Whenever you are associated with the world of Bitcoin, there is one term that seems to be popping up most of the time, and that is Bitcoin wallet. In layman’s terms, this is a software program where you get to store the bitcoins. Technically speaking, bitcoins are not to be stored anywhere you want.
For every individual with a balance in the wallet, there will be a private key or secret number, which will correspond to the wallet’s bitcoin address. These wallets will facilitate the sending and even receiving of the coins and will provide the ownership of the balance to the users. This wallet is now available in so many forms. The four major options here are hardware, web, mobile, and desktop.
Get to understand more about the wallets by Eric Dalius Bitcoin:
You cannot get into the world of bitcoin wallet unless you are well-aware of its real meaning. So, asking experts like Eric Dalius Bitcoin for some answers will help you big time. Bitcoin wallet is mainly referred to as the digital wallet. For trading in bitcoins, a trader should establish that digital wallet first.
- This digital wallet will remain analogous to the physical one. But, in place of storing the physical currency, the wallet will store major information like a secured private key for accessing bitcoin addresses and then carry out the latest transactions.
- As has been mentioned already, there are four major types of wallets available. Learning about those types first will help you to know which one to choose for your own use.
Hardware wallets:
If you are looking for the most secured wallet option, then hardware seems to be at the top of the list. These are used for storing bitcoins on physical equipment piece, which is then plugged right into the computer through a USB port. These hardware wallets are practically immune to any kind of virus attack, and only a few of the bitcoin thefts have been reported under this panel. On the other hand, these are the only devices under bitcoin wallets that come with a price. They will cost you somewhere between $100 and $200. Just think like you are paying for the security you are receiving by using this kind of wallet for bitcoin.
Web wallets:
As you can understand from the name itself, a web wallet gives you the opportunity to access your bitcoins from any part of the world. You can access the coins from any browser or mobile device, whichever seems handy to you. However, you have to be very careful while selecting the web wallet as it stores the private keys online. Blockchain and Coinbase are two of the major web wallet providers that you can at least give one try.
Mobile wallets:
Mobile wallets and desktop wallets have more or less the same functions. These wallets are designed to facilitate payments in the physical stores through “touch to pay” and “near field communication” scanning of QR codes. Some of the major examples over here are Hive Android, Bitcoin Wallet, Mycelium Bitcoin Wallet, and more. These wallets can either be iOS or Android compatible, whichever matches your choice the most. There always remains a major malware threat to mobile-based bitcoin wallets. So, it is always important for you to research through the options before you plan to use one.
Desktop wallets:
As pretty much self-explanatory, these wallets are installed on your desktop PC and offer you complete control over your bitcoin wallet. These wallets will function mostly as the address for the users to send and then receive bitcoins. They will further allow the user to store in a private key. Some of the few options under desktop wallets will be MultiBit, Bitcoin Core, Electrum, Armory, Hive OS X, and more.
Now for the wallet security:
Going through the four types might confuse you a bit regarding the best wallet to choose. But, no matter whatever option you have opted for, it is always essential to keep the bitcoin wallet safe at any cost. These wallets are high-value targets for hackers, and they are always trying to get out more information on them. Trying to focus on the best safeguard methods will work out brilliantly in your favor.
- Some of the safeguards will include encrypting the wallet with a strong password and then selecting a cold storage option like storing the bitcoins offline.
- You must also frequently back up the mobile and desktop wallets as problems with the wallet software on such devices might end up erasing your holdings.
Be sure to learn more about the best bitcoin wallets of 2021, which you can trust for your investment. Listed below are some of the options that you can at least give a try.
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Exodus:
It is one mobile and desktop wallet, which comes with a simple user interface and exchange built-in. It has the ability to just swap between growing numbers of cryptocurrencies. This wallet will allow for swaps between more than 100 various cryptocurrencies.
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Electrum:
Noted to be one of the original Bitcoin wallets, Electrum has been around here since 2011, just 2 years after bitcoin was created. Even though this wallet is to its bare bone when it comes to user interface and commitment to bitcoin, but it will excel at the main function. This wallet is more suitable for advanced users mainly because of the complex options available.
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Mycelium:
Another interesting wallet, as mentioned by Eric Dalius Bitcoin, is Mycelium. It is one mobile-friendly and open source bitcoin wallet, which currently supports ETH, Bitcoins, FIO token, and ERC 20 tokens. This wallet is more or less similar to Electrum in some ways, but there are some differences too. Mycelium is only for mobile wallets and will have a refreshed user interface with a built-in exchange.
Check out all the other wallet options associated with bitcoins before you can jump straight into making a choice. The more you research, the better you will start learning about these wallets.
