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How do I use a Bitcoin wallet? Part III

Probably everyone has already heard about the financial phenomenon called Bitcoin. But how could it be otherwise, now about Bitcoins and its forks are shouted at almost every corner. Moreover, you can hear basically two positions: first, digital currency is our future, second, Bitcoin is a threat to the financial system or a currency bubble that, sooner or later, will burst.

Despite the massive hysteria around the digital currency, ordinary users are interested in more pressing questions, for example, how to transfer money to a Bitcoin wallet? What methods are there? But what about the problems when money is stuck in some unknown place and does not come to the wallet? In such situations, hardly anyone will help, you need to figure it out yourself. After all, these questions are much more important when we talk about the overall development of the cryptocurrency ecosystem.

There is a lot of information on the Internet about cryptocurrencies and blockchain technology, but as already mentioned, either these are embellished expectations or destructive criticism, and there is very little valuable information presented in a simple and accessible form. Well, lets try to fill this gap, and start with the question of how to get Bitcoins to the wallet right away?

How to get Bitcoins to your wallet right away?

 Despite the mass of positive statements in the direction of the Bitcoin system, there are not always noticed or ignored disadvantages. The fact is that transactions in the system take place with a delay, and it can be both insignificant and very long. We are used to the fact that financial transactions with ordinary currencies take place almost instantly, but in the case of Bitcoins, there is a different algorithm for money transfers. And in order to answer the question that interests many network users - is it possible to get Bitcoins directly to the wallet, consider the factors affecting the transfer speed:

    Commission amount. Oddly enough, but in the Bitcoin system there is a transfer commission, the volume of which can sometimes be 20-30% of the transaction amount, although earlier all transfers were practically free. The fact is that after creating an application for a transaction, it is sent for confirmation to miners (cryptocurrency miners). If the amount of commission is small, then the transaction will be at the end of the confirmation queue. As you know, any transfer must be included in six generated blocks for the transaction to be considered confirmed, that is, successful. Transactions with large fees go through the confirmation process quickly, and the rest will be transferred from miner to miner until the transfer is approved. And if Bitcoins do not come to the wallet for a long time, then the reason may be manually lowered commission.
    Transaction volume. The rule for sorting transactions into the confirmation queue also applies to the number of digital coins transferred. Large transfers take precedence over small transactions. The block generation laws work independently of the network participants, so large transfers will be confirmed much faster.
    Network congestion is another factor affecting the transfer rate of Bitcoins from one wallet to another. The more requests for the transfer of cryptocurrency, the slower the system works.

In the light of the information presented, we conclude that it is impossible to get Bitcoins to the wallet immediately, it takes time to confirm the transaction, which depends on the amount of the commission, the volume of the transaction and the network load.

How do I transfer money to a Bitcoin wallet?

 Lets clarify right away that the direct purchase of Bitcoins on the territory of Russia is still in a frozen state, therefore, those wishing to become members of the cryptocurrency ecosystem are forced to use additional resources called virtual exchangers.

One of the best exchangers today is Baksman.org, which acts as an intermediary between the fiduciary and cryptocurrency worlds. But how to transfer money to a Bitcoin wallet using this exchanger? Lets consider the procedure and conditions for buying Bitcoins using the Baksman.org virtual exchanger:

    We go to the site, where the possible directions of transfers are presented in the form of two tables, including several Russian banks, major cryptocurrencies, foreign and Russian electronic payment systems.
    We select the initial currency for the transfer. It can be Qiwi, WebMoney or a Sberbank debit card, the list is long.
    Next, we choose Bitcoin as the purchased title unit.
    The next step is to enter the payment details of the starting point of the transfer and the Bitcoin address.
    We indicate additional information, if required by the system, and confirm the transfer.

It is important if Bitcoins do not come to the wallet, which, in principle, is impossible, since transactions are carried out manually by the operator, then we contact the support service, where they will solve the problem as soon as possible.

