Is there any wearable Bitcoin wallet?

Not that I’m aware of, but I believe some wearables already have browsers, in which case, a web browser-based wallet would work? I would advise against using a wallet on your self where everyone in the world would see you were using a Bitcoin wallet though;) Would you wear a physical wallet on your body to be seen?

It would be painting a really attractive target on yourself!

Do you guys know of any wallet wearables?

Does it matter which wallet you use to keep your Bitcoin?

Of course it does!

Bitcoin is all about independence and sole control. No one to tell you how to use, keep or spend your money. No one to seize it when they feel like it. No one to mess about with the way you want to transact.

This independence is only yours if you use a wallet that gives you complete and sole control.

Using coinbase or Binance wallets? You might as well keep BTC in your bank and use a bank account.

Is there a large Bitcoin crash coming? What can I do about it?

Very likely, given that the last massive crash was just over a year ago in March 2020. We also saw significant retracements last month. This is Bitcoin. It can easily do double percentage point spikes up, and down with the same ease.

Just make sure you keep your BTC in your own wallet and not on exchanges! Moments of high volatility tend to bring extra exit scam or hack risk to exchanges!

Why is it so difficult to transfer bitcoins from one crypto exchange to another?

It actually isn’t. But every crypto exchange has their own rules, and some don’t allow you to transfer coins between exchanges, probably because of AML regulations or well, just some arbitrary need for them to be able to track YOU through your wallet address.
Stop keeping your coins on exchanges and use your own wallet like Bitamp:) Then you can transfer to whomever you want.

Why are there so many crypto wallets?

Welcome to decentralization and open source idealogy! Bitcoin isn’t owned by anyone or any company or organisation. It was released fully open source, and allowed anyone to take it, use it, and build other tools to access it. So many people have, each with their own idea of what’s best and what’s useful to different people.

We designed our web wallet Bitamp to meet the particular needs of newcomers who want a simple way to access without installing apps, yet still want full control. Or for someone who wants a throwaway wallet just to play with:)

What happens when crypto reaches max supply?

Nothing different happens, if you’re referring to a coin like Bitcoin where new coins are minted with every new block. Practically speaking, it will keep on minting new coins because block rewards are halved. And since Bitcoin is divisible to 8 decimal points, in 12 years, it’ll still be minting about 0.76 btc per block… but once it’s practically zero, miners will still earn mining fees.

How are new Bitcoins made and what gives it value?

New bitcoins are given out as a reward to the miner/node (a computer that is solving mathematical problems as part of a process to secure the Bitcoin network, as well as verify and validate transactions) every time they find a new block. This happens roughly every ten minutes. Every four years or so, this reward is halved, and there will only ever be very close to 21 million Bitcoins in existence. Currently, 90% of this is already “mined” so that scarcity helps give them value.

This is a very basic explanation on supply, but there are many other arguments backing up intrinsic value that gives it market price.

So many wallets, and so many apps to choose from! So which should you choose? As always, we like to say: Depends on what you’re looking for.

Electrum is probably the best Bitcoin wallet due to the high level of control you have over it (plus it’s open source and one of the most mature apps around). But it isn’t the friendliest looking. Bitamp is also free and isn’t even an app, accessible via any type of smartphone with a web browser.

Do I actually lose my cryptocoins if I lost my ledger wallet?

You never lose anything if you lose your wallet, whatever the form of the wallet. The wallet is simply a tool to access your coins, usually a visual user interface to help you use it. What gives you the access is your private key, so that’s what you need — or your recovery phrase (seed phrase sometimes it’s called). Restore this on any other compatible wallet and you get your access.

What is the difference between a wallet and an exchange?

A wallet is where cryptocurrencies are stored, and is how you identify the owners of crypto, as it contains addresses you own and have coins in.

An exchange is merely the platform where assets are exchanged (hence the name), that is, sold, bought or traded.

