FAQ


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Bitcoin is a decentralized P2P cryptocurrency without a central bank or single administrator; it can be sent from user to user on the P2P bitcoin network without the need for any intermediaries. All transactions are verified by network nodes through cryptography and recorded on blockchain. All members of the Bitcoin network are anonymous, no one knows their identities or contact details. Considering that the system is transparent, the network users see public wallet addresses of senders and receivers as well as the transaction amount. However, their identities and locations remain unknown.

A cryptocurrency wallet address is similar to a bank account number. It is a string of letters and numbers (assigned and generated separately for each supported cryptocurrency) that is used when making a transfer of funds. Your wallet address can also be represented as a QR code. Each currency has a different wallet address. You can use any of these addresses for money transfers, as long as it is the correct address type for the cryptocurrency you wish to use.

A cryptocurrency wallet is a device, physical medium, software program or a service which stores the public and/or private keys and can be used to track ownership, receive or spend cryptocurrencies.

Any type of a cryptocurrency wallet is a combination of your private key and public address. Based on how and where you store them, it is possible to classify crypto wallets as follows:

  • Hardware wallets. These are hardware devices programmed specifically for handling private keys and public addresses. They look like a hybrid of a flash drive and a smartphone. The purpose of such devices is to safely store a seed-phrase. It is considered secure owing to not being connected to the internet, thus minimizing potential risks of phishing, clickjacking etc.
  • Paper wallets. A paper wallet is a type of “cold” storage because it is used without the Internet connection. It includes printing out your public and private keys on a piece of paper which are stored and saved in a secure place. It is a sheet of paper that contains an image of the code phrase itself in an explicit or encrypted form (for example, a QR code that can be read by a scanner or a mobile device). It is another secure way of storing your crypto but not all cryptocurrencies offer paper wallets.
  • Desktop wallets. A desktop wallet is a software installed on a PC. The advantage is that a user can choose a wallet with an optimal set of functions and different levels of security. Desktop wallets are downloaded and installed on a single PC or laptop and they are only accessible from that one device where it was downloaded.
  • Mobile wallets. A mobile wallet is an application for smartphones. This type of wallets is considered convenient, as it is always accessible.
  • Web wallets. Web wallets are hot wallets that are always connected to the internet and can be accessed through different internet browsers.

As a rule, you can download crypto wallets from the official websites of the major cryptocurrencies or you can use multicurrency crypto wallets for your convenience. Just like any other cryptocurrency wallet, you can use your account balance on Switchere.com to store, transfer and deposit all cryptocurrencies supported on the website. Besides, you can buy and sell crypto on Switchere.com using your account balance.