FAQ
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What is a Client Side Bitcoin Wallet and is it secure?
Client side Bitcoin and crypto wallets are considered to be the most secure and private. Only the user can decrypt the wallet to access the Bitcoin. The process of encryption and decryption is done within your browser and never submitted to a server.
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Can a Bitcoin wallet be hacked?
If your Bitcoin wallet is hosted in a third party server (coinbase, blockchain, bittrex ect) then there is a possiblity of it being hacked, it has happened in the past. If your Bitcoin wallet is hosted on your own device, personal computer or in an offline paper wallet then it is less likely to be at risk unless someone knows where you have stored it.
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Can my Bitcoin wallet be traced?
Bitcoin transactions are called pseudo-anonymous. Bitcoin addresses are designed not be linked to personal details such as name, email address, physical address etc. A persons identity can only be traced by linking your bitcoin to an exchange.
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Who controls the Bitcoin network?
Nobody controls the Bitcoin network. However, at the same time, everyone controls the network. Users are able to choose the software version they use so the network relies on the consensus of its users.
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Is Bitcoin used by people in everyday situations?
Yes. There are a growing number of businesses and individuals who accept Bitcoin as a method of payment. This includes online businesses as well as shops, restaurants, B2B services providers and many more.
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Which seed phrases are compatible with Bitamp?
The following bitcoin seeds are backwards compatible with Bitamp to access your account instantly: Electrum, Mycelium, Blockchain, Trezor and Ledger.