Our seminars and one on one sessions assist you in setting up your bitcoin and cryptocurrency digital wallets, exchange trading accounts, security options and phone apps to help you navigate around this exciting and evolving space.

We get you set up correctly and provide education to take away a lot of the confusion commonly encountered by anyone getting into these evolving markets.

Subscribe to our regular Newsletter: subscribe@jmlmarketing.com.au

We believe the future for cryptocurrencies is enormous especially in bringing banking style options to the world.

It is a truly peer to peer medium of exchange of value.

Contact Us: info@jmlmarketing.com.au

"Bitcoin is not a company. It is not an organisation. It is a standard or a protocol just like TCP/IP or the Internet. It is not owned by anyone. It operates by simple mathamatical rules that everyone that participates in the network agrees on. Through this simple mechanism, through this invention of Satoshi Nakamoto, bitcoin is able to allow a completely decentralised network of computers to agree on what transactions have occurred on a network, essentially agreeing on who currently has ownership."*

* 'The Internet of Money' by Andreas M. Antonopoulos *

Bitcoin Wallets Explained


Bitcoin Mining

 

Bitcoin Wallets Explained

Bitcoin and Crytocurrencies are normally stored in 'Digital Wallets' which is a bit confusing because they do not actually store any bitcoin or cryptocurrencies. These are actually stored on the 'Blockchain' of that particular currency.

Wallets essentially hold the 'Private Keys' that give users the right to use those coins. Each wallet comes with at least two keys - one public, and one private. (Multisig wallets can be set up to have more signatories and as such will store more keys)

The 'Public Key' allows any person who holds cryptocurrency to send a sum of cryptocurrency directly to any another user - there is no central authority that needs to approve a transaction as in our current banking system. This is known as a 'Peer to Peer' transaction.

The 'Private Key' must be kept as secure as possible - anyone who has control of it has access to the cryptocurrency associated with it.
There are several types of wallets available and each has individual merits and drawbacks:

Software wallets, web wallets, and paper/cold and hardware wallets.

As a general rule, 'Hardware Wallets' are the most secure and practical form of cryptocurrency wallets, however, unlike software and paper wallets, they cost money.

SOFTWARE WALLETS:

A 'Software Wallet' is a wallet installed on a computer that you actually control yourself. Ideally, only you have access to the 'Private Keys' that are stored in that wallet. Getting a Bitcoin software wallet is as simple as picking which wallet you would like to use and downloading it.

That blockchain download is the main barrier to using a software wallet. This is required for any locally stored software cryptocurrency wallet. The file size is quite large and grows with each transaction.
Software wallets provide more security than web wallets and greater accessibility than offline wallets. However, they are only as secure as the computer they are stored on. Malware is beginning to attack cryptocurrency holding computers specifically so you must maintain robust security to your system. If a computer is hacked, your private keys may also be exposed.

PAPER WALLETS:

these are the closest thing that cryptocurrencies have to a physical form. Private and public keys can be
printed out or even written down, and so long as the computer data that stored that information is deleted, no one can get to your funds. This information must be very securely stored as losing it or someone getting access to it will affect your ability to retrieve your funds.

Using the public key, you can send cryptocurrency to the paper wallet without bringing it backonline. However, if you want to spend any of that money, you will have to bring the private key back online and “sweep” the account into an online or software based wallet.
The advantage of paper wallets is that they essentially store your Bitcoin on a physical piece of paper, removing it from the digital world and safeguarding it in the physical one. This makes them essentially unreachable for spending until they are brought back online, but it is the most secure way to store Bitcoin long term.

WEB WALLETS:

'Web Wallets' or online wallets are the most convenient of those available. These make it easy to access your cryptocurrency funds to purchase items, or to trade on an exchange. They are run by third party companies.

The trade off is having to trust that third party for your cryptocurrency security.

They also vary in function and capability with their ability to integrate with fiat currency and banking services, credit/debit cards, merchant sites, multi signature capabilities for shared accounts amongst some.

They are more convenient than other wallets in that some are set up so you can access your funds from any device.

Care needs to be taken as your funds are at the control of an outside entity and are fine as long as that entity remains secure. If something goes wrong there are few options available other than your own negotiations with that entity.

COLD WALLETS:

Cold wallets are simply any kind of wallet that is not connected to the internet. It can be a paper wallet (see above) or a software wallet stored on a USB drive or other removable storage device.

These wallets are also kept offline on your USB device (see below to purchase), but can be brought back online easily without “sweeping” the entire account like in Paper wallets. The blockchain will have to updated but getting back online is a fairly straight forward and quick process.

They essentially work like a USB stored wallet or as a way to securely keep track of several paper wallets. Cold Hardware wallets that can only be accessed with physical contact to the wallet.

BRAIN WALLETS:

A computer makes up a pass phrase of random words the user commits to memory. That pass phrase can be used to regenerate a cryptocurrency private address. The pass phrase can be written down or memorized, but like a private key, anyone who has it, has access to the wallet's funds so its important not to share or lose it.

Other options are to download to your mobile device one of the many wallets offered by independent suppliers.

These keep you in control of your keys but each has its benefits and drawbacks and a wide range of security features.

IMPORTANT THINGS TO NOTE:

If you do not control your wallet's private and public keys - you do not control the funds in your wallet.

