of exchange platforms  offer you to convert your euros into bitcoins (and vice versa). Fees vary by service. Be careful though, there are many bitcoin-related scams and fake sales sites . Do not hesitate to consult our black list  (not exhaustive). See also  our tips for buying bitcoins without getting scammed .

trading platforms (including Binance *, Kraken *, Bitstamp , Paymium * or Zebitex )  that work by SEPA transfer  allow you to make purchases at market price with modest commissions. Payment by credit card is often possible but the costs are then much higher. These platforms, which hold accounts in euros, must be backed by a credit, payment or electronic money institution approved by the ACPR  [2]. The registration formalities are generally quite restrictive. We will also distinguish the platforms that manage payments passing through the Lightning Network and allow micro-transactions to be made at the lowest cost, Bitfinex * for example;

– Services such as Stackinsat * or Paymium * which automatically buy bitcoin at regular time intervals to smooth the average purchase price;

– escrow platforms connect buyers and sellers and do not hold euro accounts. The selling prices are often higher than those of the market but the means of payment are varied: cash, postal account mandate , bank transfer;

– one-way points of sale (you cannot sell bitcoins there) sometimes accept, for an additional fee, payments by credit card or Neosurf prepaid cards  ;

– physical exchanges (such as the Comptoir des Cybermoines  in Bordeaux for example) also charge a generally quite substantial commission but advise and initiate new users;

– Bitcoin distributors (very rare in France), generally linked to a trade;

– sales services by telephone code which generally take very high commissions.

To choose the best platform, you can use this ranking . Whichever exchange you choose, remember that bitcoin is very volatile, it’s a speculative investment and you should only invest in it what you can afford to lose.

Warning: There are many bitcoin-related scams and fake sales sites. Do not hesitate to consult our blacklist  and help us to complete it.

2.Sites allowing to obtain free fractions of bitcoin.

Free but very unprofitable, these sites promise you a few tiny fractions of bitcoin in exchange for “human brain time” available for advertising, or to attract visitors to their gambling platform. These sites are at best the means for the die-hards to test Bitcoin without spending any money. But it will take you a long time to manage to get the sufficient amount to be able to make a withdrawal. Be careful though : most of these sites do not keep their promises, worse, some may hide malware or display advertisements for Ponzi schemes or other scams. Only recommendable site (only for its old and proven “faucet” )

3. Affiliate programs

Solution reserved for website publishers paid by advertising. The best performers: Ledger Wallet *,  and Coinbase *

4. Bitcoin mining

Mining is the process that allows transactions to be recorded in the marble of the Bitcoin timechain . Minors carry out mathematical calculations with their computer equipment. As a reward for their services, they collect the newly minted bitcoins along with the fees from the transactions they confirm. Miners (or miners’ cooperatives) are in competition and their income is proportional to the computing power deployed. Complex and expensive, bitcoin mining is not at all a profitable activity for an individual. In general, the mining of “crypto-currencies” is only recommended in Europe for people who have, for domestic purposes, their own green electricity generator (solar, wind, geothermal, hydraulic) without having the possibility of reselling production surpluses on the public network. Let’s add that a certain number of companies offer “on cloud” rental of mining equipment. These proposals are rarely profitable, when it is not simply a question of pure scams. Other companies offer to host your equipment on sites located abroad in regions where electricity is produced at low cost.


5. The sale of goods through classified advertisements.

Selling goods for bitcoins is not easy, few buyers own bitcoins and are willing to spend them. Sites specializing in this type of transaction are therefore rare. Let us quote the dedicated page of the bitcoin talk forum .


6. The sale of goods or services.

Adding Bitcoin to the list of payment methods accepted by your business will not cost you anything. For this option we recommend that you register on  coinmap.org  and in the bitcoin.fr directory . For small amounts it is recommended to use the Lightning Network, preferably installing its own lightning node. The uninitiated can use the services of a payment processor .


7. Earn interest on your bitcoins.

Some platforms offer to pay interest on deposited bitcoins. freebitco.in * for example offers 4.08% per annum, or more on you buying a certain number of “fun” tokens (see EARN BTC ). Other platforms like nexo.io * or, in France, coinhouse.com * also offers yield on cryptocurrencies. Be careful though, even if the formula works, it is never without risk, whatever the platform. Remember the adage: “Not Your Keys, Not Your Coins” .