The system provides for small fees for transfers, which is the norm, since there are no other ways of buying Bitcoins for citizens of the Russian Federation yet. In return, the client of the exchanger gets transaction security, competent support service, acceptable terms of cooperation, a fairly large list of supported currencies, financial structures and services and comprehensive information support. Using the exchanger, the user will be able to transfer money to the Bitcoin wallet, as well as withdraw them, quickly and at a favorable rate.

Possible problems while using a Bitcoin wallet

 It is difficult to describe the features of the functioning of cryptocurrency wallets without mentioning the possible problems faced by network participants. It is also worth making some distinction between concepts. There are two types of wallets: online, that is, they are located on a specific server, and software, which must be installed on a computer. We will not describe the advantages and disadvantages of different platforms, or their differences, we will focus on ways to solve a common problem when Bitcoins do not come to the wallet, freezing in the blockchain system.

Consider a situation when the owner of the wallet sent a certain amount of digital coins, and they got stuck in the system. Oddly enough, the reasons for this phenomenon are the same as in the case of the delay in translation:

    The number of declared transactions at the time of transfer exceeds the capabilities of the system, as a result, network congestion.
    When drawing up a transfer request, a small commission was indicated for miners as a reward for generating blocks.
    Small transfer amount.

Faced with a similar situation, when the transaction is not confirmed for several days, the user is ready to delete the Bitcoin wallet altogether, as a sign of protest, but do not despair, the blockchain system functions in such a way that money cannot simply be lost, sooner or later, the transaction will be confirmed. What should the user do in a similar situation:

    As trite as it may sound, waiting is the best solution in this situation. Even if the transaction is not confirmed for several days, it is worth continuing to wait, the money will surely come to the addressee, or the system will reject the transfer and return the funds to the sender.
    In the case of software wallets, you can re-download the entire blockchain (chain update function in Bitcoin Core wallets).
    Try to run the client with the –rescan or –reindex software keys that can push the transaction by updating the transfer information provided to the miners.
    The problem may be with the program itself, as a consequence of an error, which rarely happens. Then it is worth deleting the Bitcoin wallet and reinstalling it.

If none of the above helps, then you just have to wait. You can, of course, contact the support service of a service that provides cryptocurrency storage services, but they are unlikely to be able to help in this situation. As already mentioned, the blockchain system works according to certain rules, plus, it is independent, decentralized and self-governing, almost no one can change the program codes.

Removing and restoring a Bitcoin wallet

 To begin with, the Bitcoin address cannot be deleted. Once created, a wallet will forever remain in the blockchain system, since information about it, along with the wallet.data file, is written in the generated blocks. Therefore, the only correct answer to the question of how to delete a Bitcoin wallet is no way, just forget about it if you no longer want to use it. If you have a client Bitcoin wallet, simply uninstall the program. But the topic of digital wallet recovery should be considered in more detail.

Have you ever lost your login information to a website? What if you lose your Bitcoin wallet login and password? The problem is urgent, since for authorization to blockchain.info (online wallet), for example, you need a 64-bit key, which is both the login to enter and the number of the wallet that participates in transactions. It is difficult to remember it, and if you write it down somewhere, you can lose it. How to recover a Bitcoin wallet if authorization data is lost?

The only way to get back to using your virtual wallet is through your email account. When creating an account in the blockchain system, a mailbox is indicated to which all information regarding the new Bitcoin wallet is sent, these are:

    An identifier consisting of 32 characters, including numbers and letters of the Latin alphabet.
    Bitcoin address, also known as key and account number.
    Password from virtual storage.

The system offers to save this information in a notepad (a standard program on a computer), or write it down in a notebook, then delete the letter for security purposes. These data will be needed to restore the Bitcoin wallet, as information confirming the users involvement in the account.

If it so happens that you have lost the data from your account, then when entering the site you need to click the "recover password" button. An email with account information will be sent to the email address specified during registration. It is noteworthy that the delay time for a letter can be up to 30 days.

What to do if the information for entering the mailbox is lost? In this case, you can forget about the Bitcoin wallet.