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.

What is the difference between a debit card and a bitcoin wallet?

For instance, debit cards have information associated with them, including an account number and a password. Each Bitcoin “account” within a Bitcoin wallet also has information associated with it. For our purposes, the two key pieces of information are the public bitcoin address and the private key.

How to withdraw to a bitcoin wallet?

Ideally you should send your money to an exchange, purchase your crypto, and then withdraw the coins immediately to a secure hardware wallet like the Ledger Nano X. The first few times you withdraw to a bitcoin wallet it can feel a bit nerve-racking. You do need to be careful and ensure that you follow the steps carefully.

Why is it so hard to fund a bitcoin wallet?

It’s interesting to note that a lot of the problems connected with how quickly you can fund your Bitcoin wallet, are actually due to the slowness of the legacy financial systems, and not cryptocurrency itself.