How does the Census Note work?
The Census Note is a hardware cold wallet that supports all major cryptocurrencies. The Census Note is a card made of durable plastic that contains a secure chip. This chip stores the private key that secures access to the funds.
The combination of card and wallet helps to make Bitcoin very convenient to use. This combination is perfect for people who are new to Bitcoin as they don’t need a lot of technical knowledge to use Bitcoin. They can carry the Census Note like any of their other cards and it’s easy to use. This makes Census Note an ideal gift, allowing you to easily bring your friends or family into Bitcoin.
How does the Census note wallet work?
With an NFC-enabled phone, it is easy to verify your balance or transfer funds from the wallet to another wallet. Using the Census app, you can connect to the wallet in the device and perform all the functions you’d normally expect from a cryptocurrency wallet.
Unlike online wallets, the Census note is a hardware wallet. The bitcoins are already on the wallet itself. This means no headaches trying to onboard family or friends who may encounter all kinds of complicated regulatory hurdles like KYC (Know-Your-Customer) and AML (anti-money laundering) policies. You can simply load the Census Note with bitcoins and give it to someone just like money. This makes the Census Note an easy way to send Bitcoin to someone you care about without having to deal with endless signup hurdles caused by regulation or complexity.
What functions are available in the wallet?
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With the wallet, you can pay or receive money. Soon, lending, borrowing, and the earning of interest will all be possible with the wallet. While these features are not all that unique for a wallet in and of themselves, the convenience and ease of use of the Census Note mean that it brings these features to users who don’t have to be cryptocurrency wizards to interact with their wallet or with the whole ecosystem of Bitcoin.
Some of the additional features supported by the wallet are the ability to buy Bitcoin and a Portfolio view to visualize the assets held on the card and each of their values. The Census Note makes a great gift card for someone you want to help into the world of cryptocurrency.
What is a seed phrase?
A seed phrase is a list of words that are typically generated by a wallet so a user can recover their bitcoins if the wallet becomes damaged or corrupted. The phrase must be written down on paper so it is accessible in case of computer issues or data loss. Since the phrase could be used by anyone to retrieve bitcoins in your wallet, the seed phrase must be kept secure at all times.
The Census Note does not use seed phrases. The private keys are embedded in the secure element of the device. The Census Note strives to mimic the portability and tangibility of money but in a smarter way. The Census Note helps people who are not familiar with cryptocurrency be able to interact with it. The way that Census Note does this is by making cryptocurrency more tangible and less digital. The trade-off of doing this is that, just like money, possession of the device is the only authentication necessary. If you lose the Census Note, you lose the funds.
How does Bitcoin work?
Bitcoin is a cryptocurrency based on blockchain technology. A blockchain is a digital ledger that can be distributed across multiple computer systems. This distributed design raises the potential for decentralization, which eliminates any potential for manipulation and intervention as is normally the case for national currencies like U.S. dollars or Japanese Yen.
The supply of Bitcoin is strictly limited. This makes Bitcoin an excellent store of value as compared to national currencies, which are designed to gain or lose value as a means of stimulating or contracting economic activity.
You can use Bitcoin to pay anyone who accepts it. This includes retail establishments, street vendors, or even your friends. Bitcoins are stored in software or hardware called a wallet. Online software wallets are the least secure as they are always online. Local software wallets are a little more secure, as they can be brought offline when desired. However, the data is still located on the computer or device where the software wallet resides.
The most secure way to store Bitcoin is in a hardware wallet like a Census Note. Census Note is also a convenient form factor that you can store with all your other payment cards and easily interact with it to send or receive Bitcoin.