8. On bitcoin.fr

Bitcoin.fr also offers 100 satoshis [3] for each spelling error found in its new articles. Satoshis will be sent exclusively by Lightning to tippin.me users.

Rules of the game:
Satoshis are paid for each error reported. Once you have spotted one (or more) error(s), send us a message indicating your payment address (generated with tippin.me ) and for each error:
– the address of the page (Ex: https://bitcoin.fr/une-application-de-bitcoin-la-comptabilite-a-triple-entree2/  )
– the passage containing the error (Ex: “…everyone can accessofto the blockchain…” )
– the corrected passage (Ex:  “…everyone can access the blockchain…” ).

Please note:
– only passages in French of recent articles (the last seven days) of bitcoin.fr are concerned ;
– only indisputable spelling and grammatical errors are taken into consideration;
– the comments are not part of the hunting territory (too much game);
– the same error is only taken into account once, on behalf of the first person to report it.

How to buy bitcoins without getting scammed

With the rise in the price, a large number of new users arrive on bitcoin.fr . Some ask us for our opinion on such and such a platform, others report new scams to us. It therefore seemed appropriate to refresh and put back on the front page the advice we usually give:

1. Know the scams

Aggressive advertising, cold calling, questionable spelling, promises of winnings, testimonials from a celebrity, deposit requests under false pretenses when you want to make a withdrawal… these are the signs that should put you on your alert:

– Beware of aggressive advertisements for cryptocurrencies. Before making a transfer to a platform, do a search on our list of scams . Warning: this list is not exhaustive  ;

– Never respond favorably to a telephone solicitation (see here the story of a typical scam ). If you are contacted for cryptocurrencies, you can file a report on  Epargne info service  on 01 53 45 62 00;

– Beware of sites that promise you a return (especially a daily return), these are almost always scams. In general, beware of unrealistic promises from trading or mining sites guaranteeing quick gains;

– Be aware that one does not become an expert trader in a few hours of online training. Be wary therefore of subscription offers and other trading training “packs” which very often conceal a pyramid selling strategy for the benefit of a handful of crooks;

– In general, avoid cryptocurrency trading if it is not your job or if you do not have any competitive advantage that allows you to access certain information before others. It is very difficult to outperform Bitcoin other than by being very lucky. On the other hand, with the fees charged by the platforms for each transaction, losing money is within everyone’s reach;

– Beware of advertisements that rely on the testimony of a celebrity, it is almost always fake news whose sole purpose is to lure investors into a scam;

– In general, avoid unknown platforms, or advice from strangers who contact you on social networks (for example on Telegram ). To check the reputation of a company, take advice from the community, for example, and/or “google” the address of the site by adding the word “scam” to find possible testimonials.

2. Don’t confuse Bitcoin with another project

Do not confuse Bitcoin, whose unit of account is bitcoin (BTC) with an alternative project that reuses the same name such as: Bitcoin Cash (BCH), Bitcoin SV (BSV), Bitcoin BEP2 (BTCB), Bitcoin Gold (BTG), Bitcoin Diamond (BCD), Bitcoin Cash ABC (BCHA), BitcoinPoS (BPS) , etc.

3. Choose your platform, don’t let platforms choose you

Since December 19, 2020, French companies that sell bitcoins or foreign companies that campaign to the French public or have premises in France, must be registered with the Autorité des marchés financiers (AMF). The list of registered actors is still quite poor, but we can obviously rely on it. All of these companies have strong guarantees. If you want to buy bitcoins but consider it more prudent to entrust the safekeeping of them to a private company, Coin house seems a good compromise. If you want to invest gradually and keep your keys yourself, StackinSat is another. We hope this list will expand quickly – other proven companies are apparently on the right track.

Slightly more experienced users who want to get the best price (provided they pay by SEPA transfer) will prefer trading platforms. They should favor the more established and liquid ones, including Kraken, Binance, and Bitstamp .

Finally, the most expert may be able to venture into DEXs , software or decentralized platforms that allow exchanges between individuals.

4. Be extremely careful and careful in generating and storing your private keys or recovery words

Complete beginners who prefer to delegate the security of their bitcoins to a third party will have to be vigilant in their choice. The AMF’s list seems to make sense here (some players are registered there for the custody of crypto-assets), but we may have to wait for a major hack to find out if these companies actually guarantee 100% of the funds of the investors.

