Well, to answer your question, we’re going to define Bitcoin first.
In the simplest definition, Bitcoin is a digital currency. To elaborate, Bitcoins don’t exist in any physical shape or form, so that means they can’t be technically stored anywhere, not unless we’re talking about a digital wallet.
That’s where Bitcoin Wallets come in, and they’re there for one sole purpose, and that is to keep your Bitcoins intact. It’s just like a real wallet, but only this time, it’s digital. If you’re wondering if there are other forms of Bitcoin wallets to choose from, then you are correct.
There are 7 types of bitcoin wallets to choose from, all of which cater to different requirements and vary in terms of security, convenience, accessibility, and more.
Here they are:
Types of Bitcoin Wallet
Paper-form, the most basic Bitcoin wallet form from the bunch. It’s essentially a document that contains a public address for receiving Bitcoin and a private key, which allows you to spend or transfer Bitcoin that is stored in that address.
It’s also hacker-proof and totally safe to use since you can store keys while offline.
Physical Bitcoin Wallet
The next one is the physical bitcoin wallets, now this one’s been mentioned earlier, and if you remember, Bitcoins don’t “exist in physical forms”, right?
Well, this one’s an exception. To put it simply, a Physical Bitcoin is like a credit card, you can hold it physically, but you can’t spend anything not unless you have a key, and that’s just about it.
Also, it’s not quite usable today since it’s already considered as a collector’s item, rather than an actual spendable currency.
Another one is the mobile wallet which is commonly used today. It’s simple and very accessible. You can basically use this every day in different ways, like paying rent, bills, or for shopping goods.
The only downfall to this is that it’s prone to hacker attacks, since it’s only a mobile app, and it doesn’t come with many protective capabilities.
Web-form wallets are similar to mobile wallets but this one’s broader, for it can be used in your PC as well as your phone, and just like the mobile form, it’s not that safe to use nowadays considering that it’s more prone to hacker-attacks rather than safe.
Desktop wallets are much safer than online or mobile wallets. This type of desktop wallet is downloadable through your Desktop, so you can easily keep your keys in your personal hard-drive. This means that it’s safe from online third party connections that may steal your data if it’s not securely stored.
The safest wallet form from the bunch is the hardware wallet. It’s considered as the safest, because it stores your private information such as keys, in a secure hardware device. We highly recommend you to use this type of method for it repels hacker-attacks effectively.
Bank wallets might not be the best, but it works fine if you’ll follow the recommended protocol. It’s the first of its kind and it helps you in managing your Bitcoin deposits well. On its website, it claims to be a no-risk, secure, and certified platform for investments with high chances of earning huge profits.
Tips to Keep your Bitcoin Wallet Transactions Safe
Avoid suspicious transactions.
Avoid risky or suspicious transactions, and avoid unsafe transaction methods too. This is to avoid malware attacks that may corrupt your account and may as well put your Bitcoins in danger.
Choose cold-storage options.
Avoid using wallets online or any kind of wallet that requires an internet connection, for it’s better to use cold-storage options instead.
Always be cautious and double-check everything, if possible, triple check everything just to be sure. This is for you to avoid traps that are made by cryptocurrency hackers that will do everything to steal all your information including your Bitcoins. Remember, safety is everything.
Here are some of the most trusted Cryptocurrency socials that you should take note of, just in case you’re looking for one.
What do you think of Bitcoin Wallets? Do you want to use them or do you have some ideas you want to voice out? If so, feel free to share them in the comments section below. We’d love to hear from you.
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