5 Secrets That Experts of Bitcoins Don't Want You to Know

It is easy to understand why you would want to learn more about the 5 Secrets that experts of Bitcoin dont want you to know.

These secrets include

a) how the bitcoins function

b) why you should not be afraid to use bitcoins for making online purchases

c) why you should keep your bitcoins offline

d) and finally

e) what you should do in case you loose your bitcoins.

This article will briefly discuss each one of these items. We will also touch on why it is important to stay away from the hackers who want to steal your bitcoins and make off with them.

After reading this article you should be able to decide if you want to become one of those who protect your bitcoins or not.

Firstly, you need to understand how the bitcoins work. You need to understand the three different types of bitcoins: the dark wallet, the public key infrastructure and the lightning network.

Each type has its advantages and disadvantages. I will go through these in detail below:

The Dark Wallet

This type of wallet doesnt contain any private keys, therefore it cannot be linked to your actual location. In other words, you can make online transactions without revealing your location. This is great if youre traveling overseas and would like to make purchases at an online merchant that doesnt accept the local currency. In addition, this type of wallet is great if you want to use a credit card but still have access to your own bitcoins.

Public Key Infrastructure

On the other hand, this type of wallet owns and runs multiple servers that make it possible to make secure online transactions. Your private keys are kept on these servers and anyone with the ability can log into these servers and make payments. However, as Ill mention briefly later, this system is extremely vulnerable to attackers. As an example, hackers could target a specific server and drain the funds from there. Therefore, this kind of wallet should really be reserved for experts who need access to a lot of private keys.

Lightning Network

Also known as the node network, this is another form of public key infrastructure (PKI). It works through the use of permission-based digital wallets that act as intermediaries between users and external third parties. Because bitcoins are technically not currency, its not like traditional banking - you dont have to deposit real cash to make a purchase. Instead, all you need to do is make transactions with the bitcoins that youve purchased.

The point Im trying to get across here is that in general an expert will have more knowledge about bitcoins than any normal person.

He will understand the technical workings, how it works and why its more convenient (and secure) than traditional money transfer methods. If youre an expert and wish to learn more about this topic, I recommend you follow the links below to further explore this fascinating subject.