Understand what you are doing before embarking head long into this space.

If you do not set these wallets up and save them properly with adequate back up options you risk losing your funds and cryptocurrency.

Bitcoin and most cryptocurrencies use a “trustless” system, meaning you don't have to give merchants or other person you transact with any of your personal information.

This fundamental function makes cryptocurrencies inherently safer than fiat currencies.

However, as with any new, emerging and confusing technology, there are an increasing number of fraud and scam attempts operated over the internet, looking defraud you of funds. Fortunately, to combat this, there are many options available to give users the right mix of security and ease of access to their funds. These must be set up initially with the knowledge and care required to avoid losses.

Check out our seminar and one on one sessions to help you through this.

For full details contact us at: seminars@jmlmarketing.com.au

 

If you’re serious about securing your Cryptocurrency, buy a USB Hardware Wallet.

If however, you’re only storing a small amount, you can use one of the many free software wallets available.

To purchase one of the leading hardware cold wallets available, click on the image below:

Demand for these devices is currently very high and there have been production delays at times - you will be advised when ordering.

 

 

HOW TO TRADE & BUY BITCOIN and DIGITAL CURRENCY

You can set up your own account and start buying and trading Bitcoin with the links below.

You also need to deal with reputable companies and learn how to properly set up and use Digital Wallets, Exchange Accounts, Cold Storage of Funds and more.

BUT A WORD OF WARNING - there are many traps and scams out there that can cause entrants into the market to lose their money either by hacking or simply not setting up and securing their accounts properly.

We offer a service that gets you up and running in a One to One or Group environment making sure you are using secure sites and passwords, reputable firms, and ensuring you have your computer and devices properly set up and secured.

If you still want to go it alone - here are some good starting points for you.

HOWEVER, WE STRONGLY SUGGEST YOU CONTACT US ABOUT THE SERVICES WE OFFER...

__________________________________________________

These Companies will make it easy for you to get started and have a good reputation in the industry. Just click on the links provided.

You will need to verify your identity by way of Govt ID (Drivers License or Passport) and Proof of Residence (Utility Bill showing your address)

If you have not had any experience in this space before we would strongly suggest joining one of our seminars or one on one sessions where we get you started the right way with your accounts, exchanges and secure wallets. We also discuss the things you need to look out for so you get get caught up in the many scams that are out there.

Contact us for further details. - info@jmlmarketing.com.au

____________________________________________

TRADE & BUY BITCOIN and DIGITAL CURRENCY - These companies are easy to set up an account with to buy Bitcoin and Cryptocurrency

(Make sure you check out the notes below before you start)

COINBASE

Set up an account with this well known and trusted exchange dealing in Bitcoin, Etherum and Litecoin. - You can purchase using your Debit or Credit Cards and the limits will be increased as your usage increases. You receive a US$10 on sign up, once your account is verified.

To set up your Coinbase account click on this link:

https://www.coinbase.com/join/57a11a50192f31045f1d2d1a

 

COINJAR P/L

This is a company that makes it easy to buy bitcoin with your debit or credit card and also allows for POLi Direct Transfers from your bank account.

To set up your Coinjar account click on this link:

https://www.coinjar.com/_ref/@JMLMS

 

COINTREE

  • CoinTree is another company with a simple, trustworthy interface to buy and sell bitcoin. It is easy to use and has a good support team is dedicated to answering your questions and queries as fast as possible.
  • The bitcoin balance can be verified externally whenever you want because your bitcoin is real. Whereas some services credit your account with a virtual balance.

https://www.cointree.com.au/?r=2586

EXMO

Another well known Exchange that deals in a range of crypto-currencies. This site is a bit fiddly to set up but will allow you to set up your account so you can refill with USD, EURO and other currencies from some well known money transfer firms operating online. Firms such as CryptoCapital, WireTransfer, Capitalist, EPay and others.

To set up your EXMo account click on this link:

https://exmo.com/?ref=348361

 

GET UP TO 5% CASH BACK ON YOUR EVERYDAY SHOPPING WITH CASHBACK WORLD

JUST SHOP WITH ANY REGISTERED CB MERCHANT AROUND THE WORLD OR ON LINE

Register in the Cashback World for FREE.

Items covered are from Groceries, Petrol, Liquor, Hotels, Travel, Car Hire, Fashion, Beauty Services, IT & Computers etc.Really most things you can think of that you are currently purchasing.

No special products to buy, you just shop through Cash Back World Merchants and get Cash Back into your account.

As a Cashback World Member, you will receive up to 5% Cashback and Shopping Points for every purchase you make at a Loyalty Merchant's Cashback Shop.

You can then use your Shopping Points to get exciting discounts with special Shopping Point Deals.

Attractive offers are updated on a regular basis.

What are you waiting for? Get money back for every purchase!

Register for Cashback & Receive More Info

 


Home

What it is 10 Good Reasons How it works Crypto Investors Wallets Explained Mining Explained Contact:
Blog      

 

 

 

 

 

Postal Address:

PO Box 594, Braeside, VIC 3195 Australia

Terms Of Use Privacy Policy Financial Statement Disclaimer Support & Feedback  

 

 

Tel. +61 418 106 656

Email: info@jmlmarketing.com.au

Information contained on this site is for education and information purposes only - we do not provide financial advice nor should any content on this site be regarded as such.