Although the term is used widely by crypto-newbies, there is no such thing as a ‘Bitcoin account’ per-say. On the contrary, Bitcoin is a decentralized digital currency, meaning that you will not have an account with a third-party entity. Instead, you can invest in Bitcoin by making a purchase from a cryptocurrency exchange such as eToro, and then withdrawing your coins to a private wallet. This allows you to retain full ownership of your Bitcoin, as opposed to entrusting a middleman. How to Create a Bitcoin Wallet: Step-by-Step Guide Bitcoin is a digital currency, so there are no coins to mint or bills to print. There is not a government, financial institution or any other authority that controls it, so it’s decentralized. The owners who have Bitcoins in the system are anonymous—there are no account numbers, names, social security numbers or any other identifying features that connect Bitcoins to its owners. Bitcoin uses blockchain technology and encryption keys to connect buyers and sellers. And, just like diamonds or gold, a Bitcoin gets “mined.”
Creating a Bitcoin wallet is as easy as installing software on your mobile device or computer How To Invest in Bitcoin – Beginners Guide (2024) However, even if you have a wallet and they are able to pry it open, you may not have any coins in it at all. Former Bitcoin owners who dabbled in the cryptocurrency years ago may simply be hoping that they had long-lost treasure left on that old hard drive but weren’t certain and decided to have a look just in case.