How Does a Bitcoin Wallet Work?#information #cryptocurrency

Please subscribe my channel. https://youtube.com/channel/UCsSFmKT_lPrmJinn2vWKh6g Because Bitcoin operates on a secure digital ledger called blockchain, using a Bitcoin wallet isn't as simple as opening a leather flap. For that reason, it may be helpful to think of a Bitcoin wallet like email, says Sarah Shtylman, fintech and blockchain counsel with Perkins Coie.
To send an email, you must use your password to log into your account, input a recipient's address and then hit send. To send Bitcoin, you similarly need your coded key, essentially your password, to access your cryptocurrency. You then need your intended recipient's Bitcoin wallet address, similar to an email address, to send the cryptocurrency to them.
"On the Bitcoin network, the public address is an identifier that points to a particular ledger entry (i.e., a Bitcoin balance) on the blockchain, and the private key is what enables its holder to make changes to the associated ledger entry (i.e., to transfer the Bitcoin to a different address)," says Shtylman.
It's important that you keep track of your Bitcoin wallet's key. If someone else has it, they can hack into your wallet and send it to their own wallet. And, if you lose your key, you could lose access to your cryptocurrency. That's because many cryptocurrency wallets are decentralized and cryptographically secured, meaning there's no central customer support number for you to call to prove your ownership and identity and reset your password. An estimated 20% of all Bitcoin currently in circulation, worth billions of dollars, is lost in digital wallets that users can't access.#facts#fun#information#science#Bitcoin-wallet key#decentralized secured#Bitcoin operator#E-mail#digital account