A Bitcoin address is a unique identifier which allows you to receive Bitcoins.
A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins. There are four main wallets that we recommend for beginners.
For example, this is one of the Bitcoin addresses: 1LUGHxxfRP3vLi52gECqf3VRN3VVxNDaVw
Please verify that you have copied the destination address exactly before sending Bitcoins to it. Bitcoin transactions are not reversible!
Choose any of this Online BTC Wallet. Or you may create all 3 online BTC Wallets below.
XAPO - combines the convenience of an everyday Bitcoin wallet with the security of an insured deep cold storage vault. Xapo Debit Card links to your Xapo Wallet and allows you to spend bitcoins at millions of merchants all around the world.
COINS.PH - is a local address for bitcoin users in the Philippines. Good thing is that you can buy and sell your bitcoins here locally in the Philippines through bank deposits or through some money remittance center in the Philippines.
COINBASE - is a web wallet service that aims to be easy to use. It also provides an Android web wallet app, merchant tools and integration with US bank accounts to buy and sell bitcoins.
NEXT :EARN BTC THROUGH FAUCET SITES
An Faucet Sites used to gives bitcoins out for free to each visitor. IP addresses that receive bitcoins were recorded, so that bitcoins were given only once to each address.
>> WHAT IS BITCOIN?
Some things you need to know
If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Bitcoin for any serious transaction. Bitcoin should be treated with the same care as your regular wallet, or even more in some cases!
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. Always remember that it is your responsibility to adopt good practices in order to protect your money. Read more about securing your wallet.
Bitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.
Bitcoin payments are irreversible
Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds. That means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep control of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won't let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.
Bitcoin is not anonymous
Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy. Read more about protecting your privacy.
Instant transactions are less secure
A Bitcoin transaction is usually deployed within a few seconds and begins to be confirmed in the following 10 minutes. During that time, a transaction can be considered authentic but still reversible. Dishonest users could try to cheat. If you can't wait for a confirmation, asking for a small transaction fee or using a detection system for unsafe transactions can increase security. For larger amounts like 1000 US$, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction.
Bitcoin is still experimental
Bitcoin is an experimental new currency that is in active development. Although it becomes less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone.
Government taxes and regulations
Bitcoin is not an official currency. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including bitcoins. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.