What are bitcoin wallets?

A Bitcoin wallet is a software program in which Bitcoins are stored. Technically, Bitcoins are not stored anywhere. For every individual who has a balance in a Bitcoin wallet, there is a private key (secret number) corresponding to the Bitcoin address of that wallet.

Do I need a backup of my Bitcoin wallet?

Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup. Any backup that is stored online is highly vulnerable to theft.

How do I check my Bitcoin balance?

Accessing your Bitcoin or checking your Bitcoin balance is relatively easy. It all comes down to where you are currently storing your Bitcoin (wallet) and if you have acquired any to begin with. To access Bitcoin, first you must get a Bitcoin Wallet, then acquire Bitcoin by either purchasing it, mining it, or exchanging it from a fiat currency.

How secure is bitcoin?

Securing your wallet. Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly.