BITCOIN WALLET

 

BITCOIN WALLET

Bitcoin wallets are programs that allow you to send and receive Bitcoin. However, in order to choose the best wallet for your needs there are a lot of factors to take into account.

The type of wallet you should choose depends mainly on convince (mobile, desktop and web wallets) and security (hardware and paper wallets) preferences.

WALLET TYPE

Hardware

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Web

MULTISIG

No

FEE MANAGEMENT

Adjustable

VISIT WEBSITE

WALLET TYPE

Hot

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Desktop

MULTISIG

No

FEE MANAGEMENT

Pre-Set

VISIT WEBSITE

WALLET TYPE

Hardware

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Web

MULTISIG

No

FEE MANAGEMENT

Adjustable

VISIT WEBSITE

WHAT IS A BITCOIN WALLET?

A bitcoin wallet is just a program to send or receive bitcoin.
In general a bitcoin wallet works just like an email, if you want to send an email you need a program that does it (outlook, gmail, yahoo …), because with bitcoin it is the same, you need a bitcoin wallet to be able to operate with your bitcoin.
To receive bitcoin you need a unique personal address and if you want you can share it with more people to receive more bitcoins.

Bitcoin address example: 1BoatSLRHtKNngkdXEeobR76b53LETtpyT

WHAT IS A PRIVATE KEY?

The private key is a string of numbers and letters that acts as your bitcoin password. With that password the bitcoin network already knows that you want to send or receive bitcoins. Who knows your private key can operate with your bitcoin.

The private key is also used to generate your Bitcoin address. The process would look like this: You download a wallet program to your mobile phone or laptop. The program (also known as the client) randomly creates a private key. A Bitcoin address is created by running some sort of mathematical algorithm on your private key.

The main function of a wallet is the storage, creation and use of your private key.

For example, if you had a bitcoin wallet on your phone, but that phone was stolen, but you wrote down the private key on a paper before the theft, you can download a bitcoin wallet to a different phone and with the key you wrote you can operate another time with your bitcoin.

HOW TO CHOOSE TE BEST BITCOIN WALLET

It depends on you to want your bitcoins you will have to use one wallet or another. If you want to save large amounts of money you will have to have a different wallet if you want to keep small amounts.

Usually, wallets vary on the scale of security versus convenience, and you need to decide where you want to be on that scale. Some of the questions you should ask yourself include:

Am I tech savvy?

How much do I value my privacy?

How many bitcoins will I be storing?

How frequently

will I use the wallet?

Can I afford to pay for a wallet?

Will I be storing additional coins other than Bitcoin?

Do I need to carry the wallet around with me?

Do I need to share the wallet with someone else?

Do I trust myself to safeguard my wallet, or do I want to give a third party the task of doing so?

Depending on the answers to these questions, it should be easier for you to choose a wallet. Most popular Bitcoin wallets are listed on the top of this page, so now it’s just a matter of choosing the best wallet for your needs.

You can also use more than one wallet, for example you can use a wallet to store large amounts and use another wallet to keep small amounts.

TYPES OF WALLETS

Cold storage

Cold storage (or cold wallets) refers to any type of wallet that is detached from an Internet connection and therefore cannot be hacked remotely. Some examples of cold storage wallets are hardware wallets, paper wallets, and brain wallets.

Hardware wallets

Hardware wallets are physical devices that securely store our private keys. They are small and can be connected via USB to any computer.

Hardware wallets are built to protect your private key even if the device they are connected to is compromised by malware. You can even use them with a public computer you don’t trust. To send your bitcoins to someone using a hardware wallet, you’ll need to have your hardware wallet connected to a computer and to use some sort of web page that allows control over the wallet.

Paper wallets

They are only a piece of paper that keep your private key, the convenience is that being a paper can be stored anywhere, the bad part is that being paper can break easily.

Hot wallets

A hot wallet refers to any form of Bitcoin wallet that is connected in some way to the Internet. This can be a wallet that is connected to a web service, a wallet installed on a computer connected to the Internet, or even a wallet installed on your mobile phone, assuming you have an active data connection to and from your phone.

Hot wallets, while being the most popular type of wallet, are also the least secure because they allow access to their inner workings through Internet connections.

Mobile Wallets

These wallets are stored in a mobile phone, these wallets are the least safe as mobile phones are lost or stolen very easily. Large sums of bitcoin should never be stored in a phone wallet.

WALLET TYPE

Mobile

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Desktop,Android,ios

MULTISIG

Yes

FEE MANAGEMENT

Pre-Set

VISIT WEBSITE

WALLET TYPE

Mobile

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Web,ios,Android

MULTISIG

No

FEE MANAGEMENT

Adjustable

VISIT WEBSITE

WALLET TYPE

Mobile

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Android,ios

MULTISIG

No

FEE MANAGEMENT

Adjustable

VISIT WEBSITE

Desktop Wallets

These type of hot wallets store your private key on your computer. As long as your computer is free of malware or any security weaknesses, your Bitcoins are safe. However, we all know that’s not the case for most of us. Today it’s hard to be 100% protected and this makes desktop wallets that are connected to the Internet a valuable target for hackers.

WALLET TYPE

Desktop

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Desktop,Android,ios

MULTISIG

Yes

FEE MANAGEMENT

Pre-Set

VISIT WEBSITE

WALLET TYPE

Desktop

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Web,ios,Android

MULTISIG

No

FEE MANAGEMENT

Pre-Set

VISIT WEBSITE

WALLET TYPE

Desktop

SUPPORTED COINS

Multiple

SUPPORTED PLATFORMS

Desktop,WebAndroid,ios

MULTISIG

No

FEE MANAGEMENT

Pre-Set

VISIT WEBSITE

Web Wallets

These web portfolios are the least safe because you are telling someone to save your keys. These portfolios are very easy to attack by people who have knowledge and sometimes large amounts of money are stolen from private accounts.These portfolios are very easy to attack by people who have knowledge and sometimes large amounts of money are stolen from private accounts.

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