Just like concrete currencies, bitcoins are also stored and keep secured in a wallet. Through a bitcoin wallet, you are given the privilege to transact with the world using this crypto-currency. Your ownership with this ‘virtual’ wallet is shown through your personal bitcoin address. It allows you to send bitcoins to other address and receive coins from others. Moreover, great thing about this wallet is just like messages in Email or Facebook, you can receive bitcoins even you are offline. Also, most bitcoin wallets are compatible with each other. Getting bitcoins is easy. You will find that out, the more you delve into the world of bitcoins.
There are three main types of wallets where you can store and keep your bitcoins, the Software wallets, Mobile Wallets, and Web Wallets. It depends upon your preference which one you think will suit your taste and provides you convenience.
– Software Wallets
This kind of wallet is made available by downloading and installing the software on your computer. If you want to have the complete control over your bitcoin wallet, software wallet is definitely for you. The only one accountable in protecting and doing backups for your bitcoins is no other than yourself. The bitcoin brands offering this type of wallet are Bitcoin-Qt, MultiBit, and Armory.
– Mobile Wallets
Among the three types of digital wallets, Mobile Wallets are the most similar to the authentic wallet as you can bring your bitcoins with you inside your pocket. These are the most convenient type of wallet as aside from the fact that you can bring it wherever you want, you can exchange bitcoins and pay easily in ‘real’ stores by just scanning the QR code or using the “tap to pay.” The most popular site providing this kind of wallet is Blockchain.info and Bitcoin Wallet.
– Web Wallets
In contrast with the Software wallet, Web wallets allow you to access your bitcoins through internet with the fact that there will be less effort for you to protect your wallet. Take note that when you store your bitcoins in this type of wallet, you are giving the website the power to protect your bitcoins from theft be it internal or external. Hence, you must choose a web wallet that has already gained reputation and offers both convenience as well as security. Bitcoin sites that offer web wallets are Block Chain, Coinbase, and Electrum.
There are also several things you must learn and understand to keep your bitcoins secure in the virtual wallet. First is you must be careful with online wallets and exchanges as you have less control over your bitcoins’ security there. You must also backup and encrypt your wallet as well as use offline wallet for savings as it provides the highest level of security.
Aside from knowing the details about bitcoin wallet from general to specific, choosing the type of the best bitcoin wallet suited to your needs and wants is essential. Since this is the place you store your precious bitcoins, it is a must to make sure that they are well-secured and safe as well as provide you the most accommodating way to access your digital coins.
Understanding the purpose of your bitcoin wallet is important, but knowing the about the Bitcoin calculator and the Bitcoin chart is also tantamount in bitcoin betting. What are you waiting for? Read about them now!