It runs as an app on your smartphone, storing the private keys and allowing you to pay, trade and store crypto with the phone. There have been several high profile cases of bitcoin exchanges being hacked and funds being stolen, but these services invariably stored the digital currency on behalf of customers. What was hacked in these cases was the website and not the bitcoin https://www.btcthread.com/ network. Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would btcthread operate free of central control but otherwise be used just like traditional currencies. In truth there is no such thing as a bitcoin or a wallet, just agreement among the network about ownership of a coin.
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