Time to know “how bitcoin wallet works”

Time to know “how bitcoin wallet works”

The existence of such a financial phenomenon as Bitcoin is known to practically everyone, however a lot of people ask a question of how does a bitcoin wallet work And this is quite natural, because it is very important to get as much as possible information about this cryptocurrency and the way of its storage. There are two diametrically opposed opinions. According to some people, this virtual currency is the future. While others consider it a threat to the entire financial system

Table of content

  • Factors influencing the speed of transactions of Bitcoins to wallet
  • What you need to do to transfer money to Bitcoin wallet
  • Problems that may arise when using Bitcoin Purse
  • How to Remove or Repair Bitcoin Purse

There are a lot of the most diverse information about cryptocurrencies and blockchain technology on the Internet. But they often talk about the theory of Bitcoin and the prospects for its development. While materials that intelligibly explain what and how to do in this or that situation is very little. So we are going to explain you how bitcoin wallet works.

Factors influencing the speed of transactions of Bitcoins to wallet

Many positive comments are often published about Bitcoins. Although, objectively we must say that the system has its shortcomings. For example, the duration of transactions in the system can be quite long. And this is a minus in the eyes of those who are accustomed to carry out operations with currencies literally instantly. They simply do not take into account the nuance that Bitcoin transactions are carried out according to a different algorithm.

To answer the question whether there is an opportunity to get Bitcoins right to the wallet, let's talk about the factors that influence the speed of transactions:

  1. The amount of commission fees. Yes, Bitcoin charges a fee for translations. Its size can range from 0.0004 bitcoins from the transferred amount and above.

This is explained by the fact that after creating a request for a transaction, it must be confirmed by the miners. A small amount of the transfer automatically moves it to the bottom of the queue for confirmation. To confirm any transfer of money to Bitcoin, the purse must be included in 6 generated blocks. Only then the transaction is considered successful.

Transfers with large commissions (established by the user during the transfer) are confirmed faster. While the rest is going from one liner to another. And so on until approval is obtained. Therefore, one of the reasons that Bitcoins do not arrive for a long time on the purse may be a commission that is understated manually.

  1. The size of the transaction. There is a rule according to which the transactions are sorted in the queue for confirmation. Those who are going to transfer significant money to the Bitcoin wallet are priority over those whose size is small. That is why it takes less time to conduct large operations.
  2. The level of congestion is another factor that can affect the transfer time of Bitcoin coins from one purse to another. The more applications for the transfer of cryptocurrency are submitted, the more slowly the system works.

All the above said suggests that the quick transfer of money to Bitcoin wallet is unlikely, but it is still possible. It is necessary to take into account the time that will be spent to confirm the transfer. And it, as mentioned above, directly depends on the size of commissions, the amount of money transferred to the Bitcoin wallet and how much the network is loaded.

What you need to do to transfer money to Bitcoin wallet

At once it is necessary to make a reservation. Therefore, anyone who wants to join the cryptocurrency ecosystem has to use additional resources. They are called virtual exchange offices or exchanges, but since there are a lot of them, we advise you to use the monitoring of exchange offices.
It takes the role of an intermediary connecting the user with exchange offices.

How to perform the transfer by monitoring the exchangers? This is done quite simply:

  1. The user needs to go to superobmen.org. There he will be presented with a table with two columns containing all possible exchange options. There are several banks in Russia, Ukraine, Kazakhstan, Belarus, a list of major cryptocurrencies, as well as the names of various foreign and Russian electronic payment systems.
  2. You must select the initial currency in the RESET column, which will be used for the transfer. In this list you can find WebMoney, and Qiwi, and a debit card of the Savings Bank. The list is long.
  3. Further in the column GET, you should select Bitcoin as a system.
  4. Then a monitoring will provide you with a table with exchangers, where an exchange will take place directly.
  5. On the exchanger itself, which was chosen for exchange, the payment details of the purse, from which payment will be made and addresses to Bitcoin, will be entered.
  6. Additional information is entered at the request of the system, and a transfer confirmation is performed.

Exchangers charge a small commission fee for conducting transactions and deliver bitcoins to your purse. And this is quite normal. But the exchanger ensures the security of transactions. The user always has an opportunity to contact a competent support service, which will help to understand why the Bitcoins do not come to the wallet.

In addition, the terms of the proposed cooperation are quite acceptable. They allow customers to access a large list of supported currencies, services and financial structures. Monitoring of exchange offices does not charge any commission.

Problems that may arise when using Bitcoin Purse

Talking about the specifics of the work of cryptocurrency wallets, we can not fail to mention some problems. Not very often, but it happens that some virtual amount of money “hangs” in the system, not transferring to the client's account. The reasons for such a nonsense are the same as with the delays in remittances:

  1. Exceeded the limit of requests for transactions for a certain period of time. This leads to network congestion.
  2. In the application for transfer, a small commission was issued by the sender, which is deducted to the miners. And it is their reward for block generating.
  3. Minor amount of transfer.

Very often a user who has not received a transaction confirmation within a few days is ready to remove Bitcoin wallet. But of course you should not do this. The work of the detachment is arranged in such a way that it is simply impossible to lose money here. And the transaction will be confirmed early or late. What should the user, who is faced with this situation, do?

There are some recommendations:

  1. The most effective in this situation, paradoxically, is the expectation. Even if after a few days there is no confirmation, you just have to wait. Either money will eventually come, or they will be returned to the sender if an error is found when the money was sent.
  2. If a software Bitcoin wallet is installed, it is recommended that you re-load the entire chain of blocks instead of deleting it.
  3. You should try to start using your client with reindex or rescan keys. With their help, the transaction can be pushed through the update of information about the transfer to the miners.
  4. The root of the problem can probably be found in the program itself, if an error has crept into it. True, this does not happen often. In this case it is recommended to re-install, but for this purpose it will be necessary to remove the installed Bitcoin purse beforehand.

How to Remove or Repair Bitcoin Purse

It is necessary to start with the fact that the removal of the Bitcoin address is impossible. Once created, the purse in the blockchain system will remain forever. After all, information related to it, in tandem with the file wallet.data, is registered in the generated blocks. For this reason, you just need to forget about Bitcoin wallet, if you do not need to use it. For those with the client option installed, simply uninstall the program. But how to restore Bitcoin wallet?

What if, for some reason, the client has lost both the login and the password for activating the Bitcoin purse? This is not an easy problem. After all, for authorization in blockchain.info, for example, you need to enter a key that has 64 bits. It performs both the role of the login and the number of the purse participating in the transactions. Such a number is almost impossible to remember, and it's dangerous to record - you can lose it or it can get into the wrong hands.

The only way to access a virtual wallet is to use an e-mail box. It is mandatory to be specified in the registration process and very helpful if you need to restore Bitcoin wallet.
We described the main features of how bitcoin wallet works. Use it wisely and thoughtfully.