Bitcoin Wallets: A Beginners Guide To Storing BTC

Bitcoin Wallets: A Beginners Guide To Storing BTC

One can store the bitcoins in the wallet. Well, it’s not like a traditional wallet. We can say that it is an online wallet. One can sign in to the wallet by using the private key. Upon using the key, the wallet gives you access to the bitcoins that the blockchain stores in it.

There are different types of wallets with different features. Let us discuss what type of bitcoin wallets are in use and what their characteristics are.

Mobile Wallets

Mobile wallets are one of the most easily accessed bitcoin wallets. One can use them for the purchasing of goods and other things of daily use. Users can install it on mobile in the form of an app. You can use and store the bitcoins anytime and anywhere.

Some apps that use bitcoins as their payment provide the customer with a terminal or QR code scanner. A person can easily connect his mobile with the terminal or scan the code and directly pay the amount.

It uses a simple payment method. It depends upon the trusted nodes of the blockchain, ensuring the security of the transaction.

Although mobile is handy, yet it has some disadvantages. The nodes that the mobile wallet uses have complete control over the amount and the transaction. Secondly, as a person can easily access the mobile wallet, malware and viruses attacks are riskier. Thirdly, hackers can hack the mobile easily.

So to ensure a secure mobile wallet, one must do the two-step authorization of the mobile. Keeping a small amount in the mobile wallet is recommended so that the loss is not that big in any malware attack.

Website Wallet

One can access this wallet through the website. One can easily connect it to the mobile or laptop or any device and access the wallet. Moreover, it requires an online operation.

It is an excellent and accessible wallet, but it is risky as some organizers run the website. Those organizers can easily access your wallet and track your transaction.

Moreover, hackers can easily hack web wallets just by knowing your email. So it is an excellent, accessible storing wallet but has significant security issues.

Desktop Wallets

One can easily download these wallets on the desktop. They are one of the most secure wallets as they do not involve the interference of any third party. But being connected t, an online network does make it a bit vulnerable. They store the keys in the hard drive. Moreover, they can also help to download your whole blockchain, which can aid you in increasing the transaction fee as per your convenience. But doing so, they require a; lot of space for the storage.

Paper Wallet

It is a document that contains the address for the access of your bitcoin. It has a private key as well that allows a person to spend or transfer the bitcoin.

It is the safest method of storing bitcoin because no hacker or keylogger can access it. Moreover, the user can scan the address through the scanner. That’s why it requires the user to be a little attentive to the surroundings.

This paper should be kept in a very safe place where no one can access it except you.

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