Choose the Right Bitcoin Wallet For You

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The Bitcoin wallet is what allows you to send, receive and store Bitcoins. Having a digital wallet is the most important part of using digital currencies. Think of digital wallets as the personal interface to the Bitcoin network, similar to how online bank accounts are an interface for the regular monetary system used today. BTC wallets contain both private and public keys that allow you to spend your digital currency online. It’s the private keys that are stored and secured to give you full access to your bitcoins. The cryptocurrency wallet is either an app, device, or website that manages the private keys of the Bitcoin user.

Keep Your Private Keys Safe

It is important to keep you wallets and private keys safe in order to keep you digital assets safe and secure. Crypto investors are usually advised not to store huge amounts of crypto in their digital wallets for long periods of time. Sharing your public key is okay for receiving Bitcoin or crypto but do not ever give your private keys out or your security will be compromised!

Types of Bitcoin Wallets

If you plan on using Bitcoin, it is important to learn the different types of Bitcoin wallets. Once you know what types of wallets there are you will be able to decide which option is ideal for you. The types of Bitcoin wallets include:

Hardware Wallets

If you want a more secure wallet for storing more money, invest in a hardware wallet. Hardware Bitcoin wallets are physical electronic devices that are built to securely protect your Bitcoins. This innovative design must be connected to a phone, tablet, or computer before Bitcoins can be sent or received. There are many popular hardware wallets available for Bitcoin users. One of the most popular hardware wallets is the Ledger Nano.

If you are serious about convenience and security, then hardware wallets are an ideal choice for you. Bitcoin hardware wallets are a way to keep your Bitcoin private keys safe from any vulnerable or internet connected devices. All of your important keys are maintained in a secure offline environment on the hardware wallet. They are completely safe even when the device is plugged into a vulnerable device or internet connection.

Since Bitcoin is digital, cyber-criminals from around the world can potentially target your computer’s software wallet and steal important information. By using a hardware wallet, you can store private keys offline, making them completely safe from hackers. To steal your private keys, the hacker or another person would need to steal the physical hardware wallet itself. Using hardware wallets is simple and you are always able to retrieve your Bitcoins if for some reason the wallet gets lost, stolen, or damaged. Think of your Bitcoin hardware wallet like your own personal underground, steel vault. If you have a good amount of Bitcoins, a hardware wallet is the best option for you.

Key Considerations For Bitcoin Hardware Wallets:


✓  These wallets are not free.
✓  Easy to use and securely store Bitcoins.
✓  Less margin for error and easy setup.
✓  Allow you to backup private keys easily.

Hot Wallets

Hot wallets are the other type of Bitcoin wallet that runs off of internet connected devices, such as smartphones, tablets, laptops, and computers. A hot wallet generates private keys online connected to a device. Because of this, the private keys on a hot wallet are not considered 100% secure. Thinks of the hot wallet as your everyday wallet, you can use it to store cash, but you probably shouldn’t store your entire life savings in this wallet. Hot wallets are an ideal choice if you make frequent payments and are not looking for a secure storage unit for your Bitcoins.

Key Considerations For Hot Wallets:


✓  Quickest and easiest way to store small amounts of digital currency.
✓  Faster for purchasing and receiving Bitcoin payments.
✓  Few Hot Wallets give access to funds across multiple devices.
✓  Not Free
✓  Not ideal for storing large sums of money. Better for day to day transactions.

Paper Wallets

A Paper bitcoin wallet or “cold storage” is simply a document that contains all the necessary information you need to generate your personal Bitcoin private keys. This wallet often takes the form of a piece of paper having QR code. This QR code can be scanned into the software wallet when needed. This digital wallet gives you the option to even store Bitcoins offline. Users have all the information they need to control and access digital currency. This is by far the strongest and best cold storage method available for Bitcoin users.

Experts also recommend using the paper wallet so that you can have a physical backup of the private key. It is important that you generate this private key using a clean system, as well as, store it in a safe and secure deposit box. These are the best digital wallet options available today.

Crypto Exchange Wallets

An exchange like Bitcoin of America will offer an application option that acts both as an exchange and as a wallet. The app allows you to trade, purchase and store your Bitcoins. With the Bitcoin of America wallet, you always have control over your cryptocurrency. Bitcoin of America never holds your coins. The next step requires you to go to the exchange’s buy section and select the amount of BTC you want to buy. Depending on the exchange, you can buy BTC with a wire purchase and receive your coins same day. The BTC is then transferred to your wallet.

