What is a Bitcoin Wallet?
A bitcoin wallet is a way to store your digital coins. Actually it stores digital data since coins are not physical. Wallets are essential to send bitcoins over the internet.
When looking for a Bitcoin wallet, it’s quite helpful to understand three main types of wallets which are web wallets, software wallets and hardware wallets.
The safety and security of your bitcoins is ultimately your responsibility.
Online bitcoin wallets are easily accessible on the web via any device that is connected to internet. Due to this accessibility, it’s easier and faster to make transactions.
Some of the best web wallets are;
Due to huge number of users, Coinbase is one of the best wallets online. With a possibility to set up multiple wallets Coinbase might be the one you are looking for.
Blockchain.info allows you to send and receive bitcoins. You can check your transactions and assets as well. It is safe, secure and user friendly, thus preferred by most of the bitcoin users.
It is one of the most popular platforms among cryptocurrency users. It’s perfectly secure, because none of your private information ever leaves your computer.
Although it may not look entertaining for users, the fact that fee dial feature which lets you to decide how much you would like to spend on fees, makes counterwallet highly preferred. This, you cannot find this everywhere.
BTC.com provides services in no time. If you are one of the busy types it’s good to know that it takes 30-60 minutes for a transactions to be done.
Software wallets will run on a computer system or a mobile phone. They let you send and receive cryptocurrencies quickly and easily. They are not as secure as hardware wallets but they offer users a balance of security and convenience.
Bitcoin core is the first and original wallet. it requires a lot of space as the software comes with data on every bitcoin transaction ever performed.
Although it is not the most secure cryptocurrency storage solution around, the Electrum wallet offers users a very user-friendly solution for sending and receiving Bitcoin payments regularly. If you like to use cryptocurrency for online payments then Electrum is perfect for keeping a small amount ready for use. Unfortunately you can only use it on desktop.
Hardware wallets are small computers or smartcards built with the sole purpose of generating Bitcoin private keys offline. We suggest you to check on Ledger Nano S, Trezor and Opendime.
The Ledger Nano is a smartcard based hardware private key. Private keys are generated and signed offline in the smartcard’s secure environment. Everyday users can select between Ledger Nano or Ledger Nano S. The latter is the first hardware wallet that can also store Ether, making it the first of its kind.
Trezor is a very tiny, easy to use computer. It provides security against malware and disaster recovery in a case of theft.
Opendime acts like a read-only USB flash drive. A QR picture and text file inside contain bitcoin address and support. The private key is generated inside the device and never known to anyone, including you. It’s more or like bitcoin itself as a physical form as you can hand it to anyone and then it’s theirs. You can use it multiple times and miner fees or confirmation delays.