As the cryptocurrency is entirely digital, it only makes sense that Bitcoin should be stored in digital wallets. These wallets are generally free and easy to open, and allow users to store their BTC however best suits them. Different to fiat wallets, crypto wallets are also responsible for sending and receiving funds. There are many different types of wallets, however they are all made up of two important components: the public and private keys.
The public keys of a crypto wallet is essentially the wallet address that allows users to receive funds. The sender would use this alphanumeric code to deposit Bitcoin into your account. The private keys allow users to access their funds as well as send them. Without the private key, your wallet is as good as gone. Since Bitcoin is decentralized there is no support line you can call to get these keys back.
Can Bitcoin Get Lost?
In short: yes. How do you lose a digital currency that only exists online? You lose your private keys. Without these specialized codes your wallet cannot be accessed, by anyone, ever. Alternatively, there are also horror stories about users who have thrown away hard drives or computers containing their BTC, as well as people who have sent the BTC to the wrong address. All Bitcoin transactions are irreversible, so one cannot cancel a transaction or request a refund.
Easiest Way To Store Your Crypto
At Oobit users can store their crypto in the military grade cold storage wallet for as long as they please, The wallet was designed by cybersecurity experts, and is the world’s first air gapped vault. With one login you can access your entire portfolio and rest assured that your funds are safe, 24/7 365 days a year.