For slightly more advanced users, apps like Block stream Green or Electrum , combined with a hardware wallet , will allow you to securely generate your recovery words. However, be careful how you keep these secret words, plan for all possible scenarios: hacking, theft, fire, memory lapse, death…

HOW DO I BUY BITCOIN ON A BITCOIN MARKETPLACE?

If you want to trade the cryptocurrency Bitcoin, you can also do this online on a so-called Bitcoin marketplace. One of the best-known Swiss marketplaces is Bitcoin Suisse, a company from the “Crypto Valley” in Zug. Here, users trade directly with each other, so the price for the real bitcoins is formed by supply and demand.

In detail, this is how it works: Registered users place their offers to buy or sell bitcoins with another currency on marketplaces. Buyers can see how many bitcoins a seller is offering and at what price. A deal comes about as soon as an offer is accepted by another user, the potential buyer. The purchase price for the purchased bitcoins is transferred to the seller’s bank account and the buyer receives the purchased bitcoins as digital data for his wallet.

Depending on the marketplace, the operators charge a small fee for the exchange , for the deposit and/or for the withdrawal of the money. This fee is usually relatively small. Buyers and sellers each pay half of the Bitcoin fees.

BITCOIN EXCHANGES

Another way to buy “real” bitcoins is through bitcoin exchanges. The best-known trading exchanges for cryptocurrencies include Bitfinex, CEX.IO, Kraken, Bitstamp and Paymium. Here, too, you should note that opening an account or verifying it can take a few days.

Attention: The bitcoin rates on the different trading platforms can vary greatly. While bitcoin trading on crypto exchanges is automated, trades on a marketplace are done manually. As an investor, you have to look for a suitable sales offer yourself.

If you actually want to buy bitcoins, all you have to do is specify how many coins you want to buy and at what rate (classic currencies such as US dollars or euros can be exchanged for bitcoins there at any time). If the Bitcoin exchange finds a suitable offer, it buys the bitcoins on behalf of the customer and then credits them to the customer account. Processing is particularly easy on CEX.IO, especially since credit cards such as VISA and MasterCard are also available as payment methods.

If you want to sell your bitcoins via bitcoin exchanges, it works according to the same principle as when buying bitcoins: Within a few minutes you have placed your offer for sale on a bitcoin exchange. If someone buys your bitcoins, the amount will be credited to your bank account.

TRADE BITCOIN: STEP BY STEP GUIDE

If you want to buy or sell bitcoins, you can do so in a variety of ways and with different providers. As a rule, Bitcoin trading works similarly with all cryptocurrency brokers. In the following we will show you the bitcoin purchase process step by step using the example of the CFD broker Plus500 (CFD Service. Your capital is at risk.).

The interface of the platform is very clear for bitcoin traders, opening a demo account is very quick, usually within just 15 minutes. Another advantage: as a trader, you can use various deposit options, for example credit card or PayPal.

STEP 1: CHOOSE A PLATFORM FOR YOUR BITCOIN TRADING

First go to the Plus500 site. The blue button takes you to the CFD broker platform.

STEP 2: CHOOSE AN ACCOUNT MODE

Before you can start trading bitcoin, you have to make the first decision: Do you want to trade bitcoin with real money or start with a demo account first? A demo account is particularly suitable for Bitcoin beginners or traders who want to familiarize themselves with trading without real money. If you want to benefit directly from the Bitcoin courses with “real” money, you can open a real Bitcoin account immediately. Select your preferred account mode – then you can continue.

STEP 3: SET UP AN ACCOUNT WITH PLUS500

fter you have decided on an account model, you can set up your account with just a few details. To do this, you must enter your email address and create a password.

Now click on “Create account” and open your customer account. Alternatively, you can set up an account using your Google account or Facebook profile.

Important: By opening an account, you confirm that you are of legal age. You also agree to the privacy policy of the platform.

STEP 4: CONFIRM BITCOIN TRADING ACCOUNT

After opening an account with Plus500 (CFD Service. Your capital is at risk.) you only have to confirm your account. To do this, fill out the questionnaire on your personal data and also indicate, among other things, in which country you pay your taxes.

Usually, you also have to fill out a questionnaire that reviews your experience of investing in bitcoins and CFDs.

Tip: This query is only for your own protection. And: Even if your experience is judged to be too low for trading with Bitcoin CFDs, it is often still possible to buy Bitcoin.

