Over the last year or so we have seen a huge rise in the popularity of various crypto currencies, most notably thee rise in the popularity of the bitcoin. While the price of various crypto currencies have gone up and down over the past few months, bitcoin managed to reach new heights and was worth almost 20 thousand dollars at one point so it is absolutely no surprise that a lot of people began researching about the crypto currency and then started buying some of it as well.
A lot of people made a lot of profit from bitcoins and that has also been a motivating factor for many of the people involved. The reason something like bitcoin is able to be valued so high is because the crypto currency is not tied to any government and it is not based off of any other commodity or currency. As a decentralized currency the value of bitcoin is decided by the number of people who want to invest in it. The entire currency exists online and is not an actual tangible currency.
The amount of bitcoins you own are recorded on a digital ledger. Without any actual currency you will have your bitcoins saved in digital wallets to make sure that you can keep track of where you have them. There are generally two types of wallets; hot wallets and hardware wallets. Hot wallets are the ones that are connected to the internet as they can be online server, your phone, or your computer. Hardware wallets are things like USB drives or hard drives and are not directly connected to the internet. Hardware wallets are generally safer than hot wallets and the best bitcoin hardware wallet will have some sort of passcode required that you can add manually so that they cannot be hacked.