Bitcoin Wallets – Different Types You Must Know About!


Different Types wallet

Bitcoin is a decentralized virtual currency that you can use to make global transactions without any financial intermediary’s interference. Before you use bitcoins, you need to learn how to store them as they are highly prone to cyberattacks, and if you don’t store them safely, you may lose them forever. Bitcoins are stored in Bitcoin wallets, which are accessed using private keys. If you are looking for a trading platform, you must choose the . There are different types of bitcoin wallets that you can use to secure the bitcoins. Some of the most commonly used wallets are as follows.

Web bitcoin wallet

Web wallets are hot bitcoin wallet that you can access over the Internet. They are highly accessible as you can access them anywhere, anytime over the Internet. Web wallets have a unique URL that you can put into the URL box and access through different web browsers such as Firefox, Google Chrome, etc. The private keys of web wallets are stored in the browser, so whenever you access the wallet using the browser, you gain easy access to it. It makes it highly convenient to make a bitcoin transaction, but the significant risk related to it is that it is highly prone to cyberattacks.

There are two types of web wallets; hosted and non-hosted. A service provider hosts hosted wallets, and he also controls your funds stored in the wallet. So, the better option is to use a non-hosted web wallet so that you have complete control over your bitcoins and can minimize the risks of online thefts.

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Mobile wallets

When it comes to ease of use, accessibility, and convenience, there is no better bitcoin wallet than the mobile wallets. Mobile bitcoin wallets are like applications that you can download and install on your mobile phone and can access anytime and anywhere. It is a hot wallet but a bit different from others as for others, you need to have a computer to access them, but you can access your mobile wallet through your mobile phone, which is highly convenient. There are several mobile bitcoin wallets, and you must do some research before choosing one out of them.

Before you pick a mobile wallet, you must check its compatibility with the operating system of your mobile. There are mainly two operating systems used in mobile phones Android and iOS. You must choose a mobile bitcoin wallet that is working perfectly on your mobile phone so that you can access all the features without any issues. There are few features that you need to consider, such as user interface, backup, security, and private keys storage.

Paper bitcoin wallet

If we talk about cold wallets, one of the most popular options is a paper wallet. A paper wallet is a piece of paper on which a QR code is imprinted, and you can use that code to access your bitcoins and make transactions. It is not considered to be a safe option as you need to be careful while using it. If the paper wallet goes through any wear or tear or you lose it, it may create some risk for your bitcoins. All the public and private keys are printed on the paper wallet, so you need to store them carefully; otherwise, your bitcoins may get stolen.

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Paper wallet store bitcoin offline which offers excellent security and protect your funds from all types of online threat. It is quite easy to make a paper wallet, but you need to be extra cautious while using and storing it.

Hardware wallets

If we talk about security, there is no better bitcoin wallet than a hardware wallet. A hardware wallet is a cold bitcoin wallet that allows you to store private keys in a USC device, which you can carry anywhere with you. This device has a screen and few buttons on the side, which you can use to navigate through different options and functions. To make a transaction or transfer with a hardware wallet, you need to connect the USB device with a PC.

The best thing about a hardware wallet is that you can connect it to any device as it is protected from all viruses and malware. A hardware Bitcoin wallet can cost you between $70 and $150, but the security and features it offers are impeccable.

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