Bitcoin wallet shouldn’t sound strange in your ears. When you buy Bitcoins in large or small numbers, you intend to store them somewhere anyway. So that is where the Bitcoin wallets come in. Here you will understand what these Bitcoin wallets are all about. And of course, the types and forms of these wallets.
With these wallets, you can receive, send and store Bitcoins in them. Getting a Bitcoin wallet is not really a difficult task to accomplish. But first, you have to know what type of Bitcoin wallets are available and how they can be gotten. Though they share almost the same basic functionalities, features and processes vary from one wallet to the other.
Maybe then, you can decide on the type of wallet you want to make use of. Cause you definitely need a Bitcoin wallet to carry and store your Bitcoins.
SETTING UP A WALLET
These wallets aren’t like the physical conventional pocket wallets like you would expect; since we already know that Bitcoins aren’t physical but digital so we shouldn’t expect that. These wallets can be in form of websites, software programs, devices or apps.
It all also help you keep track of all your previous transaction, initial balance, and current balance. Just like the conventional wallet where you have locks on it, these wallets also contain private keys that you use to access your Bitcoins.
Bitcoin wallets available today comes in two types :
Bitcoin Wallets by type: Hardware wallet
This is a physical electronic device like a thumb drive or a USB stick which actually functions like the conventional wallet which you can carry around.
These wallets are designed to work in an offline setting where you can connect these devices to a computer, tablet or phone to perform any transaction at any given time. This also is the most preferable among most people. Some popular hardware wallets include :
The keepKey is a type of hardware wallet. Pin code enabled. Though two more times in size than the other wallets works just like them. And presently, KeepKey supports six cryptocurrencies (and of course Bitcoin). Get KeepKey now.
Being the world’s first secure hardware wallet. It randomly generates nine digit pins and a 24-word recovery seed key ensures security in case the device is damaged or lost. Trezor which possess an OLED screen is usually seen as the most trusted hardware wallet. Get Trazor.
Ledger Nano S:
Just like Trezor, Ledger Naso S possess an OLED screen. Seen as the easiest hardware wallet has a flash drive-like feel and two buttons on the side for easy navigation of the interface. Transactions can be carried out by connecting it to a computer or mobile device. Get Ledger Naso S now.
Bitcoin Wallet by type: Hot wallet
Paying no attention to the name “Hot wallet”. This refers to those type of Bitcoin wallets that the form of software programs or apps used on computers, smartphones or tablets. Hot wallets are arguably seen as the easiest way of spending and storing bitcoins. Though it does generate your private Bitcoin keys, there are concerns about security.
Some popular hot wallets :
This is the most popular wallet today. It’s official website, blockchain.info and can be accessed through your browser or mobile phone. Although you store your wallet online, they not have access to your private keys. Recommended for beginners who are new to the crypto world.
Though this is a relatively new wallet, it has some interesting unique features that allow you to store not only Bitcoin but also Dogecoins, Ether, Dash, and Litecoins. Also currently available in only desktop version. Visit Exodus now.
Mycelium is one of the most popular mobile app wallets that features a lot of advanced privacy and security features. It provides you with a simple user interface to make navigation easier. Your Bitcoin keys are stored on your phone, giving you full control of your Bitcoins. A secrete 12-word seed is also given to you to recover your wallet in case you lose your phone. Visit mycelium.
Generally, The hardware wallet is preferred to store and operate with large amount of Bitcoins while Hot wallet is used to store a small number of Bitcoins.