When you use an exchange, they assign you an address from THEIR wallet. Which is why it is not a good idea to store crypto at exchanges because you have no control over THEIR wallet if they one day decide to scam you or get hacked.

Where can I sell my BTC wallet whose passphrase I've lost?

You couldn’t sell it for anything. You can’t prove you own it, so you could simply just take a wallet address from somewhere and sell it.
If someone could crack wallets, all they would need to do it surf the blockchain explorer and find wallets with balances and hack them.
This isn’t possible of course, so no one would buy your wallets.

What is the difference between a hard wallet and a digital wallet?

You probably mean a hardware wallet. But there are some things to understand about “hardware” and “software” wallet and I will give you as simple a description about what separates the two in terms of security.

A hardware wallet still contains the software, but is a device SOLELY for storing crypto, and usually does not even need to go online or interact with the internet to work. This prevents any kind of network attack or hack. If hackers can’t access, they can’t steal.

A software wallet is used on any ordinary device, and as you may be aware, most people don’t usually secure their devices, leaving it prone to malware and other listening tools that hacker can use to steal your passwords.

A question from our Quora today: Do exchanges have parallel blockchains for each coin?

If you’re referring to centralized exchanges, then no. There’s no sense to make a parralel blockchain when APIs can easily connect to the public blockchain and track deposits and withdrawals. It’s when these APIs or blockchains are down that exchanges can’t do much or when they need to do maintenance for wallets.

The notice you get is not confirming a deposit amount, it is simply a notice or alert of an incoming transaction.

Bitcoin transactions are broadcast to the network, where miners (computers that pick up, validate and verify the transactions) will decide which txs are to be included in blocks they find — new blocks are found on average every 10 minutes. In periods of high network activity, this can take a long time, depending also on the miner fee you paid. Obviously, the more the likelier you are to get picked up.

It’s not possible for BTC to ever be lost in transacting. It also cannot be redirected. But you can choose to “double spend” — using the same unconfirmed bitcoin to spend elsewhere.  This isn’t possible with most clients, however.

I see 3 confirmations on my Bitcoin transaction but it's still pending on my balance. Is this normal?

This is entirely the fault of the service you are using. Some services manually confirm transactions, others wait for many confirmations. It is unusual these days for services to require more than 3 confirmations on the Bitcoin network though.

Refer to your tx ID on the Bitcoin blockchain itself (using a public explorer like Blockchair). If there are more than 3 confirmations there, you should get in touch with your service.

Is this the start of crypto winter?

Like Vitalik Buterin just said. This is normal, and we may have just seen the bubble burst, and we may also still see it burst in a few months, it is difficult to know. But we have seen enough bubbles to know that it will rise again.
And when it bursts, like he says also, it is generally proof that the technology is not quite ready yet and then it goes back to fix what it could not do.

We have always been a Bitcoin wallet so that will be the direction we continue on for now. But thank you for the comment and yes, NFT does look like a good use case for crypto/blockchain, but there are many others too and we personally think the Bitcoin use case is worth focusing on:)

How do I get my wallet address? Do I need to use my 12 words?

The 12 words you have should be your “seed phrase” or “recovery phrase”. Use a reputable wallet like electrum (we also have one at Bitamp) to “restore” a wallet with those words. Once restored, you can see all the addresses associated with it and use it as before.

We did say one main developer, not the sole developer:) It's still fair to say that this is his project, and Electrum has retained the same features and even design it has had ever since I can remember.

Even the last big exploit I remember (2019 IIRC), it was Thomas himself who first responded and put the fix up.

Still, fair points, and good for bringing it up!

Does Coinbase give you a wallet?

They do, but it’s what is called a custodial wallet, meaning to say, they are the true owners of the wallet, giving you certain rights to manage it, but ultimately retaining the full control over it.

Think of Coinbase as one huge physical wallet that they own, they lock and they control how money comes in and out. In this wallet are millions of compartments, each assigned to one user. So they put money in and out of all these compartments, all you can do is tell them how. Whether or not they will listen to you, is entirely up to them;)