Almost 1 Million Bitcoin addresses now hold at least 1 BTC. This means that more than ever before, individuals and businesses are taking advantage of Bitcoin's potential to make fast and secure payments. With the increasing acceptance of Bitcoin as a legitimate form of currency, it’s no wonder that more and more people are choosing to use it to make transactions.
Not only has the number of Bitcoin addresses holding at least 1 BTC increased, but the value of those holdings has skyrocketed in recent years. Back in August of 2016, when the addresses that held at least 1 BTC reached half a million, bitcoin was trading at just $600 per BTC.
Addresses with Balance > 1 BTC
The number of bitcoin addresses holding at least 1 bitcoin has surpassed 950,000 and keeps growing, according to lookintobitcoin.com.
What Is A Bitcoin Wallet?
Like traditional wallets that you can carry in your pocket, Bitcoin wallets are used to store your cryptocurrency. The difference is that rather than a collection of banknotes and cards, a Bitcoin wallet stores a collection of Bitcoin private keys. Wallets are usually encrypted with a password or otherwise protected from unauthorized access.
It's important to keep your Bitcoin wallet safe by setting a strong password and storing that password in a hidden place on a piece of paper, not on your device.
Wallet types
There are various Bitcoin wallets to choose from, each offering different features. All Bitcoin wallets, regardless of their specific implementation, must comply with the established Bitcoin protocol for use in sending and receiving funds. This is like email with many email providers to choose from, but they all "speak the same language" and can send messages to each other.
There are several main categories of Bitcoin wallets:
Web wallet
A web wallet allows you to send, receive, and store bitcoins through your web browser. These are typically hosted by providers who manage the security of the private keys associated with your account, although some types of web wallets offer a way to continue to manage your private keys.
Web wallets are generally more convenient than other types of wallets because you don't have to worry about accidentally deleting the wallet from your computer (and losing your bitcoins).
Desktop wallet
You can also install the wallet software directly on your computer. This gives users complete control (and responsibility) over their wallets.
A desktop wallet stores your private key on your hard drive, so you can access your funds only from the computer where the wallet is installed. If a backup is not available and the wallet file becomes corrupted, the bitcoins stored in that wallet will be lost forever. For this reason, it is very important to use strong passwords and make reliable backups of your desktop wallet.
Mobile wallets
A mobile wallet is a simple Bitcoin wallet designed for mobile devices. This means it's easy to scan QR codes, easy to navigate with touchscreens, and accessible on the go.
Hardware wallets
Ledger Nano XA hardware wallet is a special type of device designed specifically for storing digital assets. The advantage of hardware wallets is that they are less likely to be compromised by malicious users than desktop or mobile wallets, as they use the minimal amount of software required to keep assets safe. |
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