Digital Wallet

Having a digital wallet gives you the chance to hold the permission to hundreds of bitcoins or digital currencies without having to worry about taking up space. Digital wallets come equipped with a handy balance check which keeps track of all important transaction details like when, where, and how much money spent. Every single detail about digital currency transactions are available in your digital wallet. As the popularity of Bitcoin increases, the demand for digital wallets has increased. If you are planning on using Bitcoin for investment, it is important to be familiar with how digital wallets work.

here are many different types of digital wallets or Bitcoin wallets available today. Each of these wallets has different characteristics, but each of them functions in almost the exact same manner. These digital wallets store the Bitcoin user’s private and public keys. Bitcoins are not stored in digital wallets, they are stored on the Blockchain, which is stored on computers around the world.

Blockchain Wallets

There are many types of blockchain wallets for people to choose from, each has its own characteristics and advantages. Almost all of these blockchain wallets work in the same way-they stores both your private and public keys for easy access.

Digital currencies or rather, the codes which represent the currency, are stored on the blockchain, which is stored on computers in the network around the world. Blockchain wallets contain the digital currency address (it is the same as your randomly generated public key). This is visible to all, it’s public information in the blockchain. The wallet also contains the private key, but it’s kept secret. Without the combination of these two keys, you can’t access the digital currencies of your account. Most blockchain wallets contain various addresses and hold both private and public key pairings.

Blockchain Wallet Features

Modern-day blockchain wallets were created to give the digital currency user all the functionality features they might need. These digital wallets contain both private and public keys to display a list of transactions, as well as the current balance in a user interface. The latest digital wallets are easy to use and are being created with constant new features to enhance the user experience.

It is important to understand that blockchain wallets don’t contain digital currencies, it contains the permission to access the digital currencies. If by any chance you lose access to this permission, you will also lose all your digital currencies.

Older blockchain wallets are full node wallets, which means the user can download the full blockchain and act as a transmuter of transactions. In short, these wallets play an important role in contributing and updating the Bitcoin network. Modern-day blockchain wallets are much more simple in their use and more advanced in their features. Digital wallets are now available for mobile phone or desktop computers. These wallets don’t download the entire blockchain, only block headers are downloaded.

With growing popularity of the blockchain, the wallet technology is evolving at a rapid pace to keep up. The basic principle of these blockchain wallets is to hold your digital keys, but they come with several other options for functionalities. Blockchain wallets make it easy for digital currency users to store, send or receive online money with ease. These wallets are now accessed by people from all around the world.

FAQ

How Does The Bitcoin Wallet Work?

The Bitcoin wallet contains the Bitcoin address (like a random public key or long string of characters and numbers). This is public information and is visible to everyone. The Bitcoin wallet also contains the private key, which works alongside the public/address key. These two key combinations, are what make using digital currencies possible. Most digital wallets will contain several addresses, the private key will work with all of them. Wallets not only allow you to send and receive bitcoins, they also show display a list of related transactions and your current balance in a user friendly format.

The most important thing to understand about your digital wallet is that it does not contain your bitcoins, it simply contains the permissions you need in order to spend your Bitcoin. If a Bitcoin user loses access to that permission, he or she also loses their bitcoins. This is why it is so vital to keep your private and public keys secure.

Many modern day wallets are “thin wallets” or SPV wallets. Smartphones and desktop wallets are SPV wallets and don't require you to download the entire blockchain (like the old digital wallets required you to do). SPV wallets just download the block headers. This weakens the security of the network as a whole, as it can’t tell the difference between a valid and an invalid transaction on the blockchain.

Each day digital wallet technologies are evolving to keep up with the times, but the basic principle is more or less the same. Digital wallets hold your keys, not your “cash”.

Can I recover a Lost Bitcoin Wallet?

One of the only ways to recover a lost bitcoin wallet or wallet password is a bitcoin wallet recovery seed. Your recovery seed will be a phrase of random words 12 to 24 words long. You can think of this as a backup password. Be sure to store your recovery seed in a safe place by printing it out and hiding it in your home.

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