Bitcoin wallet – secure BTC storage

Excavating or buying BTC is the first step to becoming a bitcoin owner. However, after they are purchased, they need to be stored somewhere, and a bitcoin wallet is used for this. A wallet is like a bank account, with the public key instead of the account  bitcoin news  number and the private key instead of the password. The type of portfolio you choose depends largely on what you plan to do with BTC.

Cold Wallet

So-called cold wallets are considered a very safe solution. This group  bitcoin news includes paper and hardware wallets, which look like a flash drive.

Hot Wallet, or hot wallets


These have permanent access to the network. They take the form of an application for the PC or smartphone; there are also browser versions. They are most often used to store a small amount of BTC and to make ongoing payments. Hot wallets include desktop, browser, and mobile wallets.

Bitcoin and taxes

Regardless of whether you treat your bitcoins as an investment or as a means of payment, you are required to settle accounts with the tax office, both from the purchase and sale of BTC. After changing the regulations in some countries in January 2019, the applicable tax rate is 19%, and the settlement should be made on the PIT-38 form. This declaration must be submitted, and the tax paid at the latest on April 30 for the previous year, i.e., e.g., 2019 should be settled by April 30, 2020. It is worth remembering that the new regulations strictly specify which expenses can be considered as tax-deductible costs and settle them in the PIT-38 declaration.