STEP 5: DEPOSIT MONEY TO BUY BITCOIN

Before things really get going, you can now fund your Bitcoin account. This is possible under the menu item “Funds” on the left side. For example, select “Transfer” as the payment method, but at Plus500 you can also buy and sell Bitcoin with PayPal, credit card, Giropay or Sofortüberweisung. If you are having trouble verifying your payment methods, you can have Plus500 email you a quick deposit guide.

If you choose to deposit funds into your Plus500 account via bank transfer, your funds should appear in your trading account no later than five business days after the transfer. If not, contact Plus500 Customer Service (CFD Service. Your capital is at risk).

STEP 6: BUY OR SELL BITCOINS – HOW IT WORKS!

Now you have mastered all the hurdles and can start trading Bitcoin. Click on “Trade” in the menu on the left. At Plus500 you can buy and sell other currencies, indices and commodities in addition to cryptocurrencies. Select cryptocurrencies and click on the “buy” button in the Bitcoin column or on the “sell” button if you have already bought a position in the past.

Tip: Here you can also get important purchase information such as the purchase price and a Bitcoin high and low.

Finally, select how many bitcoin you want to buy – and that’s it. Congratulations, you have just bought a Bitcoin CFD through Plus500!

BITCOIN COURSE – THIS IS HOW THE BITCOIN PRICE IS COMPOSED

The Bitcoin price and thus the value of the Bitcoin depends on the supply and demand of the investors – we have already revealed that to you above. If the demand increases, the Bitcoin price also increases and vice versa. The digital currency Bitcoin is not controlled by central banks or governments, but is managed decentrally.

And how is the Bitcoin price composed? The total amount of Bitcoins available has so far been capped at 21 million. This limitation is intended on the one hand to avoid inflation and on the other hand to generate an increase in the value of the cryptocurrency. In principle, however, it is assumed that the demand for Bitcoin will continue to increase – for example by improving the trading conditions for Bitcoin and by making Bitcoin continuously more attractive as a means of payment.

When Bitcoin saw the light of day in the crypto world, the virtual currency initially had no value that could be quantified in other currencies. That has now changed, below you can see the Bitcoin price development (BTC) compared to the most important FIAT currencies.

Like any other currency, the bitcoin rate is subject to fluctuations, the bitcoin rate can also vary depending on the trading platform. Investors looking to trade Bitcoin should consider the cryptocurrency’s high volatility. In 2017, the value of bitcoin increased 20-fold, and in the 12 months since the start of the corona pandemic, the value of bitcoin has increased ten-fold.

BLOCKCHAIN: TECHNOLOGY WITH GREAT POTENTIAL

The incredible value development made Bitcoin famous as a cryptocurrency – and many investors rich. Bitcoin is still one of the most important cryptocurrencies, also and above all because of its future-oriented technology, the blockchain. The blockchain was a prerequisite for the triumph of Bitcoin and it will be indispensable in the future.

The reason is obvious: the trend is increasingly towards digital money and payment systems on the Internet. The security of mass payment transactions in the online world can only be guaranteed if blockchain technology (or a comparable anonymous technology) is used.

BUY BITCOINS OFFLINE

However, bitcoins do not necessarily have to be bought online. There are various ways in which cryptocurrency can also be purchased offline for cash. The cheapest and fastest way to buy bitcoins is to buy them from a private individual. Various platforms such as Bitcoin-Treff.de arrange private meetings with dealers in the area. Caution: It should be noted that trading is very anonymous and unregulated. You should therefore choose your exchange partner very carefully.

In addition, there are now regular meetings throughout the German-speaking region where Bitcoin fans discuss current developments in the field of digital currencies. Such a direct exchange is probably the easiest way to learn about bitcoins, blockchain – the security technology for bitcoin transactions on the Internet – and other cryptocurrencies. And these so-called meetups are often a good opportunity to buy and sell bitcoins.

In Switzerland there are now even numerous Bitcoin machines where you can buy Bitcoins locally. For example at Falcon Private Bank on Pelikanstrasse in Zurich or at Värdex Suisse in various cities in Switzerland, such as Chur, Schaffhausen, St. Gallen or Zurich. Depending on the manufacturer, the use differs in detail, but the principle is similar: the machine is fed with cash, then the wallet is scanned to save the bitcoins in this virtual wallet on the smartphone.

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