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What is a Bitcoin Wallet

What is a Bitcoin Wallet

A bitcoin wallet is like an online bank account where you can send, receive, or manage your bitcoin. A wallet is a programmed software where you can store your digital currencies like Bitcoin. To understand technically, the private key of Bitcoin’s address is stored in the wallet. Bitcoin wallet enables you to send and receive Bitcoin, and the remaining balance automatically regained to the wallet. The source through which you can program the Bitcoin wallet is desktop, mobile, web, and hardware. There are six main types of wallets.

Online Wallet

These wallets are cloud-based and are available on the internet. You can save your keys with encryption against any phishing or hacking. However, no one can give any assurance because hackers might attempt for stealing at any time. These wallets are readily available in the market.

Software Wallet

A software wallet is a programmed wallet where your keys are secured in a digital format and incorporated with a high level of security. These wallets are popular. However, the security level might compromise when connected to the internet.

Hardware Wallets

A hardware wallet, you can buy this wallet through the vendors, and those are generally a device, kind of pen drive or hardware devices where you can save your keys safely offline. No one can access your keys because it is detached from the online worlds completely, but when you try to connect online, you need to be very careful. There are several hardware wallets available in the crypto world.

Electronic Wallets

These software wallets can only be downloaded, or hosted in the cloud that gives security and storing capacity for your bitcoin. Most of the popular crypto exchanges provide electronic wallets.

Mobile Wallets

Mobile Wallet is simply an app which allows you to pay in the form of bitcoin against any other services. Mobile wallets stores your bitcoin and lets you to use it in any place while travelling. We can find mobile wallets on the internet, and as per your requirement, you may go for one of them.

Paper Wallets

Paper Wallet is the simplest and safest way to store your bitcoin keys where you can write down on any paper and keep it in a secured place away from water and fire. However, many bitcoin holders choose to keep their hardware wallet safe in a secure place offline.

These above discussions might help you for storing as per your convenience. However, you are always advised to get proper bitcoin wallet which does not compromise with security at all.

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