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Regular backups of a bitcoin wallet are essential to protect against computer failure, theft and human error, but never store them online, especially if the backup is not encrypted. And always use the latest version of bitcoin software, and use a password that is at least 16 characters long.
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China is a closed monetary system. Its slightly more difficult to bring money into China, and its pretty much impossible to get money in large quantities out. So Bitcoin is another mechanism for getting money out of of the country, and that's why they are banned.
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Decentralised cryptocurrencies such as Bitcoin, which work using blockchain technology, allow users to trade directly with each other without the need for a middleman. In today’s modern day commercial bank usually takes on the role of the middleman.
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Bitcoin transactions are registered in the Bitcoin blockchain. This acts as a ledger, whereas cash transactions may or may not be recorded.
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Bitcoin (BTC) is a type of electronic currency, also called cryptocurrency, which is developed by people and companies all around the world. What one needs to understand about cryptocurrency is the fact that it has no physical form. The bitcoin network is not controlled by anyone or anything.
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To regain access to a Bitcoin wallet, you need the latest copy of your wallet file, at least an idea of what the password is, a computer with a super-fast CPU, a list of potential passwords, and time and patience.
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Anything can happen to anyone at any time the chances to suddenly die are slim but they are not non-existent. Strokes, accidents, heart disease and so on, in case of a sudden death try to be transparently share the keys to your trusted children and tell them how crypto is all about.
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From my thinking, it seems possible that bitcoin could eventually increase in price by orders of magnitude, but it all depends on bitcoin's level of adoption.
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